Tax questions on Income Tax

Hi. I came from lndia to lreland in March 2021. My husband, a German pensioner resided since several years in lreland. He passed away in March 2023. During the course of marriage he transferred money to lndia as family maintenance and after his death l transferred 50% of his pension savings to my lcici bank resident account. Recently l opened my NRO and NRE account with lcici bank in lndia. Bit...

Hi, I was given a joining bonus of approx 2 lacs when I joined a new company 2 months back. Now I am quitting this job for another one and have been asked to return the amount in full back to the employer, only then they will process my full and final settlement. I have requested them to adjust it in my salary slips so that it is not shown as separate income on my Form-16. Ideally I want my...

Querist XYZ Developers, a registered partnership firm, doing real Estate Development having address in Thane (W) – 400601. Facts - 1. The Querist is the owner of a big land parcel in Thane. The land is the business asset of the entity held as stock in trade. 2. The Querist would like to enter into a joint development agreement with a Developer to develop the said land. 3. The con...

I am a government Employee. I wish to start a Business in my wife's name. For this I am taking a personal loan of Rs 18 lacs from bank on the pretext of hone renovation and other personal expenses which I wish to pass on to my wife's bank account as a gift amount to my wife. That amount will then be transferred to the firm's account in the name of which my wife will do the Business after GS...

Hi, I have an entertainment website that generates revenue from display ads. Few points: 1. The business is not registered yet. 2. Income comes in dollars from a US-based company. 3. Revenue is less than 1 crore. 3. Need help regarding 44 AD and If GST registration is needed. My doubt: 1. Can I file 44AD without registering the business which means directly from the PAN account wher...

I have the following query regarding sublet of property.  A is the owner of the house and has rented the house to B for Rs 10,000 per month. B has further sublet the house to C at Rs 25,000 per month. C is a salaried employee eligible to claim HRA while B is a self-employed professional who is not eligible to claim HRA. 1. While C is claiming HRA, whose PAN card needs to be furnished for ...

I had filed my return and then received a notice for Defective Return. I missed that notice as it went to my spam folder and missed the date of reply. I don't even know what is the actual defect as it was not stated in their message. Anyways, I logged a Grievance on the portal requesting the department to allow me to fix the defect and refile it. I got the following reply from them. "Dear Ta...

Hi, I've received the below message Attention xxxxx (PAN XXXXXxxxxxX) Income Tax Department has identified certain high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2022-23 (relating to FY 2021-22). You can view the information on compliance portal. Please revise ITR / submit online response under e-Campaign tab on Compliance P...

Property Rental Income Vs TDS Hi, I am an Indian Non-Resident. I have only rental income and interest from my NRO Account. (I) Gross Rental Income varying between Rs.252,000 & Rs. 336,000 per annum, half of which belongs to the husband (NRI) due to his participation in the investment. Income is credited to my/his respective NRO a/c; & (ii) Interest income from NRO account is between R...

Sub : Filling Schedule FA for AY 2022/ 23 facts in brief are as under 1 . my daughter got married and she went outside india to UK on 27/09/2021 . 2. her stay in India during previous year 2021/ 22 was less than 182 days BUT her stay in india during preceding 4 years was more than 365 days aggregating to 1460 days . 3. she has a foreign bank account in UK. 4. when she went outside In...

Dear expert Professionals, Recently I was travelling to Delhi with cash of more than 1 Lakh for a family trip. That was my savings over the period of time from house/family expenditure. While returning back to Kolkata from Delhi I handed over the money to my friend in Delhi and ask him to deposit the money in local HDFC bank against my credit card where there was an outstanding of Rs. 127000...

Dear expert Professionals, Recently I was travelling to Delhi with cash of more than 1 Lakh for a family trip. That was my savings over the period of time from house/family expenditure. While returning back to Kolkata from Delhi I handed over the money to my friend in Delhi and ask him to deposit the money in local HDFC bank against my credit card where there was an outstanding of Rs. 127000...

Equity Taxpnl Statement for Equity from [deleted] to [deleted] Realized Profit Breakdown Intraday/Speculative profit 1912.6 Short Term profit -211.7 Long Term profit 0 Turnover Breakdown Intraday/Speculative turnover 1912.6 Charges Account Head Amount Integrated GST - Z 38.9189 SEBI Turnover Fees - Z 1.2614 Clearing...

Currently my age is 56 yrs and have my investments with unrealised capital gains in both short and long term equity shares of stable big companies and paying towards a home loan (only one house) with annual interest repayment above Rs 2 lakhs and Section 80C savings Rs 1.5 lakhs. Other than house I have only equity and bank SB interest income of around Rs 20000 and no other income. Currentl...

Hi, I have query regarding form 12b. I have recently swicthed organization. I am having difficulty in filling up columns 6,7,8 of the form. Also, I don't understand the annexure form. What should be filled in annexure A and annexure B if I am required to do so. Tax computation sheet was provided to me by my previous employer. Below are few of the components of the salary breakup. ...

I had evised ITR for AY 2016- 17 voluntarily on observing some wrong figures in original ITR. On 1-4-2019 notice us 148 was issued asking to revise the original return for assessment. It was conceyed in writing to AO, Srinagar hat ITR has been already revised on 8.10.2017 furnishing therewith the relevant documents like ITR V, form 16 ( under proper receipt) with the request to consuder the r...

Hello, 1. In FY 20-21, I provided technical consultancy to a couple of India based firms, gross receipts about 27L. 2. In addition, I conducted online classes to teach computer programming, gross receipt about 5 L. 3. I am thinking of availing the presumptive taxation under section 44ada for the technical consultancy business. Questions: 1. Can I include the online classes also unde...

Actually my question is related to "Code of ethics for chartered accountants" I was not able to find suitable category to post my question so I have posted it in Income Tax Category, So I am sorry about that, but please answer as the answer is of much more value to me Question * I am a 43 yrs men, my elder brother is 46, my mother expired in 2018 (3 yrs back), my father went missing in 1994 (...

I am a web developer, working as a FREELANCE, and all my payments are digitally transferred to my account directly. I filled my return on ClearTax Website FY2019-2020, where I filled following details: Nature of Business: 14001 - Software Development Section 44 ADA Details: Gross turnover or Gross Receipts= Rs501816/- Total Income as per your calculation= Rs 250910/- Now I got an...

Base Info: Landowners: 3 brothers, 2 are Indian citizen one is foreign citizen Land in Metro city: 10000 SFT, inherited by all brothers from parents who expired 20 years ago Land original Purchasse price: Unknown, but very low. JDA Agreement likely to be signed in June 2021 Total estimated value of land @ Rs 20 Lacs per 1000 sft = 2 Crores (20 lacs x 10000 sft) Total Estimated saleabl...