Tax questions

Urgent issue regarding csbv mode shipments

I am an E-commerce exporter having account with ICICI Bank and bank has given me a facility wherein I can login to my ICICI bank account and use Trade online software which shows all Pending Imports and exports submission. Trade online has started showing me List of CSBV shipments starting from 1st April 2023 ( see attached) Now, the Problem is that how do I Match the funds with Digital Firc's ...

Nro to Nre transfer form 15CA and 15CB

Hi. I came from lndia to lreland in March 2021. My husband, a German pensioner resided since several years in lreland. He passed away in March 2023. During the course of marriage he transferred money to lndia as family maintenance and after his death l transferred 50% of his pension savings to my lcici bank resident account. Recently l opened my NRO and NRE account with lcici bank in lndia. Bit...

Long Term Capital Gain on ready to move flat

I booked an under-construction flat at the cost of approx 1 Crore in Nov 2021. I have allotment letter dated Nov 2021. As of today, the offer of possession has been made by the builder and now I have paid ALL the amount to builder i.e. 1Cr. Flat registration is not yet done and physical possession not taken YET. Now, if I intend to sell the flat. Let's say I sell the flat for 1.50 Cr. My query...

How to declare foreign stocks under the Schedule FA?

Hello, I receive foreign shares in the form of ESPP (half yearly once) and RSU(quarterly once) from my company. 1. The perquisite value shown in form 16 will be declared in the salary component. 2. The dividend received (after tax with-holding in USA) is shown under Other source of income. 3. Form 67 is submitted. 4. Schedule FSI is submitted as I have sold few shares (purchased from 20...

Adjustment of Sign on Bonus returned to Employer in same Financial Year in IT Returns

Hi, I was given a joining bonus of approx 2 lacs when I joined a new company 2 months back. Now I am quitting this job for another one and have been asked to return the amount in full back to the employer, only then they will process my full and final settlement. I have requested them to adjust it in my salary slips so that it is not shown as separate income on my Form-16. Ideally I want my...

Tax Implications in case of Joint Development Agreement (JDA)

Querist XYZ Developers, a registered partnership firm, doing real Estate Development having address in Thane (W) – 400601. Facts - 1. The Querist is the owner of a big land parcel in Thane. The land is the business asset of the entity held as stock in trade. 2. The Querist would like to enter into a joint development agreement with a Developer to develop the said land. 3. The con...

Being a govt employee and taking loan forstarting a Business in wife's name

I am a government Employee. I wish to start a Business in my wife's name. For this I am taking a personal loan of Rs 18 lacs from bank on the pretext of hone renovation and other personal expenses which I wish to pass on to my wife's bank account as a gift amount to my wife. That amount will then be transferred to the firm's account in the name of which my wife will do the Business after GS...

Capital in case of JDA in the hands of lànd owner

Hi Swarup here ! Kindly guide regarding our case of JDA capital gain. Purchase -INR 2,00,000 ,in march 1997 . 2001 FMV - 3,20,000. Registered JDA date : March 2015 , but due to some issues area share was revised and reduced . From 4500 sq feet to 3700 sq feet. JDA revised ( amendment) date - Oct 2018. Completion date: 31.03.2022. Actual Possession received by builder - 25.08.2022. To...

Presumptive Taxation 44 AD doubts

Hi, I have an entertainment website that generates revenue from display ads. Few points: 1. The business is not registered yet. 2. Income comes in dollars from a US-based company. 3. Revenue is less than 1 crore. 3. Need help regarding 44 AD and If GST registration is needed. My doubt: 1. Can I file 44AD without registering the business which means directly from the PAN account wher...

HRA claim on sublet

I have the following query regarding sublet of property.  A is the owner of the house and has rented the house to B for Rs 10,000 per month. B has further sublet the house to C at Rs 25,000 per month. C is a salaried employee eligible to claim HRA while B is a self-employed professional who is not eligible to claim HRA. 1. While C is claiming HRA, whose PAN card needs to be furnished for ...

