Tax questions on Income Tax

Hello Respected CAs, I am launching an ecommerce store which works on the Dropshipping model. A few points: - I don't manufacture anything, I just provide a website for people to place orders - Supplier is based in China - Customers are from across the globe (except India, not a single item will be sold in India) Here is how the order process works: 1. A customer visits my site a...

We own a property held in Joint name of wife (1) and Husband(2). The entire consideration was paid by 1, and in Income Tax filing property is shown as paid by 1. Rent on the property is also recd only by 1. Now when we intend to sell the property ( it is worth more than 50 Lacs), the buyer may insist that he pays the consideration jointly or 50% each to the two regd owners ( i.e. both 1 &2). ...

Hi, I get my compensation after tds & have all my tax returns for all years. In financial year 2010-11 I transferred INR 5 lakh to my parents as they lived in different city & my father was about to retire from a private job. The amount transferred was bank transfer & nothing in cash. My parents made Fixed deposit so that they can run house from the interest. As the interest amount from FDs...

Hello, I am working as a Doctor in a hospital, but we are paid professional fees. So assuming the same I have e-filed ITR-4 in the income tax website. While filing the ITR-4 the TDS says the "Schedule TDS 2 Tax deducted at Source other than Salary".So hence "B4 Income from Other Sources" was filled up and the ITR filed. But got an email from CPC saying there is mismatch (vi) Income ...

Thanks in Advance. Summon to Assessee Witnesses Under Section 131(1A) of the I.T. Act, 1961/3098. Office of the Deputy Director of Income Tax (Dated): 19.02.2018 To Assessee Whereas your attendance is required in connection with proceedings under the Income Tax Act, 1961. In your case, you are hereby required personally to attend my office at 11.00 A.M. on 26.02.2018 to give...

The Email content is as such: Your return for AY 2017-18 bearing Ack. No. [deleted] was taken up for processing and on verification it was found that it contains arithmetical errors/ incorrect claims/ inconsistencies with respect to Audit Report /Form 26AS and the same is indicated in the table annexed. 2. You are required to provide your response to this communication by electronic mo...

Hello, I am a resident of Mumbai but have left the city for good and have settled in South in a rented apartment. I will be filing my returns myself this time by myself as previous 15 years it was filed by the company directly and I just used to sign the return papers and later filed with 16 A & B form online. My income are as follows: Rent received from Mumbai house which is self owne...

Hi Sir/Madam, Background: ---------------- I [Pvt Ltd] have a software reselling agreement with a US software company who does not have any establishment in India. US company will issue an invoice on my company name with mention of end customer to issue software license. I will be providing Indian rupee based invoice to the end customer and share the license key via digital/email. Question...

Hi, From 2011(June) to 2014 (March) I had been working for Startup company. For the FY 2013-14 the Tax got deduct from my salary every month (which is reflecting in Salary slips). In 2014 (march), I have joined another organization. I have filed my ITR-4 by uploading Form-16 (For FY 2013-14). Later I have received from Income tax department saying there is mismatch in Form-16 and 26AS. Th...

I have received a notice from IT department for having filed defective return for AY 2017-18. 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...

Hello Experts, I have received a defective return notice us 139(9) for AY 2017-18.I have filed ITR3.I had just filled gross profit figure of Rs 1,95,000/-( Rs 20,000-tds deducted)(first year of professional income-Fashion designing) in P&L (No accounts case) & incase of Balance sheet all figures zero ( no accounts case).I have also mentioned NO in ITR3 form for Are you liable to maintain acco...

Financial Year: 2017-18 Name: Mrs Krishna , Age 60 Years Other sources of income: Nil Occupation: Home maker From sale of immovable property Rs 49,80,000 was received in her bank account. 2 flats has been purchased for her 2 sons. The sons are salaried employees aged 31 and 35 year’s. Ownership pattern of the flats is divided between the applicant and co applicant. In the 2 flat...

I have received a notice from IT saying "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 on any agency business.As seen from the return of income filed, the nature of business...

I am a lic agent. I fill in return code 0301. what code is suitable for me. I got a letter from cpc that " sec 44ad is not applicable for u architect under 44ADA and after more than 2 months i got communication from CPC u/s 139(9) that it is defective. Error code is 86- The provisions of Section 44ADA not applicable to the taxpayer. The nature of business code in Sch NOB is not a profession, ...

Hello, I have seen some company are deducted 2% from the salary on the payment of contractual basis employees. Even some employees salary 27250 k and some 28250k. Telling whole thing here, In a year 365 day, Sangathan will not pay above said type of employees on summer vacation - 40 days, autumn brake - 10 days and winter vacation - 20 days. So total working days should be like thi...

Hello, I and my wife took a home loan in the year 2017 . We are co-owners of this house and co-borrowers on the house loan taken for this house. The EMI is Rs 39000. The interest part is Rs 390000. The principle part if Rs 90000. Now the condition is I am the only one who is paying the entire EMI amount and contribution from my wife's account is nil. In other words, the entire house l...

Hello, I am facing a problem for the Income Tax of AY 2015-16. For this assessment year I was in USA and have income from USA, for this year I was in India for more than 182 days so the total income is taxable in India. I have chosen the wrong ITR (ITR1 instead of ITR2) and submitted after due date. I wanted to submit ITR2 and claim foreign tax credit. I have submitted the revised return...

Hi! I'm an NRI living in Moscow since 2013. In India, I hold NRE, NRO n resident savings account. in Jan 2015 purchased a flat and deposited cash around 15Lacs n issued a DD for registration of flat from my resident savings account(Without knowing it's not a legal process). This 15Lacs have transferred from Moscow to India during 2013 n 2014 into my NRE account. I haven't filed ITR since ...

Dear Sir, I have not filed return for the assessment year 16-17 & 17-18 and now I am getting reminder through E mail & SMS to file the return as 31st March, 2018 is the last date & after ward I will not be able to file the return. I need your guidance as my case is described below. I was working in gulf from 01/11/2014 to 31/12/2016 and holding status of NRI during the accounting year 15-...

Hello, My salary breakdown structure is as follows :- Basic 25,333.58 Internet 1,000.00 Petrol and Driver Allowance 10,000.00 Meal Coupons 2,200.00 Employer PF Contribution 1,800.00 Leave Travel Allowance 5,000.00 Fixed Total 45,333.58 Flexible(Including FBP Components) Component Name Monthly House Rent Allowance 10,133.42 Conveyance Allowance Children Education Allowance Me...