1) Can I choose presumptive taxation? The reason I'm asking is because I work from home and my business expenses are minimal, mainly consisting of essentials like internet, electricity, mobile connection, and office supplies. Here's a breakdown of my expenses:
- I spend a maximum of 10 to 15K per month (approximately 1.8 Lac per annum) on office-related expenses.
- I spend around 50K for main...
1) Can I choose presumptive taxation? The reason I'm asking is because I work from home and my business expenses are minimal, mainly consisting of essentials like internet, electricity, mobile connection, and office supplies. Here's a breakdown of my expenses:
- I spend a maximum of 10 to 15K per month (approximately 1.8 Lac per annum) on office-related expenses.
- I spend around 50K for main...
I am seeking your expert advice on a specific situation related to House Rent Allowance (HRA) and would appreciate your guidance. My employer is giving me HRA allowance.
Here's my situation:
I own a house in the same city where I am employed in Gurgaon, and my family resides there full-time.
Simultaneously, I have taken a house for rent near by and using it for my office work and staying s...
I work as a teacher in delhi government. I joined School A- In the year 2022 I didn’t received my 3 month salary - Aug, Sep and Oct. But when calculating total gross income for tax purpose, school included the amount of these unpaid salaries. Even in the form 16 it was included.
Now coming to year 2023. I transfered to school B.I received the salary as arrear (Aug Sep Oct 2022)in the month o...
Hello: I am an Indian citizen and I already own one house.
I am in the process of buying one more house for INR 80L. The sales agreement is expected to be signed in March 2024. It will be financed as: INR 20L Equity and INR 60L Home Loan. My EMI will be INR 50K per month.
To fund the same, I will be using Long Term Capital Gains from Equity and Equity MFs.
The purchase cost in 2019 was ...
My parents have bought a property,
and the papers are registered with my mother, father, brother and i as owners including our PAN.
The payment was made in full by my parents, but the property is now showing up as a purchase of immovable property in my AIS and has been flagged by the Tax department .
I received the following message:
Attention XYZ (XXXXXXYXYX)
Income Tax Department h...
Can anyone please guide on below:
(1) Mr. x bought a under construction flat from one of an allottee (original buyer) before possession and conveyance deed for Rs. 60 lakhs in FY 2022-23.
(2) Money was paid to the original buyer / allottee in FY 2022-23 after holding TDS @ 1% amounting to Rs. 60,000/-
(3) The flat was transferred by the original buyer/allottee in the name of Mr. x in A...
Hi,
I read articles on your website which were very helpful. I have some query and it would be really great if you could please help me with your suggestions. Thank you very much in advance.
Background:
I am a salaried employee and I had traded in F&O in AY21-22 (only 2 Large transactions during lockdown) and incurred a huge combined loss of approx. Rs.21 lakhs total. This was reported...
I am purchasing a property in Delhi in my mother's name. But since she is a housewife with no source of income, I will be her co-borrower in the home loan that we will be borrowing from a bank.
1) Now, given that I will be a home loan co-borrower for that flat that will solely be in my mother's name, will I be able to claim HRA exemption by signing a Rent Agreement with my mother for the sam...
Dear Sir,
1. I was denied permission to file Revised Returns for previous seven years, to claim refund of excess Income Tax deposited by me. I approached High Court Punjab and got the relief :
2. An extract of High Court Order of Punjab and Haryana is given below :-
“Writ petition is allowed and the amount of income tax paid by the petitioner for the relevant years be refunded to him alo...
Dear Sir,
1. I was denied permission to file Revised Returns for previous seven years, to claim refund of excess Income Tax deposited by me. I approached High Court Punjab and got the relief :
2. An extract of High Court Order of Punjab and Haryana is given below :-
“Writ petition is allowed and the amount of income tax paid by the petitioner for the relevant years be refunded to him alo...
I am reaching out for assistance in understanding the appropriate ITR form that I should be filing, given my professional status as a freelancer. My work encompasses a range of services, including content creation, digital marketing, web development, and blogging, which I provide to various clients.
The options I am considering are 44ADA, 44AD, or ITR-3. However, I am uncertain which of thes...
Hello,
As there are some arbitrage in cryptocurrency exchanges in USA and INDIA , is it legal to send USD to friend in USA and let her buy bitcoin over there and tell her to send those bitcoin to your wallet and later on sell these bitcoins in India?
Scenario is ,
Lets say I transfer 100$ to her US bank account. She buys bitcoin in US crypto exchange and transfer those bitcoins to my wallet....
Hi everyone, I am in a bit of a dilemma here.
Background:
I am working as a manager in a tech company and come in 30% tax bracket. I started a side business a few months back by publishing apps on App Store and Play Store and earning around 30k/month and I am positive that this will increase more in coming months.
My company allows side projects if its non conflicting and as long as its n...
Respected Sir/Madam
I have a TDS default notice on purchase of property generated in Aug18 for amount 42K.
I haven't paid it yet. I was trying to cancel it as it was generated due to TDS filling mistake and subsequent correction mistake.( only one correction allowed).
I followed up matter with TDS CPC,Vaishali, but in vein.
Alredy this unnecessary notice is huge burden to me.
Now when I ...
The demands stems from non payment of tds on Professional fees despite deduction thereof from my Fees An amount of Rs 203625 worth of tds has been deducted and not paid by the deductor As you are aware Section 205 precludes recovery of tax from taxpayer if the tax has been deducted from her income by the deductor A tax payer cannot be forced to pay tax if the tax has been deducted from her inco...
Recently our company has purchased Computer Firewalls ( Hard Ware) from a vendor for Rs.5,90,000/- (inl.of GST) 1) In Agreement it was clearly mentioned that the value of Computer Firewalls ( Hard Ware) is Rs. 5,90,000 /- inclusive of value of supply of Firewalls and installation, transport,insurance and applicable taxes if any.. 2) Tax Invoice shows value of Fire walls 2 Q Rs.5,00,000/- GST @ ...
ITR Filed for the AY 2022-2023 with the help of CA.
The original ITR-2 was filed & e-verified on July 19, 2022.
Received defective notice and responded under section 143 (1) (a) on November 24, 2022.
Received defective notice and responded under section 139 (9) on January 09, 2023.
Received defective notice and responded under section 139 (9) on February 06, 2023
Received demand notice o...
Dear All,
My Wife and I have worked as salaried employees for the last 18 years and after paying around 1.5 Crore+ in taxes have managed to create a corpus of around 4 Crore.
In 2024, we plan to leave our jobs and start a small company hoping to add value to education sector in our country.
My Goal is to distribute our 4 Crore corpus in 3 Blocks in a way where we reduce our Taxable inc...
Hi , i am a partner in a firm
In which we have UNSECURED LOANs Taken from our family members , but last year my uncle died suddenly by heart failure , the firm had 26 laks rs as an unsecured loan taken from him , now I wanted to know that how can I repay that loan beacuse he is no more and can't accept and transfer money via his bank account ,
but as per his last will the loan on his na...