Tax questions on Income Tax

Hello Sir, I am an NRI doing job in Saudi Arabia since 2014. Before moving to Saudi, I was having Mutual Fund investments through one of the online platforms in India through my Indian Salary Account. After I started getting my salary in my overseas job I just continued to invest in Mutual Funds same way through my old Resident Ordinary account as before. I did this because it was not poss...

I am a Salary Tax payer. I invested in HDFC' s Insurance Policy @25000/- p.a., for 5 years commencing from March 2012 to march 2016. my total contribution is Rs.125000/- and the total maturity amount received is Rs.132517.68 which includes my contribution of Rs.125000/-. now they have deducted TDS @1% on total maturity amount to the extent of Rs.1325/- and paid the balance amount. Now the form ...

Hello sir Actually I have Opened online Pension account with Atal pension yojana through SBI Netbanking six month ago when i was in business and now i am state govt employee and today i got message and Email like this could you please help me undertsand whats it for and what should i do now ? Subject:  Self-certification of Permanent Retirement Account Number (PRAN) under National Pension Sy...

Dear Sir, Good Evening. Thanks in advance. I have 2 queries. 1) I have filed my income tax returns up to financial year 2012-13. I have received scrutiny for the F.Year 2011-12, and subsequently it was replied and got order too. Now the audit committee asked some queries for the same year. After issued assessment order is it possible to raise a query for the closed file. 2) From the...

Hi, i have withdrawn my epf & eps money in fy 2016-17 (exactly july-2016 to be precise). in fy 2016-17 i do not have any other income apart from epf and eps (since i didn't joined any other company after feb-2016). my epf came with 10% tds since i withdrawn my epf before 5 years (4.8 years to be precise). after referring to many documents i got somewhat confused so i request the ass...

I have 2 cases: 1. A case having receipt from advocate profession is 7.10 Lacs. No any books of accounts are maintained and profit shown more than 8 % of receipt. Can I file the ITR 4s only providing the amount of receipt, Net profit after claiming expenses. Although statement of income and expenditure & Balance sheet prepared and kept for record purpose. 2. A house wife is running embroide...

Dear Sir/Madam, I am not sure if this is the right forum to raise this but I need advice and guidance regarding a question I have about transmission of shares in a demat account in the event of death of the sole account holder and the nominee. My grandfather held a demat account in his solo name, he had included my father as a nominee in the said demat account. My grandfather passed away a...

Hi Team, I need some help from you, its related to Let out property. Actually I have two flats one I have purchased in 2014 and got the possession for the same in April 2016 and in Aug, 2016 I purchased another flat. Both the flats are in outskirts of the city so both have been rented out. This time I was able to declare only one flat in Let Out Property as for the other flat I am yet to pay t...

I was given a retention bonus lets say Rs X (post Tax received approx 0.7x) in Dec 2015 (FY 2015-16) with the condition that if I leave the organization during the next two yeras I would need to return the amount. i'm moving on from my organization in March 2017 and I need to now return the pre tax amount to the company. The organization is saying that since this is in the next FY they will n...

Hello, I'm doing a informative interview assignment for a course towards my Bachelors in Business Administration with a focus in Accounting, and I was hoping you could answer some questions for me. I only have ten to ask, and I'd appreciate it if you would be able to take the time to answer them. Question #1: Tell me about a typical day? Question #2: What do you do? What are the duties/fu...

Hi, I am a salaried person. So far, I have been filling my income tax basis the form-16 from employer. At the parallel, for past 5/6 years I have some bit of direct investment in share market. I have never reported this income/loss from share investment in my annual ITR. Somehow, the annual assessment from department has been positive all the time. Now, how to get this straight since this...

I have invested a sum of around Rs. 10 Lakh in this FY in couple of campanies (Ponzi schemes). But I only got some of the returns from those companies and rest is all loss. So, Is that possible if I can show that investment or payments towards those companies as capital loss or Theft loss in this FY. I have invested this 10 lakh in mine and my family members name. So, we all got some amount ba...

Hi I am living in USA. My wife's sister and her husband has bought some property last year. Now they are in need of showing their income, but as per their tax filing last year, they didn't mention sufficient income. Hence, they are asking me to help them by giving them a gift letter that I gave some 30 lakhs, with which they want to project as they have bought the property with that money....

One of our clients has received Intimation under section 200A of the Income Tax Act, 1961 regarding short deduction of Tax on Salary paid to one of his employee under Section 192. However the amount of short deduction was paid by the employee on self assessment while submitting his own Return of Income. Our client have intimated the ITO TDS that the amount of short deduction has already been pa...

I am an employee of CMPDIL, RI-I, Asansol, a subsidiary of Coal India Limited. My yearly Income is Rs. six lakes. Due to continue treatment of my wife, its required reestablishment medical bill nearly Rs. 40,000/- per month which prescribed by Medical Officer of Coal India Limited, i.e. at ECL Central Hospital, Kalla, which is under Coal India Limited. as per Sl. No. 24 Section Proviso to secti...

Sir, good morning,i want to know regarding trc. i am ( nri ) indian passport holder staying in kuwait more than 20 years. i have account in icici bank. i have some policy in icici bank............now icici bank asking me to trc but in kuwait no tax and kuwait government not issue TRC also. I checked with the local authorities here ( Kuwait Ministry) as well as with the Indian Embassy in Kuw...

Hi, I'm a fresher (software professional) working for an IT company in bangalore. I started working since mid July and continue to work in the same company at the same salary. Now the company has asked me to provide investment proofs so that accordingly my tax saving and calculation can be performed. Since I'm a freshers and this is my first job, I have no clue on how to save on taxes. I'm ...

sir, my mother in law got a it notice through nms for AY 2014-15 for non-filing. i had submitted a response through compliance section of e-portal that her income was below taxable limit as it was so. information i got through compliance section was that a small amount of tds was cut. on the submission of this compliance i did not hear anything from the dept. till now for ay-2014-15. so ther...

Dear Sir, I have 2 house properties (1 co owned with my wife but loan portion entirely paid by me) . In same city I have office and my daughter's school in different area so I am staying in rented apartment. Details as below: House property A - Owned - Rental Income - 40K (NET NAV ) House property B - Owned - Rental Income - 110000K (Net NAV) House property C - (Taken on rent for self)...

Sir my mom purchase a residential plot in financial year 2013--14. To construct a house for jointly for me and my brother . Planning is done on the basis of to sell a residential plot at same town due to location of old plot is not good. The stamp duty value of land is 71 lakh, our purchase cost is 51 lakh including stamp duty. Our Father is retired persons. We all family members pay the costs ...