Tax questions

Mismatch in Form 16A and Form 26AS

Form 16A from the bank shows, 1325 TDS deducted for interest amount 13248. Where as Form 26AS shows, 2006 TDS deposited for interest amount 17661. Also, the from the interest certificate from bank, the total interest amount(on FDs) is shown as 20058. In Form 26AS, for a transaction of interest amount 1694, the TDS deposited is shown as 410. But it seems to be for (1694 + 2394). Here, amount ...

IT dep asked through mail to report income

I have received an email from IT dep. saying.. 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 (ITR) by due date. If your case in not auditable, your due date for filing of your Income Tax Return will be 31s...

Section 44ADA for 50% Income

Hello, I work as a translator cum content writer and have income of around 22 Lakhs. I heard on TV Taxguru program that people with my profile can claim 50% provisional income under section 44ADA, and pay taxes on only 50% of the remaining income by filling the return form no. 3. My question is that what should I enter into following 3 fields in ITR 3 form "Profit and Loss" sheet column 53 ...

regarding GST number for commission agents

Hello sir \ mam With due respect myself Bharat from Jodhpur .. i am a commission agent .. as per above messages .. GST number is required for above 20 lacs income on commission ... but as i read in google there is mandatory for Agent,broker, arthiya etc ..to have a GST number.. even if u have a income of rupees 1 bcoz government had ruled a compulsory 18% GST for any agent ... !!! GST on...

Presumptive income under 44AD

Hi I am selling knowledge videos online which i get these made from my husband. Assume my income from sale (Turnover) for FY 2015-16 is 4 Lac & for FY 2016-17 is 6 Lac which directly comes into my joint bank Account (my & My husbands JBA) .(I have no other income). Can i File a return (ITR4S) under section 44AD (as Presumptive Income) Can i show 8% of T/O as my income (without having to ma...

PF withdrawn after 5years of continuous employment still charged

I have a continuous employemnt for more than 5years as per my UAN . Hence in my current company i applied for the PD transfer from my previous organisation and the same was approved and submitted to EPFO portal in Nov-2016.Later the PF website went down and i couldn't check my transfer status. In the mean time i resigned from my current organisation and applied for PF withdrawal. I expected as...

Tax information regarding earnings from multiple (three) sources

Hello Folks, I am in a very serious confusion regarding multiple things, So I'd try to elaborate as much as possible: I have three major sources of income: 1. full-time job in a company (monthly salary) 2. part-time freelancing (inflow on regular basis) 3. part-time from another company (monthly salary) From #1, I make around 1.5L per month From #2, I make around 1.2L per month (on...

Is it necessary to register as a sole proprietorship?

Sir / Ma'am, kindly help me to understand the following. i want to publish a puzzle book [authored by myself] and sell it to the end user directly [by myself]. the expected turn over is hardly 5 lakhs per annum which is not applicable in GST. 1, for starting as small proprietorship firm, which are the registrations i need to take? 2. is commercial space mandatory for this business OR can i...

Taxes

Dear Sir/Madam, My name is Tatyana and I represent Law&Trust International company. We are interested in your consultation in respect of new Indian taxes and regulations (GST, GAAR). We have an Indian resident company and interested in legal way to minimize taxes. We consider UAE company to buy Indian company in order to pay 5% dividend tax and also involve Cyprus company in order to buy pro...

Consultancy on capital gain treatment & Clubbing of income

Fact }my mother had two Plots. Plot A purchased in aug,2012 for 534500 and Plot B purchased in dec,2012 for 577800. She sold the plot A for 14 lac in Dec,2016 & sold Plot B for 7.25 lac in Jan,2017. further a new residential house was purchased for 16.5 lac in march 2017 & amount of rs 220000 is invested in NHAI bond in march 2017. we do not have any other residential house other than newly pur...

Deduction sections?

Hi, I worked as a professional/consultant in government sector for 10 months in the last financial year, which didn't included any allowances like HRA and others, but only consilidated salary/professional fee. Now I want to claim deduction for 1. House rent, which is 81000/-; 2. medical allowance, which is 15000/-; 3. Vehicle Maitainance which is 60000/-; 4. Conveyance/transpor...

Registration For Cloth Commission Agent

Hello, Good Evening Sir, I'm Jinal Vora from kolkata, west bengal, I'm currently pursuing B.com(Hons). Firstly i would like to Thank You for helping your clinets by all means and giving your time to them. Sir as you know GST has been implemented and Tax System has fully been changed.. and people like Students,Employees,Agent(Brokerage/Commission) has doubts regarding this GST , that ho...

Queries related nri status

Hi, From Last Financial Year (2016-17) I became a NRI. When I was a resident Indian I have opened multiple savings account in my name and in my spouse name. In both our accounts our names are included as the second holder and we operate as E or S. Now my query here is can I continue with my Domestic Savings A/c with my spouse (She is a Resident Indian) as a second holder. I do get Rental ...

Applicable tax on PF withdrawal

I have a unique scenario to deal with, please advice. (Incidents in financial year 2016-2017). - Mr. X resigned the job from ABC company and joined XYZ company - XYZ company had an option to no to opt for PF, so Mr. X decided to maintain his own PPF, thus applied for a PF withdrawal - PF withdrawal processed successfully, He received an amount of INR 2,70,000 (Three Lakhs) after deducting t...

I am a freelancer who is clueless about tax-stuff

I need information. Information to do things from today to the day of my my first tax-payment. I am confused. I don't even know that I should know. So, here's some. I am a freelancer. I design logos mostly. Most of my clients are from United States, UK etc. I get paid to via PayPal. I need to know how much tax should I pay? when should I pay? where(website)? how much(%)? I make 20,000 ...

how much tax i have to pay how to file itr

sir, I am in coal transport business. My monthly profit is around 80000 and t i have emi of 26000 for my truck. sir let me tell you my business scenario i buy coal from company about 70k-80k for about 20 ton coal. Then i sell it to the bricks plant at the same amount i purchased and i got only fare about Rs 1300 per ton i.e 1300*20=26000. I spend 11000 for diesel and toll tax, driver xpenditure...

Gst charge

I am Coal Trader not a transporter. I purchase coal from Importer and I manage transporter to load coal from importer place. And then Transporter unload it at my buyer place. Now, Here Importer will charge 5% GST to me and Transporter will charge 18% GST as service to me. For example, Coal Value is 100000 + 5% GST = 105000 and Transport Charge is 10000+18% GST = 11800. Now My total Buy...

Income from House Property - Taxation

I have couple of questions around income from house property (w.e.f changes from 2017) and need your valuable advise. Here is my question : I have two flats on my name, For the 1st one home loan is closed and which is self-occupied where I am staying with my spouse and parents. 2nd flat is on rent for which SBI Maxgain home loan is going on. Since last year I am unable to take the tax benef...

Holding company or not, VAT and tax across group companies

We are a small property development limited company, trading 4 years. We usually build individual new build homes. We have bought a farmhouse which we are going to renovate and either sell or let. Our mortgage broker has found us a good deal but the mortgage company are asking us to create a new non-trading company to hold the property in. Can I set up a 'NEW' non-trading company and have the m...

Practical illustrations on limited liability in OPC

I wish to start a One Person Co. (OPC) to buy and sell shirts/footwear/wrist watches etc as a small business. My questions are: 1. Can I trade in those goods only which I brought from TIN/VAT registered dealers/suppliers? Or I may sell goods bought from local/rural manufacturers/ flea market who do not have TIN no.? 2. Can I start manufacturing garments/ purses/ shoes without factory license/...