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...
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/...
I got a notice giving me 5 days to furnish information of equity transaction of 5 Crores in 2013-2014 the notice is received in 2017-2018 financial year. On seeing my details I saw intraday trading with Axis direct and my intraday turnover for that year was total of 3 lakhs only of ledger statement and under Indian laws my trunover was 3 lakhs or less and my loss was 23029/- rupees for the enti...
I recently booked a 2BHK flat in Hyderabad Telangana. My registration is yet to be done. The total flat cost is ? 49,51,625. I have taken a home loan. The first disbursement has been released. I have raised a request for the final disbursement from the bank and have provided the builder a copy of the final cheque to start the registration process.
My builder had shared me the following appli...
I am a NRI and have bought an under construction apartment for the total cost of around Rs. 51 lakhs from a builder in 2014. I have paid multiple installments since 2014 without deducting TDS. Total amount of installments paid up till now is Rs 48 lakhs. The apartment is almost ready for possession and I am about to make the final payment and want to deduct the TDS now. I have the following que...
Intra-state
1. Mr. X purchased goods Rs. 1,00,000 locally (intrastate)
2. He sold them for Rs. 1,50,000 in the same state
3. He paid legal consultation fees Rs. 5,000
4. He purchased furniture for his office for Rs. 12,000
Assuming CGST @5% and SGST@5%
S.No Account Name Debit Credit
1 Purchase A/c 100000.00
Input CGST A/c 5000.00
Input SGST A/c 5000.00
To Creditors A/c...
Hi,
I have been living in UAE since 2013 and now going back to India permanently in Jun 2017. I have seen many threads regarding how the residency status can be calculated and I know that I would be resident indian after going back.
My question which is unanswered in almost all the websites is how to calculate the taxable income. Let us say I earned 60000 AED as my salary (From April 2017...
I am inheriting a property from my grand father around 10000 sq ft. The cost of that property will be 4 crores rupees. I want to sell that property, how can i save taxes.
According to my calculation using CII, the capital gain would be around 3 crores.
As far as i have read I can save taxes by investing in specific bonds and can buy only a single property. So if i buy some property for 1 ...
Hello,
I have been in the states since 2008 on J1 visa. For the first 4 years I did not pay any taxes as I was on a scholarship from my home country. Then, I started to receive money from the US and pay taxes. I was always considered as a resident alien for tax purposes.
Note: I also visited the US from December 2007 to March 2008 on J1 visa and I was sponsored by my home country, so no t...
I have no idea till date about how income tax are calculated, and what to do to save them. I know its embarrassing. I have lost lot of money due to this. Can someone guide me on what my taxable income is, how much should I invest in tax saving instruments, what bills are needed to be produced for monthly reimbursements, etc etc. I would really appreciate it. Below are the income details. My CTC...
i obtained my service tax no on 26/04/2013. it started a courier company and i did ran it for just above one year and due to low response i went abroad for job in nov 2014 and been there till now. now someone told me that i have to surrender my service tax code along with penalty for non filing returns.
my overall turnover was even less than 70,000 for the entire time on my current account.
...
Team,
Could you please help me clarifying my query on salary income earned in Switzerland is taxable in India ?
Below are the points referring to above.
1. Stayed in Switzerland on deputation model for 80 days in previous fiscal year.
2. My employer is registered in India & Switzerland both and it's origin is US.
3. I have payed 11.50% tax to Switzerland government on my salary income.
...
Hello Sir,
I am an NRI doing job in Saudi Arabia since 2014. Before moving to Saudi, I was having Mutual Fund investments through one of the online platforms in India through my Indian Salary Account.
After I started getting my salary in my overseas job I just continued to invest in Mutual Funds same way through my old Resident Ordinary account as before. I did this because it was not poss...
Dear Team,
I wish to start an online portal (in India) wherein service providers and service seekers (collectively "portal users") shall post their needs and the portal shall match the requirements, showing contact details of the interested parties. So basically, I am only providing a platform to connect the actual service provider with service seeker and vice versa; by charging them a nomin...
I am a Salary Tax payer. I invested in HDFC' s Insurance Policy @25000/- p.a., for 5 years commencing from March 2012 to march 2016. my total contribution is Rs.125000/- and the total maturity amount received is Rs.132517.68 which includes my contribution of Rs.125000/-. now they have deducted TDS @1% on total maturity amount to the extent of Rs.1325/- and paid the balance amount. Now the form ...
Hello sir Actually I have Opened online Pension account with Atal pension yojana through SBI Netbanking six month ago when i was in business and now i am state govt employee and today i got message and Email like this could you please help me undertsand whats it for and what should i do now ?
Subject: Self-certification of Permanent Retirement Account Number (PRAN) under National Pension Sy...
Couple of questions around counting Capital Gain Tax:
2009-10 : Purchased Apartment and Agreement of sale was done. Flat Number was given by builder. Consideration of sale on the agreement is : Rs. X. 2012-13: Construction finished and paid the registration fees. Stamp Duty was paid but it had different consideration of sale: Rs. Y (which is almost half of Rs. X). Also, spend money in furnitur...
Dear Sir,
I had a plot which I gave it to a builder in JV ..Now the builder would construct 8 flats on it in total 4 floors, whereby he would keep 5 flats and I would get 3 flats .
I would get 1 flat on 1st floor and 2 flats and 2nd floor .
Now I want to retain both flats of fourth floor and use it as one residential property as I have a large family and want to dispose or sell off my 1st ...
Dear Sir,
Good Evening. Thanks in advance.
I have 2 queries.
1) I have filed my income tax returns up to financial year 2012-13. I have received scrutiny for the F.Year 2011-12, and subsequently it was replied and got order too. Now the audit committee asked some queries for the same year. After issued assessment order is it possible to raise a query for the closed file.
2) From the...
Respected Sir / Madame,
sub : is it capital gain or income ?
Essential Background :
my name is prashant shirodkar
( birth date - 26 august 1955 )
sometime around 1952, my father
become TENANT in a small bunglow,
at the western suburb, mumbai.
that was a 1 room kitchen space.
i am sheath & sheen at this place.
my father expired in 1996 and
our landlord put my name on the ren...