Tax questions

I work as an independent contract for a company in India that provides services, and I expect to mak

1) Can I choose presumptive taxation? The reason I'm asking is because I work from home and my business expenses are minimal, mainly consisting of essentials like internet, electricity, mobile connection, and office supplies. Here's a breakdown of my expenses: - I spend a maximum of 10 to 15K per month (approximately 1.8 Lac per annum) on office-related expenses. - I spend around 50K for main...

TDS on purchase of under construction Flat

I am Raghavendra from Bengaluru. I have purchased an under-construction Flat from a Developer in Bengaluru. RERA possession date is December 2027. I completed payment of 10% booking amount(first installment) on 22nd July 2023. Please find below details of 10% Booking amount payment for your reference: a) 2 Lakh Rs token advance paid on 29th June 2023 b) 713179 Rs - remaining part of 10% boo...

Resale of under construction builder Property, is LTCG OR STCG?

Mr. A purchased residential property from builder in Noida, through regular BBA and allotment letter in July 2016. Mr A sold the under construction property to Mr. B through builder transfer process i.e. the property got endorsed to Mr. B in Aug.2022 (meaning BBA and allotment letter got endorsed, but no change in allotment) Mr. B sold the property to Mr. C in Jan.2024, through same endorseme...

Professional ta for whole Time director and other directors

I was whole time director for last 6/7 years (our compoany is in West bengal . Rs200 month were deduced as professional tax from my salary for so long years Now a mail has come from WB tax department asking me to regiter there and pay RS 2500/ year wef from 2020 onwards. Please advise what to do regards J Bhaumik querry was as under Sir/Madam, It appears you are a director (holdin...

GST for mobile game development company

Hi, As a new mobile game development company, we are interested to know how the revenue from the following 3 platforms is treated for the purpose of GST: 1) Apple App Store 2) Google Play Store 3) Google Ad Sense If anyone has any experience with this, I'd like to know the following: 1) Do these companies give the option to make payments in USD to Indian companies or INR only? 2)...

GST for Print on Demand Business in India and Abroad

Hello All, I have recently started print on demand business for t-shirts in India and planning same for USA, and Canada. Process Followed For India 1: I am planning to sell through Website to Indian audience within India except few states in North. I shall add designs printed on t shirt and sell it through website 2: When someone orders, t shirt online, it would be passed to vendor who ...

Independent Consultant and Taxes

I am an independent consultant in IT working from home in Maharashtra with an income over 50 lakhs. Firstly, do I need any trade licenses like shop license (shop and establishment acr), PTEC, PTCR? Secondly, I did not raise invoice with GST for my clients till I was about to cross the threshold of 20 lakhs. Now if raise an invoice, I will be crossing the threshold of 20 lakhs (total woul...

How to determine sale value in case of Export of goods on consignment (FBA shipment) to Amazon USa

I am a seller based in India sending goods to amazon USA for sale. Since the goods are going on consignment basis to their FBA warehouse in USA, and I realise the payment from Amazon when actually sale happens to individual customers through Amazon USA portal, I am unable to determine the value at which I should create invoice, at the time of shipping. The sale price fluctuates due to discounts...

Clarification on HRA Eligibility with when having 2 houses in same work city (owned and rented)

I am seeking your expert advice on a specific situation related to House Rent Allowance (HRA) and would appreciate your guidance. My employer is giving me HRA allowance. Here's my situation: I own a house in the same city where I am employed in Gurgaon, and my family resides there full-time. Simultaneously, I have taken a house for rent near by and using it for my office work and staying s...

Adjustment of LTCG on cancellation of property registration

Dear Esteemed experts, I had purchased an under-construction property (property A) from a builder in March 2022, for which construction stage-wise payments are still going. In FY 22-23, I had sold another property (property B) and used that money to pay for Property A. I had claimed exemption of LTCG arising on sale of property B for FY22-23 as I had invested that amount in purchase of pr...