Defective Return - Rectification of defective return after due date

I had filed my return and then received a notice for Defective Return. I missed that notice as it went to my spam folder and missed the date of reply. I don't even know what is the actual defect as it was not stated in their message. Anyways, I logged a Grievance on the portal requesting the department to allow me to fix the defect and refile it. I got the following reply from them. "Dear Ta...

E-campaign - Compliance message

Hi, I've received the below message Attention xxxxx (PAN XXXXXxxxxxX) Income Tax Department has identified certain high value information which does not appear to be in line with the Income Tax Return filed for Assessment Year 2022-23 (relating to FY 2021-22). You can view the information on compliance portal. Please revise ITR / submit online response under e-Campaign tab on Compliance P...

Property rental income vs tds

Property Rental Income Vs TDS Hi, I am an Indian Non-Resident. I have only rental income and interest from my NRO Account. (I) Gross Rental Income varying between Rs.252,000 & Rs. 336,000 per annum, half of which belongs to the husband (NRI) due to his participation in the investment. Income is credited to my/his respective NRO a/c; & (ii) Interest income from NRO account is between R...

Mother selling land and buying another land, family members contribution.

Mother sold land bought in 1999 at a gain of 15,08,000 in 2022. The amount is placed in a capital gains account for exemption from capital gains. Assumption: it can used only for construction in the next 3 years or buying house in next two years under 54F. Intends to use it fully for construction from April 2023 till Dec 2023. Now, mother is buying land for Rs. 13,50,000 consideration pric...

Schedule FA filling

Sub : Filling Schedule FA for AY 2022/ 23 facts in brief are as under 1 . my daughter got married and she went outside india to UK on 27/09/2021 . 2. her stay in India during previous year 2021/ 22 was less than 182 days BUT her stay in india during preceding 4 years was more than 365 days aggregating to 1460 days . 3. she has a foreign bank account in UK. 4. when she went outside In...

Applicability of Tax - Engineering consultancy services

I was an employee till July-22 and from Aug-22 have started Electrical Engineering Consultancy services firm with a sole proprietor. I am expecting my (as an individual) income to cross 20 Lakhs (April to July 4 Months salary and consultancy fees) for FY 22-23. As I understand GST is not mandatory if your turn-over is less than 20 Lakhs. Since, I do not anticipate turnover of my consultancy ser...

Gst for hostel services

As per recent notification from GST, the hotels are required to charge 12% if the room rent is less than 1000 per day. https://www.cnbctv18.com/economy/gst-council-meet-hotel-rooms-below-rs-1000-per-day-to-attract-12-percent-tax-13971862.htm For Hostels & PGs for Students, and Working Professionals, we would like to clarify the following scenarios. Our business - We take properties on ...

Crypto taxes for nri (usa visa holder)

Hi there, I am Raja, a NRI (USA Work visa holder) and I would like to know my income tax obligation in the below scenario I am a cryptocurrency a.k.a virtual digital asset (Bitcoin, Ethereum and etc.,) trader in USA. 1) Buy the crypto currency (Bitcoin, Ethereum) in USA. 2) Send the digital currency to my Bitcoin wallet in India. 3) I sell the digital currency (Bitcoin) from my Bitcoin...

Friend deposited Rs. 1 lakh cash against my credit card dues on my behalf

Dear expert Professionals, Recently I was travelling to Delhi with cash of more than 1 Lakh for a family trip. That was my savings over the period of time from house/family expenditure. While returning back to Kolkata from Delhi I handed over the money to my friend in Delhi and ask him to deposit the money in local HDFC bank against my credit card where there was an outstanding of Rs. 127000...

Friend deposited Rs. 1 lakh cash against my credit card dues on my behalf

Dear expert Professionals, Recently I was travelling to Delhi with cash of more than 1 Lakh for a family trip. That was my savings over the period of time from house/family expenditure. While returning back to Kolkata from Delhi I handed over the money to my friend in Delhi and ask him to deposit the money in local HDFC bank against my credit card where there was an outstanding of Rs. 127000...