Tax questions

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/...

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. ...