Tax questions on Income Tax

In connection with assessment for assessment year 2017-18, you are required to prepare a true and correct return of your income in respect of which you are assessable under the Income-tax Act, 1961 (Act), during the previous year relevant to the assessment year, mentioned above. The said return of income should be in appropriate form as prescribed in Rule 12 of the Income Tax Rules, 1962 an...

I am a US citizen. I have been living in India for some time now and have become a Resident Ordinarily Resident for tax purposes for the period April 1, 2018 to March 31, 2019. I am retired and do not have any income from Indian sources. My income is from (a) pension from Teachers Retirement System in USA, and (b) investments in USA. When I file my Income Tax return in India, do I have ...

Respected Sir/s, I have submitted my IT return for FY 2017-2018 on 31st Dec 2018, this was late filing of tax, with penalty. I have shown Interest of Rs 2 Lakhs and Principal of Rs 74000 for the entire FY 2017-2018. The property was taken possession of in June 2017, though they had started giving possession in March 2017. I did not claim other category for property below 50 lakhs , since I ...

In the month of Feb 2018 I brought new Maruthi Brezza car of worth 12lakh from one of the Maruthi Suzuki showroom in Bangalore. I had taken a car loan and paid the full amount then. While filing my income tax returns in April, under the TDS section I noticed that a tax of 10,000rs was paid from Maruthi Suzuki dealer , I didn't understand it then and went ahead and filled my tax returns. In i...

Sir. I want to sell my res prooerty purchased in 2002 in joint name of me and my wife. And in 2010 i transfer the same in my wife name as famiky gift. Now she is 100% holder. My question is since the sale proceed will go to her bank account. Whether the LTCG can be calculated with full indexing on 100% of purchase cost from 2002 to 2018. Or it will be splitted between me and my wife for the 50%...

Hello I had availed a car loan in 2013 from my employer under Company owned CAR loan with zero interest, road cost and insurance cost for next 4 years will be incurred by the company. Loan has completed in Jun 2017 but at the end company has entered a perquisite value of around Rs. 2.6L in my salary slip as “Assets transferred to employee” due to which my annual income has increased and tax ...

Mr / Ms / Messrs DEEPAK KUMAR HOLALKERE BASAVARAJAPPA, Please find attached, the order relating to Rectification under Section 154 of Income Tax Act, 1961, for PAN AKJXXXXX2Q with respect to the Income Tax Return filed for Assessment Year 2015-16. The attached digital communication is authenticated by a digital signature obtained from a certifying authority under the Information Techno...

I am 70 yrs old senior citizen. I was fighting a legal battle with my employer NPCIL for last 25 yrs. Now the case is decided in S C. NPCIL wrongly relieved me from service on 16 Sep.1992. I appealed in SB High Court,where order was in my favour,NPCIL appealed in DB High Court, here also order was in my favour for re instatement. Against this order of DB High Court, NPCIL filed SLP, where Supr...

I am NRI president of a Japanese company. My company filed tax return for 2017-18 by using a CA in Delhi. My company is not registered in India so this company cannot open a bank account in an Indian bank. My CA told me that now I can get the refund in a foreign bank account and he gave my foreign bank account in the forms. https://timesofindia.indiatimes.com/business/india-business/nris-...

I have received a notice from IT department for having filed defective return for AY 2016-17. The notice says: Error Code 86 As per Section 44AD(6) of the Income Tax Act, 1961, the provisions of Sec.44AD are not applicable to – (1) persons carrying on professions that are referred to in Sec.44AA(1), (2) persons earning income in the nature of commission or brokerage, and (3) persons carrying o...

Dear sir, Our Apartment (with 20 flats) is having Association. This Owners Welfare Association is registered and we also obtained PAN number. We have opened a Savings Bank account in "The Visakhapatnam Co-operative Bank"in the name of the Association. The excess amounts available from monthly collections are kept in the SB account. We have also collected corpus fund from all 20 flat owners...

Sir/ Madam/ M/s, In connection with the assessment for the assessment year 2016-17 you are required to: a) Furnish or cause to be furnished on or before 24/05/2018 at 02:45 PM the accounts and documents specified overleaf. b) Furnish and verified in the prescribed manner under Rule 14 of I.T. Rules 1962 the information called for as per annexure and on the points or matters specified there...

1) Husband and Wife are governed by Portuguese Civil Code 5A. Husband as a singly-held FD, whose interest in the year amounted to 1 lac. He showed 50000 as interest income in his ITR form, and 50000 as interest in Wife's ITR Form. Interest credited by bank is only seen in form 26AS of only Husband as FD is created in his singly-held bank account. After calculation of Income Tax in ITR, refund ...

BACKGROUND: I took possession of "ready to move-in" flat, after registration etc..paperwork and loan, in May 2013. Since then have been claiming benefits of EMI payment i.e.- principal and interest under respective sections up to FY 2016-17. I have left job in 2016 to start business, still being set-up and hence for FY 2017-18 am not going to have any income and thus no claim of benefit on...

Respected Sir, I (54 year old) am a Farmer and are three brother. I have PAN but my income couldn't cross the basic exemption limit of IT in any F.Y., so I never filed ITR. We sold a piece of agricultural land (on which Capital Gain Tax is not applicable) on 25.04.2010 and found Rs. 27,00,000/- ( 09 lac for each) & 15 lac as cash (not shown in sale deed) as sale value . I have submitted ch...

Hi, I am working in a MNC in chennai. I am paying Rent of 18k/month in chennai. I am constructing a home in my home town by taking the home loan. It is a two floor building in which my parents are residing in the ground floor and first floor will be let out for Rent. The property is in my father's name. My father took a home loan of 12Lakh in 2014 to construct the ground floor. Now I a...

Dear Experts, Sincere Greetings, My friend owes flat of about 500 Sq. Feet in ownership Co-operative Housing Society since last 45 years in Mumbai. Since last 9 years he is having litigation with builder who has illegally constructed additional floors above existing old building of Society wherein my friend stays. Now, builder has compromise with my friend and filed consent decree i...

Hi, I have got two queries. I am going to start my import /export business this month. I will be using two business models. 1. First, i will be purchasing glass goods from India and exporting these to us and Europe. I have worked closely with other people in the same industry but they do not pay taxes at all. They just buy the goods and send them without paying even a single penny as tax...

Dear Team, Please guide me . I am bit confused about how to take tax benefits against of my home loans. I tell you in Details : In 2014 , me & my brother jointly bought a flat.My brother is main applicant & I am co Applicant on the same property , but the loan is being deducted from my brother account only. But till now ,we both haven't taken any tax benefits on this property. Now last y...

My professional consultancy Income and Management consultant is less tha rs 20 lacs for AY 2018-19, My CA states as under, Pls guide me whether I fall under the presumptive Scheme category being a Management Consulatant/Professional Rgds Santhanam fm Mumbai __________ While yes, there is a presumptive scheme available for professionals with several concessions like NIL documentation and...