Joint Development Agreement

Facts of the case: A. I the Landowner purchased a property being Land & Building vide Registered Deed of Conveyance in the year 1987. B. In the year April 2021 I entered into a JDA with a Developer for construction of a Commercial Building on the above mentioned Property. C. It is agreed that the Developer shall construct and handover to me 50% of the Constructed Premises to be constr...

Tax Problem due to salary arrear

I work as a teacher in delhi government. I joined School A- In the year 2022 I didn’t received my 3 month salary - Aug, Sep and Oct. But when calculating total gross income for tax purpose, school included the amount of these unpaid salaries. Even in the form 16 it was included. Now coming to year 2023. I transfered to school B.I received the salary as arrear (Aug Sep Oct 2022)in the month o...

I wanted to sell my flat and wanted to understand how to avail tax exemption on capital tax gain

Dear Sir, I own 2 flats in Bengaluru, 1 flat bought under gram panchayat limit with e Khata ( during Jan 2015) at sale deed price 9,75,500 which is owned jointly along with my wife as secondary owner. The other flat which I bought during 29/09/2021 with sale deed value 53,02,000 value which is single owner on my name. Currently both property on Housing loan SBI and LIC respectively. I am plan...

Calculation of Capital gains on property purchased in 1988 and sold in 2024

Dear Sir/Madam, I had purchased a piece of land in April 1988 for Rs. 10,000. Thereafter, I spent money on its construction, improvement, extention and addition as under : 1. For construction in1994-95 = Rs. 40,000 from my savings informed to my office 2. For construction in 1995-96= Rs.1,04,500 Withdrawal from GPF/from savings informed to office 3. For construction in 1995-96 = Rs; 2,0...

Section 54F Guidance

Hello: I am an Indian citizen and I already own one house. I am in the process of buying one more house for INR 80L. The sales agreement is expected to be signed in March 2024. It will be financed as: INR 20L Equity and INR 60L Home Loan. My EMI will be INR 50K per month. To fund the same, I will be using Long Term Capital Gains from Equity and Equity MFs. The purchase cost in 2019 was ...

Affiliate system

We are in the process of establishing an affiliate system where we will compensate our affiliates, who could be located anywhere in the world, including India. Our plan is to make most payments in USD via PayPal, but for affiliates based in India, we are considering the option to pay in INR as well. Could you provide detailed guidance on the following aspects: Tax Compliance: What are the...

Purchase of immovable property (SFT-012)

My parents have bought a property, and the papers are registered with my mother, father, brother and i as owners including our PAN. The payment was made in full by my parents, but the property is now showing up as a purchase of immovable property in my AIS and has been flagged by the Tax department . I received the following message: Attention XYZ (XXXXXXYXYX) Income Tax Department h...

TDS on resale of under construction property

Can anyone please guide on below: (1) Mr. x bought a under construction flat from one of an allottee (original buyer) before possession and conveyance deed for Rs. 60 lakhs in FY 2022-23. (2) Money was paid to the original buyer / allottee in FY 2022-23 after holding TDS @ 1% amounting to Rs. 60,000/- (3) The flat was transferred by the original buyer/allottee in the name of Mr. x in A...

Calculation of the Cost of the New flats for the Land owners

Jda signed oct.2012. builder not completed (65% only complete and left august 2017 ) the project. builder proceeded to nclt. association challanged in sc . and finally through mediation under retired supreme court judge , the case settled by S.court order( Sept-2020) to take over the project jointly by the land owners and the association and complete the project with own funds and execute the s...

Form 26QB related payment in Installments or Lumpsum

I'm buying an under-construction flat above 50L.. So far I have paid 9% of Total flat cost to builder and 90% will be arranged through Home loan.. The builder is insisting I pay the 1% TDS on the TOTAL Flat cost which I have already paid in Form 26QB.. But there is a column in the form regarding "Amount already paid/credited currently" in which I have mentioned the 9% value paid in actual s...