Hello,
I am full time web developer working with foreign clients, and the payment deposited to my bank directly via PayPal and Upwork (online portal for freelancers), so basically I work as freelancer in web development.
So, based on reviews online at different websites, I had filled my IT return via ITR-4 this time under section 44ADA, presumptive taxation for professionals at 50% where ...
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 on...
I am filing for a EIN for my new S-Corp.
My goal is to only pay taxes once a year - but to work within the law.
I will be the only employee of the company but will not receive a salary because I unclear of how much money I will make.
If I do employee anyone, I will pay them with a 1099 form. Therefore I will not be paying SS or any type of tax on their pay.
Form 941 - File taxes 4...
Hi ! recently i have started a online shopping store which sell clothes, accessories, footwear of both men and women. So, basically what i am doing here is I am sourcing my product from outside of india. My supplier/wholesaler are located in different part of globe i.e. australia, new zealand, us, uk, spain, china what i am doing here is.
1. I display there product on my site using there websi...
Hi! How are you?
I am Taynah, and I am opening an online store using WooCommerce, in Wordpress.
Whiting the plug-in settings there are questions regarding Sales Tax. (The specific questions can be found here: https://docs.woocommerce.com/document/setting-up-taxes-in-woocommerce/ )
My situation is that I am a Brazilian, looking to sell products internationally, mainly to english speaki...
In the return i had shown Rs. 5346/- as short term capital gain from sale of shares (trading) to be charged at 15% special rate. Received a notice from income tax department that there is discrepancy under section CPC 143(1) that "Income chargeable to tax at special rate other than 115BBE" in Sr. No. 11(ii). In the return no amount was written and in return prepared by incometax department the ...
This is with regard to sale of property in delhi acquired 30 years back.The prevailing market rate of the property is much below the circle rate of the area in which property is located.The property falls in Category A in delhi. The prevailing market rate of the property is almost 40% less than the circle rate due to depressed market conditions.
Please advise wrt 1. Payment of CAPITAL GAINS ...
I have mobile app earning revenue from download of paid version and advertisement revenue in free version. The total receipt is bit over INR 10,00,000. There was no books of accounts maintained as there is no daily exchange of cash/money, only monthly payment from the App store are credited to a savings account. As the sales are indirect (Store deals with the customers), and considering the ser...
I have received a notice from department stating that there is defect in the ITR filed for AY16-17. I have filed ITR-4 being a tuition teacher (Nature of Business 0607-Professionals Others). Point number 53 of P&L (No account case) filled with Gross Receipt 282000 & Net Profit as 258824. Balance Sheet, point number 6d "Amount of cash balance" entered as 0 [with an understanding that all cash I ...
First purchaser from the Builder (Through Booking while on construction of the Building)had paid the stamp duty and got registered the property in year 1994
The second purchaser who was Constituted power of attorney of the first purchaser had bought the flat from him on executing sale of agreement. He has under paid the stamp duty and not registered. The deal happened in the year 1997
I b...
Below is the case in chronological order, with the questions at the bottom:
• In 1980, a person joined a corporate group housing society, Delhi.
• In 1985, he paid Rs. 50,000 first payment towards one apartment in the corporate group housing society allocated by DDA. Over the years, he paid Rs. 8 lakhs towards construction costs in several installments.
• In 1994, he received share certific...
Our assessee was allotted a plot from development authority on 31/10/2009, after allotment of said residential plot the assessee entered in a registered agreement on 22/12/2009. according to this registered agreement our assessee received Rs. 150000/- as a advance from the buyer remaining Rs. 150000/ received at the time of registry on 30/03/2010. Total amount received by the assessee Rs. 30000...
Hi,
I am Saurav a NRI (Australian passport holder) and I would like to know my income tax obligation in the below scenario-
I am a digital currency(Bitcoin) trader in Australia.
1) Buy the digital currency (Bitcoin) in Australia.
2) Send the digital currency to my Bitcoin wallet in India.
3) I sell the digital currency (Bitcoin) from my Bitcoin wallet in an Indian Bitcoin exchange...
Hello CAs,
I am in critical situation. Your advice and answers will be really helpful.
I wanted to start my online business for which i contacted one of the CA (through reference) in Hyderabad and he said he will register the Labour License and GST, after which i can start my business. I paid him good amount of money and all the supporting documents to get it started. I received few messa...
Hello,
I purchased flat in ghansoli navi mumbai in Feb 2016 and upto april 2017 have paid 95 % agreement value with 100 %VAT and 100% service tax on total agreement value. This building is conpleted in may 2017 as per architect letter to get OC. Occupation certificate OC is recived on 30-july-2017.
1. Builder is asking for 12% GST on remaining 5% agreement value and insured that 5% service t...
Hello,
Need your expert advice on tax saving planning on the "Rental Income"
Scenario 1: Mr.X is the owner of the property and He is receiving a rental income of Rs.100 ( example) , and he wants to sublet this property to his spouse Ms.Y for Rs.50 ( example) , and the Mr.X and Ms.Y has a legal agreement of lease and sublet clause mentioned , hence now Ms.Y gets the Rental Income of Rs.50...
Trail balance of X-Y-Z Company as n [deleted]
Account Head Debit Credit
Cash sales 246,978
Credit Sales 2,749,609
Return cash sales 40,000
Return credit sales 12,500
Discount cash sales 93,600
Discount credit sales 89,002
Cost of sales 1,500,903
Salaries 48,000
General Expenses 29,010
Building 23,000
Furniture 15,000
Bank A/C 69,000
Fixed de...
I have a query regarding the claiming of relief u/s 89(1). The tax payer is a government employee who has received arrears of salary in FY2015-16 for the past years.While computing the tax liability for FY 2015-16, no relief was considered and the income tax for the FY2015-16 was filed by March 2017. There was no mention of the amount of relief u/s 89 in the tax return
(Please note that the re...
Hello Sir,
Greetings!
I have booked a under construction flat in Noida Ext, May 2016 with plan of (30:70), 30% I had to pay early and 70% on possession. I get sectioned loan from SBI 80%, but in 30% payment I need to pay 10% and 20% should get disburse from bank.
By 2th July, builder demand for balance 20% and same was disburse by 30th July 2016. Builder mentioned 4.5% ST on 30% paymen...
Dear Sir/Madam,
My husband is running small Rent A cab service.He had taken Service tax number for his firm in November 2015 through one agent. From than he was putting S.tax number on each bill given to Company and put clause in terms and condition that 100 %service tax to be paid by service recipient.
But one client paid him some service amount on invoice which he paid to government of ar...