Tax questions

Movement of Goods Inter-State between Production n Trading

Hi, I have a small query relating to movement of Goods through private transporters / Parcel By Bus. I have a manufacturing facility in Chennai and my place of business is in Hyderabad. I usually buy raw material in Chennai itself from various unregistered suppliers and hence I do not get any GST bills. At the manufacturing facility goods are manufactured and then need to be transported by tr...

Tax benefit on Joint Home Loan In case of single Payee

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...

Outstanding Tax Demand of AY 2015-16

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...

E-commerce website and GST

I have an online women's apparel store. Lets say its ABC company. The products that will be showcased is of a manufacturer in Mumbai who said that he can send the products directly to customers (Drop Ship). Lets say that manufacturer is XYZ Company. If a customer orders from my website then i am going to put forward the order to him and he will dispatch the product to the customer. He also said...

penalty for NRI having purchase flat from resident account.

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 ...

refund of input credit due to inverted duty structure

Sir I am ecommerce Seller and sell Footwear category on ecommerce portals like Flipkart and amazon For Footwear gst rate upto mrp ra 499 is 5% and more than rs 499 it is 18 % We purchase shoes from the factories of our own private label brand and they charge 5% in case of upto 499 and 18% if Mrp is more than rs 499 Now Flipkart and Amazon charges The sellers commission on which 18% gst is ...

Guidance required

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-...

Query on Capital Gain tax - treatment of cost of Improvement

QUERY ON CAPITAL GAIN TAX - One Public Ltd Co. (Unlisted) has got a Plot of Land (about 37 acres ) near Bengaluru, which was purchased in 2006 for about Rs.101 lacs. - Thareafter, to protect the Land from encroachment etc., the Company constructed a Boundary Wall cost of which came to about Rs.225 lacs, duly supported by vouchers and bills. - In the current Financial Year i.e. 2017-18, t...

GST on maintenance charges on society flat

There are 240 flats in our society KLJ Platinum Plus, Sector – 77, Faridabad out of which more than 160 took over possession and staying. The flat buyers have registered RWA in the name of RWA KLJ Platinum Plus D1 to D4, Sector – 77, Faridabad. For the maintenance (security, Lift, Fire hydrant system, water, common area housing keeping, gardening, sewage system etc) of the society the Develop...

What components from salary can be shown to gain tax benifits

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...

Notice u/s 139(9)of income tax act, 1961

The assessment Year 2017-18 Filed ITR form type ITR-4 Source of Income- LIC Agent Error Code 86 Error Description- 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 ...

salary vs professional fee

Hi! I have got a query regarding Salary Vs Professional fees- what should be opted? I have got a friend who is a dentist and his monthly income is 70k. she has joined a private hospital where he is been paid like that. The hospital owner is depositing 70 k per month in his bank account. now being asked about form 16 he is saying we are treating you as a professional and cant reduce the TDS a...

GST on Commission from company outside India.

Dear Sir/Madam, I am working as a commission agent for a company in Europe. I help them in selling the product in India. They submit the offer, Customer place the order on Principle directly. Principle supply the goods & collects the money. In return they pay me commission on it. Now under export of services Export of services’ means the supply of any service when,– The supplier of servic...

GST Filing on Quarterly basis

Dear Sir, I am registered with your website for filing GST returns. I am a first time user and have done one transaction of approx 14 thousand in the month of Dec'17 & now want to file GSTN1 with GSTN3B. I have created invoice which I have raised in the name of my customer Delhi Blue Pottery. This job pertains to custom clearance of import shipment at CFS Delhi & custom cleared by Bal...

paid demand not reflecting, and demand amount keeps on changing

A demand was raised on me for AY 2016-17, which I paid. The initial demand was raised for 40,090 rupees, which changed to 25,452 rupees after some days. I paid the demand after which again new demand with new DIN of 762 rupees was raised which I paid again.(I have demand closed notification with CRN for both demands. But even after paying the demands, the demand of 40090 rupees with same DIN ag...

Notice issued U/S 142(1)(i)

Dear Sir, I have been issued notice u/s 142(1)(i) which is as under; "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...

Capital gain tax on my sale

Dear sir, I have booked a under construction flat in Bangalore at a price of 6000000 (60 Lakhs) in 2013. Flat was ready in 2015 and builder issued a possession letter in Nov 2015 and same is registered in march 2016 with undivided land value rather than full value. Hence i ended paying around 3 lakhs stamp duty and registration. In Sale deed value shows 1250000 where as in EC market value ...

Non Filing of lncome Tax Return for NRI

Hi My Father is an NRI workinjg in UAE for the last 35 years. Recently my father received a letter from Income Tax for ‘Non Filing of lncome Tax Return’ Below is the letter Subject: Non Filing of lncome Tax Return 1.The lncome Tax Department has received information on financial transactions/activities relating to you. A list of some of the information for Financia-Year 2014-15 ...

How to pay tax without purchase bills?

Hi, I am planning to do a business which involves old coins and currencies. The problem in this business is no one gives a bill when I purchase the materials and I have to pay them in cash, but all my selling will be done through bank transactions and everything will be accounted as I want to file for income tax, so I have the following questions. 1. If my turnover is below 9 lakhs per fi...

44 AD or 44ADA for software development business

Hi I read your answers and it helped me to understand 44ad and 44ada . I need some help in my case too. kindly help I am a software consultant add works as a freelancer on upwork.com. my receipts are between 15 lakh to 30 lakh. but my wife works with me as a data entry operator and my brother also works as content writer . some other software professional friends also works wit...