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...
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...