Tax questions

TDS while buying house from an nri

Hi, I am planning to buy a property in bangalore from a NRI seller. Recently I heard about the TDS that needs to be deducted while buying property from NRI. When I discussed about this with my NRI seller he gave me the below response "According to my CA/lawyer, my tax liability is expected to be much lower because of negative capital gain (actual loss). So he asked not to take TDS, because on...

Confused about how to take tax benefits against of my home loans

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...

Management Consultacy Income less tahn 50 lacs - Presumtive schem

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...

Advice needed for an ecommerce store in drop-shipping model.

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...

TDS of 1% on sale of joint prop with conditions

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). ...

Gift from son to parents

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...

Shall i pay taxes for dropshipping business?

Hi, We are going to launch our LLP business for our drop shipping. Here we act as a mediator between the customer and the wholesalers from china. Please check below info about our business model. Customer from other country such as USA, UK, Germany will place order on our site using PayPal. That amount will go to our PayPal account. Once the order is placed by customer than we will...

Help with Auditing, Applying for 80G,12A & FCRA for a Trust.

Hello, We have a trust that was established in 2014 and 2017; we amended by making it a full NGO. Under the trust, we are running a School for the last 35 years. We are trying to get 80G, 12A & FCRA made for our Trust. Now before applying for the above, we need to get three years audit report filed to IT. As our school is aided school, half of the teacher's salary is from the governm...

26QB error

Dear Sir, I had bought a house in Mumbai for 77 lacs & paid 1% tds of 77,0000 on traces in March 2015. However the reflection in assessment year 2015-16 shows the transaction in part A2 and I am seen as the seller of the property and seller is seen as buyer & hence I am not able to generate form 16B. The sellers CA was trying all these years to change the same with sellers AO. I was being told...

TDS on property purchase from NRI

Dear Sir/Madam, I have made a sale agreement to NRI (through Power of Attorney) on 15th Jan 2018. I paid Rs. 100000/- as token amount. The Sale agreement was valid for 60 days (i.e. till 16th March 2018). Based on above Sale Agreement I applied for Home Loan and Sellar applied for Lower TDS (under section 195/197). Now my home loan was approved on Feb 10th, 2018 but Seller got Lower TDS certi...

GST for my online Hotel Booking website

Hello All, I am starting my online website which will sale hotel rooms available in 160 countries and will be available for customers to book hotel rooms world wide. (just like booking.com or makemytrip.com but my website will only focus on hotels) Now, I am getting all the hotel rooms from wholesaler (not directly from the hotel) and I will be adding my mark-up and selling them on my web...

CPC clarification for ITR 4 e-filing

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 ...

Urgent help needed

Query for CA 1-I am a part time management consultant. I was having Serv tax number and regularly did that. Before introduction of gst ,in that and preceding year, my turnover was less than 10 lacs and So, I wanted to apply for Serv tax deregistration. 2- In the meanwhile provisional gst was allotted automatically and the person helping me made me collect and deposit gst (staying that ca...

Summon to Assessee/witnesses under Sec 131(1A) of the I.T. Act

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...

Got an email from Income Tax Department stating mismatch in Incom

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...

Inquiry about Income Tax for F.Y 2017-2018

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...

Software reselling tax related queries

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...

which process to apply to file gst

Post application for GST, I got my GSTIN No in July'2017 from the govt. I am a Sole propreitor of a Manpower Services firm. In July 2017 I billed my Client for providing Manpower Services. The Inovoice raised and presented to the Client from my side, for Services rendered to him were as follows. SERVICE FEE Rs 100 IGST @9% Rs 9 SGST @9% Rs 9 Total Invoice Amt Rs 118 In August 201...

FY 2013-14 Income Tax deduction is not updated in 26AS

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...

IsVAT or Service tax applicable on independent villa construction

I am from Hyderabad from the state of Telangana. I have purchased a land from a builder in muncipality approved layout and registered in my name. Made an independent villa construction agreement with the same builder and the construction permission is taken in my name from gram-panchayat. He is constructing a group of houses with the same procedure along with amenities. I have made 96% of th...