Hi Team,
I need some help from you, its related to Let out property. Actually I have two flats one I have purchased in 2014 and got the possession for the same in April 2016 and in Aug, 2016 I purchased another flat. Both the flats are in outskirts of the city so both have been rented out. This time I was able to declare only one flat in Let Out Property as for the other flat I am yet to pay t...
I was given a retention bonus lets say Rs X (post Tax received approx 0.7x) in Dec 2015 (FY 2015-16) with the condition that if I leave the organization during the next two yeras I would need to return the amount.
i'm moving on from my organization in March 2017 and I need to now return the pre tax amount to the company. The organization is saying that since this is in the next FY they will n...
Hello, I'm doing a informative interview assignment for a course towards my Bachelors in Business Administration with a focus in Accounting, and I was hoping you could answer some questions for me. I only have ten to ask, and I'd appreciate it if you would be able to take the time to answer them.
Question #1: Tell me about a typical day?
Question #2: What do you do? What are the duties/fu...
Hi,
I am a salaried person. So far, I have been filling my income tax basis the form-16 from employer. At the parallel, for past 5/6 years I have some bit of direct investment in share market. I have never reported this income/loss from share investment in my annual ITR. Somehow, the annual assessment from department has been positive all the time.
Now, how to get this straight since this...
I have invested a sum of around Rs. 10 Lakh in this FY in couple of campanies (Ponzi schemes). But I only got some of the returns from those companies and rest is all loss. So, Is that possible if I can show that investment or payments towards those companies as capital loss or Theft loss in this FY.
I have invested this 10 lakh in mine and my family members name. So, we all got some amount ba...
My father, a former PSU employee, a retired pensioner currently, wants to start domaining (buying and selling domain names).Here are some links regarding domaining for your reference:
Link 1: http://www.sitepronews.com/2014/07/08/beginners-guide-successful-domaining/
Link 2: http://www.dnoai.com/
1) From the initial research that I have done on the internet, it seems that domain name (withou...
Dear Sir/Madam,
Our family had long disputed property which has been settled out of court recently from which I received sum of Rs 28 Lakh .
When enquired about re-investing I realize that I can utilize these fund for buying property only until then I should park this sum in capital gain account in nationalized band and use it for buying properties in next two years or I should buy gove...
Hi
I am living in USA. My wife's sister and her husband has bought some property last year. Now they are in need of showing their income, but as per their tax filing last year, they didn't mention sufficient income.
Hence, they are asking me to help them by giving them a gift letter that I gave some 30 lakhs, with which they want to project as they have bought the property with that money....
It may be kindly noted that the property holding tax pertain to holding no C.269 which has been massively excess billed to so many holds which is not at all any fairness in assessment to property holding Id C.269. As per the substantial verification and reconciliation into the revenue record at Rourkela Municipal Corporation office, the same may be verified that the adjacent holding 50 properti...
I have a private limited company and my turnover is around Rs. 24 L annually. My 80% of this income is derived from websites like elance and odesk, where I bid for projects. Payment received through PayPal, clients pay in USD, PayPal deposits in my bank after converting into Rupees through CitiBank NEFT. In PayPal it shows both these transactions clearly, what client paid in USD and what they t...
One of our clients has received Intimation under section 200A of the Income Tax Act, 1961 regarding short deduction of Tax on Salary paid to one of his employee under Section 192. However the amount of short deduction was paid by the employee on self assessment while submitting his own Return of Income. Our client have intimated the ITO TDS that the amount of short deduction has already been pa...
I am an employee of CMPDIL, RI-I, Asansol, a subsidiary of Coal India Limited. My yearly Income is Rs. six lakes. Due to continue treatment of my wife, its required reestablishment medical bill nearly Rs. 40,000/- per month which prescribed by Medical Officer of Coal India Limited, i.e. at ECL Central Hospital, Kalla, which is under Coal India Limited. as per Sl. No. 24 Section Proviso to secti...
Hi,
I(landlord) have entered into a development agreement with a builder on 1st-June-2015.During filing returns for AY 2016-17 i have showed the long term capital gain arising out of the transfer of undivided share of land to builder(Calculated using the share i received in sft * Construction cost per sft) and paid the corresponding long term capital gains tax.
As per this year budget any...
Sir,
good morning,i want to know regarding trc. i am ( nri ) indian passport holder staying in kuwait more than 20 years. i have account in icici bank. i have some policy in icici bank............now icici bank asking me to trc but in kuwait no tax and kuwait government not issue TRC also.
I checked with the local authorities here ( Kuwait Ministry) as well as with the Indian Embassy in Kuw...
Hi,
I am an NRI and I have bought a property in Hyderabad in June 2012, however due to the delay from the builder side I am getting the property next month i.e. Feb 2017. On request from builder I have made the 1% TDS payments on all the installments (home loan and initial payment) to the builder, but the builder at the end decided to deduct TDS payments I made so far from what ever I owe to...
Hi, I'm a fresher (software professional) working for an IT company in bangalore. I started working since mid July and continue to work in the same company at the same salary.
Now the company has asked me to provide investment proofs so that accordingly my tax saving and calculation can be performed.
Since I'm a freshers and this is my first job, I have no clue on how to save on taxes. I'm ...
sir,
my mother in law got a it notice through nms for AY 2014-15 for non-filing. i had submitted a response through compliance section of e-portal that her income was below taxable limit as it was so. information i got through compliance section was that a small amount of tds was cut. on the submission of this compliance i did not hear anything from the dept. till now for ay-2014-15. so ther...
Dear Sir,
I have 2 house properties (1 co owned with my wife but loan portion entirely paid by me) . In same city I have office and my daughter's school in different area so I am staying in rented apartment.
Details as below:
House property A - Owned - Rental Income - 40K (NET NAV )
House property B - Owned - Rental Income - 110000K (Net NAV)
House property C - (Taken on rent for self)...
Property owned by NRI couple
Purchased as a semi-finished house in 2010 Sept. for 30 lac, paid 2.2 lac for registration and 4.4 lac for additional construction.
owner spent additional 10 lac money to finish the building but all the work was done over period of one year (2010-2011). most of finishing work done by local small time construction workers and paid through cash.
Now the same proper...
1) Assessee has come into agreement with a Builder for 35% share in constructed flats in exchange of his Land in 2007.
2) After Receiving Allotment letter from Builder , Assessee has received amount as advance against Agreement to sell from ultimate buyers for his 35% allotted flats in single payment of Rs 1.43 crore against 5 (five) Flats in AY 2013-14.
During Assessement AO has charged ...