Tax questions

Intraday and speculative trading

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...

GST and it's impact on property Tax

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...

tds

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...

Sir please verify this ledger postig is correct in gst

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...

Tricky - Status changed from NRI to Resident Indian

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...

Tax on Inherited Property

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 ...

Shall I file as resident or non-resident?

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...

Summary of my income tax

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...

5 Year old service tax no but never filed return !

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. ...

Tax on Income Earned in Switzerland as Deputation for 80 Days

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. ...

Nri taxation for MF investments through normal saving account

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...

Taxes applicable on Online Services

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...

Tds on insurance maturity proceedings

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 ...

I had opened e-nps with atal pension yojana

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...

Capital Gain counting and Tax Exemption

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...

Capital Gain Tax in Joint Venture Property Dealing

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 ...

F.Year 2013-14 returns not filed

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...

is it capital gain or income ?

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...

How to file itr for only epf & eps withdrawal...?

Hi, i have withdrawn my epf & eps money in fy 2016-17 (exactly july-2016 to be precise). in fy 2016-17 i do not have any other income apart from epf and eps (since i didn't joined any other company after feb-2016). my epf came with 10% tds since i withdrawn my epf before 5 years (4.8 years to be precise). after referring to many documents i got somewhat confused so i request the ass...

Regarding itr 4s

I have 2 cases: 1. A case having receipt from advocate profession is 7.10 Lacs. No any books of accounts are maintained and profit shown more than 8 % of receipt. Can I file the ITR 4s only providing the amount of receipt, Net profit after claiming expenses. Although statement of income and expenditure & Balance sheet prepared and kept for record purpose. 2. A house wife is running embroide...