Tax questions

CPC (TDS) Follow up: 26QB Statement not yet filed for Purchase of

Dear Sirs' This property was on Power of Attorney in the name of My Wife. Sale agreement entered during the year of 2001 and full amount. Whereas registration and stamp duty paid on March-2015.And Registar has consider 90L valuation for stamp duty But actually there is no cash transaction in entire deal But email received from CPC to pay the TDS. When inquired with CPC Received below mail.Pl...

Is Allowance received in your dollar account taxable in India

Hi, I stayed abroad for more than 260 days in last financial year. Being my company is an Indian IT company, and I travelled on business VISA not on work permit, so I received my Indian Salary in India and company paid my allowance in USD dollar (Axis Bank dollar account) to managed my overseas expenses. Points to remember: 1. I was on Business VISA not on Work permit in last financial...

Software import : tax | 15 ca cb

Hi, We (Magus) become partner of a UK Firm (HarePoint). This company develops software and sell it across the world through local partners. Q1: Taxes : http://taxguru.in/goods-and-service-tax/taxability-software-present-indirect-tax-laws-proposed-gst-examples-india.html Scroll down to section : Examples explaining comparison between current tax regime and proposed GST: Our scenario is...

Setting up a company and tax applicability under some circumstanc

I am working as service class and taxpayer. I have my website. Case 1: its my website and I sell products online Case 2 : vendors come on my website and they sell their products. 2(a) : I take commission from vendors 2(b) : I do NOT take commission from vendors Case 3 : I have links on my website and people visit my site and are redirected to the vendor site. There is a possibility that ...

Capital gains

Dear Sir, March 2010: I purchased an under construction property & registration was done in march 2010. At the time of registration appx 35% of flat cost had already been paid to builder. Till September 2012: appx 90% flat cost had been paid to builder. Due to delays etc Flat was handed over to me only in Dec 2015 ( ie .more than 3 years after 90% payment was made). Balance to be paid...

I have been audited and need advice about what I should do

From United States Liberty, MO Ok so, last year I was in some debt because of back rent and my fiancé and I had a loan and we also owed a lot to our electric. My finances mother, her boyfriend. He has two girls, and we all agreed, that it would be a good idea for me to claim them since they did stay with my finances and I, on and off, when we were taking care of them. So I claimed the ch...

Want to sell my property for Rs. 5.5 Crores

Hi, I am an owner of a property of 486 sq.ft carpet in Bandra West, Carter Road, Mumbai. I have procured this property from my parents who have expired in 1990 and 2008 respectively. This property was transferred in my name in 2010 and my name put in the share certificate as a nomination was put by my mother the last surviving person in 1992. They had purchased this property from builders dire...

international lotteries

Sir, I play online lottery through a website called playhugelottos.com. I mailed them and asked whether playing international from india is legal or not. And i also asked about the remittance of the funds if i ever win the huge amount. As i m aware of the FEMA regulations.Below are their reply Thank you for your email.It is important for our customers to note that PlayH ugeLottos.com, and its a...

Clarification on Section 80DD

Sir, My mother is bed-ridden following cerebral stroke. The authorities of the district hospital have certified her disability extent as 80%. She has a monthly family pension of Rs.6075/- which falls miserably short of the expenses for her maintenance and treatment including frequent doctor visits, medicine, physiotherapy, nursing by engaging attendants round-the-clock. Although my brother co...

Service tax on car lease

I am director for a Private Limited Company and I also work for a corporate company. My corporate company has taken car owned by private limited company (Where I myself is director) for me and pays to private limited company on monthly invoices raised. The invoices raised to the corporate company (where I am working) for monthly lease were without service tax, as per service tax chart i...

Subject : Non filing of income tax return – reg

Madam/Sir, Subject : Non filing of income tax return – reg 1. The income tax department has received information on financial transactions activities relating to you. A list of some of the information for financial year 2012-2013 is provided below. As per records you do not appear to have filed income tax return for assessment year(s) 2013-14. 2. You are requested to furnish your response i...

Whether long term or short term capital gain tax or no tax

Hi Sir, I have one query regarding capital gain tax. A 60 mtr. Plot in Rohini, Delhi Plot was allotted thru draw of priority nos on June 2012 and Allotment-cum-Demand letter was sent on [deleted] for payment of premium of Rs. 15 Lac which is paid by me in three instalments (June, March & May 2015). The physically possession of plot was given to me jointly with my house wife on [deleted] after 3...

Is this true in case of pvt. placement of shares

Hello, Earlier, under old Companies Act regime, many companies accepted share application money under private placement and utilized the same for the business purpose even without allotment of shares. Only Schedule VI of the Old Companies Act provided the manner to treat the same in the Balance Sheet of the Company. I read in some blog that Now, Section 42 of the Companies Act, 2013 puts ...

After withholding to non-resident @ 20% without PAN, no receipts?

USA company that has issued Indian company (payor) their USA Certificate of Tax Residency, did not want to apply for a PAN and be liable for tax returns etc in India (understandable). USA company is asking for the tax withholding receipts based on the amount Indian company withheld and paid, so USA company can offset the amount they lost or that was withheld from India as a Foreign Tax Credi...

Non-Filling of income tax return - letter from IT Department

Sir, I am a farmer(61 yr old) and have agricultural income, my son is abroad who generally send money to my bank account to support family expenses. Yesterday I received letter from income tax department sub "Non-Filling of income tax return" with details like income tax department has received information on financial transactions/activities relating to you and you do not appear to have...

What do I owe

Hello, Thank you in advance for helping me. I am an online freelance graphic designer and I have a few Filipino employees. I do freelance designing for candidates from the US and Europe. I have full control over the pricing of the designs. I am a sole proprietor and receive payment of let's say $2000 a month in my paypal account. Here is what happens after that: => Paypal deducts it'...

Do i have to pay tax on income which i transferred to india

Hi Team, Thanks for your support always. I don't have much knowledge about taxation rules. This if my first onsite assignment. I have been deputed to client location Denmark (Copenhagen) on 25th October 2015. I have been getting indian salary without deducting tax and onsite salary+allowances both into danish bank account in DKK. The onsite salary which i get is after deducting all the...

Income Tax Advise wrt Property / Capital Gains Tax / Loss from Pr

I have my residence in Noida taken 10 years back and I am planning to close the housing loan of the same immediately. The property is in joint name of myself and my wife and we have been claiming the deduction of 1.5 lacs each for interest paid on this property. My wife has taken another residential property nearby and possession of the same has been taken 3 years back. Since she had taken loa...

How to maximise income tax deduction on home loan interest?

My name is Sandeep Mallya. I live in Bangalore. I have purchased an under-construction apartment in Bangalore. I have taken a home loan, which was sanctioned in oct 2012. First disbursement happened in Jan 2013. There has been delay from the side of the builder in handing over the possession of the apartment. I will be getting possession in July 2016 or later. In 2015, I purchased a plot in ...

Notice from Income tax department for non-filling income tax

Dear Sir, I have received notice from Income tax department for non-filling income tax return for AY 2013-2014. My employer had deducted TDS on salary & there is no taxes due. Information summary mentioned: 1. TDS-192A TDS Return - Salary to Employees (Section 192A) 2. TDS-192B TDS Return - Salary to Employees (Section 192B) I had Gross total income of Rs: 4,76,265 for financial year 2...