Tax questions

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...

Query

Hi Tax Gurus, Our case is as follows: I am salary employee. House 1 We sold our residential inherited house (we stayed in it for 36 years) in DEC-2017 for 1,48,50,000 (1 crore 48 lakhs & 50 thousand). We are 3 people (My Mother,My married Sister & Me) and each of us got 1,48,50,000 divide by 3 = 49 lakhs & 50 thousand. We started living in it from MAY-1981. Location: Pune We paid ...

GST Liability on Landowners in Joint Development Agreement

Need your guidance on GST applicability if the land is given under GPA to Builder to develop with residential apartment on 50:50 sharing basis and there is NO monetary transaction involved in the agreement. Landlord will retain his share of residential flats for himself and is not interested in the sale of flats. The GPA agreement was registered with Sub-registrar office for the developm...

GST Liability on Landowners in JDA for self retained flats

Hi, Need your guidance on GST applicability if the land is given under GPA to builder to develop with residential apartment on 50:50 sharing basis and there is NO monetary transaction involved in the agreement. Landlord will retain the flats for himself and is not interested in the sale of flats. The GPA agreement was registered with the Sub-Registrar office for the development of apart...

Duration of rnor

Would some honorable member explain to me my tax status as per the the information given below. I was working outside the country since the last 15 years. I spent in excess of 185 days outside the country in every financial year since 2004, thus qualifying me as a non resident for every year all the way upto March 2016. After 15 years of service I lost my job, on my return to India for le...

Dropshipping in India

hi, am going to start a new website and am registered under GST. customer comes to my website & places an order & pays for the item (say Rs 150), I pay the supplier (say Rs.100) & ask him to dropship it. The supplier is in India, but in a different state than mine. The customer can be in any Indian state (not looking at international market right now). now, i have few questions. can you ple...

Defective return communication u/s 139(9) from Income Tax Dept

Dear Experts, I am a freelancer software developer having a proprietorship firm and has submitted ITR under 44ADA and recently has received communication from CPC u/s 139(9) that it is defective. Error code is 89- The provisions of Section 44ADA not applicable to the taxpayer. The nature of business code in Sch NOB is not a profession, and the income disclosed under Section 44ADA income is...

Tds on house rent

Dear associates, I have a question on tds on house rent. I am operating a business (training institute, total revenue is less than 1.5 lakhs) in Bangalore, Karnataka. I am paying rent 15000 for the building where I am operating my business. The building owner said that I have to pay 18% tax along with monthly rental, so the total amount is Rs.15000 + Rs.2700. Out of 18%, he asked me to keep 1...

Notice for Defective Return U/S.139(9)

I am a computer professional mainly dealing in IT enabled services(Code:-709), Software development (Code"-0711) and Face book advertising contractor (code:- 0505).. under single proprietary concern.I have filed return form 3 and claimed some of my receipts as Professional receipts u/s.44ADA. However since I am not maintaing regular accounts, I have preferred Part B of P& L section and shown Gr...

Notice U/s139(9) error code 181

I am a Advocate Professional. Today, I have received a notice from IT department u/s 139(9). The reason mentioned is error code 181: "a) The Gross Receipts is not mentioned in the Profit & Loss A/c, OR b) The profit shown is less than 50% of the gross receipts as prescribed u/s 44ADA but has not mentioned the maintenance of the books of accounts and audit report u/s 44 AB in part A-General and...

Regarding input tax credit (itc) claim in gst

Madam, I am working in Management(Trust) running 9 educational institutions (4 Colleges and 5 schools up to 2nd PUC) & registered under GST and some of our schools and colleges providing services and for such services we are collecting GST and remitting the same to Government. Now my question is wether we can claim ITC of all 9 instiutions purchases of goods and services and adjust our output ...

wrong itr/wrong code of business

Dear Experts, I have filed my income tax as i am a LIC agent under 44ADA and salary income and after more than 2 months i got communication from CPC u/s 139(9) that it is defective. Error code is 89- The provisions of Section 44ADA not applicable to the taxpayer. The nature of business code in Sch NOB is not a profession, and the income disclosed under Section 44ADA income is more than zero....

Nro non repartriable demat account

I have been trading through my NRI PIS account for the last 8 years . All the transactions done by NRE funds only. As on 15th Oct all the credit & debits done through NRI PIS. On 18th I have sold some of my old portfolio holdings including some shares with splits/bonus/dvr allotments. Still the bills are pending becuase they are telling all my holdings are in NRE Non repartiable demat acoount a...

Communication from IT Deptt. that i chose wrong nature of busines

Sir/Madam I had filed my income tax return online and on time. I am working as a consultant with an International NGO and get paid after completing certain deliverables based on the invoice i raise after an interval of every few months. I consider myself a professional as i do not get a salary and am paid based on a contract as i quote my own fees. Secondly, i have to incur some cost to meet t...