Tax questions

Capital Gains Tax-NRI-Australian Passport holder

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...

GST Registration approved but can't access the document online

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...

GST building maintenance cost and society formation

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...

Tax Benefit by sub- letting a property to wife

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...

Suspense Account

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...

Forgot to claim relief u/s 89

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...

Is GST applicable on builder flat possession balance amount?

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...

Need gst number

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...

Communication u/s 143(1)(a) for PAN AVJxxxxx4N for the A.Y. 2017-

I have received this intimation from the Income Tax Department Regarding my ITR Filed. I have computed my income exactly as per my Form 16. What to do now Please Guide. Dear Tax payer, Please find attached the communication on proposed adjustment u/s 143(1)(a) from the Income Tax Department, Centralized Processing Center (CPC) with respect to the return of income filed by you for the PAN ...

Clarification on Section 196A in The Income- Tax Act, 1995

I am NRI and made MF investment from my NRE (External) account. So I am exempted from Income tax as per sub-section (2) of the above section 196A. Please confirm. Please clarify on sub-section (2) for the words "......no deduction of tax shall be made from any income payable in respect of units of the Unit Trust of India to a non- resident Indian or a non- resident Hindu undivided family, wh...

Placing spouse as a salaried employee

I am a technical consultant providing scientific consultancy services to different interested organizations. Nature of my work is mostly home-based with travel to client project locations. Till now I paid service tax and now will be paying GST for my services. The expenses that are incurred for business purpose, like travel and communication, are deducted from my total income. This is as per th...

capital gains tax for senior citizens

Dear Sir, I am Chetan Phatak, from Aurangabad. I need your advice regarding the capital gains tax for my father (age 81 years) who is senior citizen. My father’s property is in Nagpur which he purchased for @3.0 Lakh in the year 2003. Due to some medical reasons, and there is no one to take care of them, I brought my parents to Aurangabad so that I can take care of them. Now I have purchas...

Tax liability on returning nri

I am Indian Citizen ,I was in Hongkong for 8 years from June 2008 to June 2016 & have returned back to India in June 2016 . I have following queries with regard to taxation in India for the house ( flat )bought in Hongkong in June 2011 (which is still under mortgage). Let me know the following : 1. What is the tax liability in India if flat is sold within 2 years of returning back to India( wh...

Gst on dropshipping

Hi I'm developing a marketplace website allowing Suppliers to sell their product. In addition to that I'm providing Dropshipping option as well. Anyone who registered as Reseller can use the product images from Suppliers and Sell to their customers. Customer will know Reseller only and when order comes , product will be shipped directly to customer. Here Reseller don't do any inventory and don'...

tax on settlement received for EL & Superannuation resignation

Dear sir/Madam, I resigned my previous company after 5.4 years of service & joined a new company. I have received following settlement from previous company 1. Rs 1,02,000/- for superannuation withdrawal after deducting 10% of tax at source (1/3 rd of amount). 2. Rs. 1,30,000/- for EL encashment after deducting 10% of tax at source. 3. Rs. 97,000/- of gratuity amount (Tax is not deducted...

Tax as travelling freelancer

Hello. I'm working as a freelancer (software), and I'm constantly travelling, not staying in one place more than 3 months, thus I can't claim tax residency basically anywhere. I'm originally from Lithuania, and I've been freelancing for less than a year, as taxes in Lithuania are really high, I'm looking for options in opening an offshore bank account or/and offshore company with 0%-1% corporat...

Tds filling nri

Good Morning. Warm greetings from ARUL.R I am a NRI. From Income tax one mail come below attached. Dear Taxpayer, Greetings from Income-Tax Department! It is seen from your 26AS statement that there are TDS deductions on payments received by you during F.Y. 2016-17. Therefore, it is advised that you may ascertain your tax liability for AY 2017-18 and file your Income Tax Return...

Communication of proposed adjustment u/s 143(1)(a) of Income Tax

Dear Sir/Madam, Subject: Communication of proposed adjustment u/s 143(1)(a) of Income Tax Act, 1961. The return for PAN AYBXXXXXXD, Assessment Year 2017-18 E-filing- Acknowledgement number 833XXXXXXXX90617 Dated 29-JUN-17 {AY, Acknowledgement Number and Date are obtained from the ITR} contains the errors/incorrect claims/ inconsistencies which attract adjustment(s), as specified u/s. 143(...

Showing carry forward short term capital loss in ITR-2 sec CFL

I have a very simple question with regard to showing carry forward loss in ITR2. Below is the scenario. 1 - FY2015-16, I am having short term capital loss of 3,00,000 Rs. In this year, I do not have any short term capital gain hence, I had to carry forward it by ITR2. And I have no question here. 2 - FY2016-17, I am having short term capital gain of 1,00,000 Rs. I can set off this against...

Redemption/ Switch of Mutual Funds and Section 44ADA

Dear Sirs / Madam I am planning to file my returns using Section 44ADA (presumptive basis) as I am data processing freelancer and do Customer oriented /IT related jobs for an overseas client. However, in an effort to streamline my Mutual Fund portfolio like converting to Direct plans, switch from non performing to performing funds, I have had a revamp. I have switched certain funds to oth...