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N
Naeem
I am about to start a company with one partner, we are having trouble choosing a form of a company should it be LLP or we can work it out with a partnership deed.
We have a word with one CA, he is saying that you should go with a partnership deed which has less compliances and dont have company income tax in other case "LLP", you have to pay 30% of total company profit to goverment plus normal income tax.
Kindly connect at +91-9911744028. Will clear your doubts.
CA Naman Maloo 9 May 2021That depends on your business or service which you wish to give via this company and you may consult for Same on canamanmaloo@gmail.com or book consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
CA Mehul Aggarwal 11 May 2021You may contact us at 9811 896 771 for guidance. Thank you!
CA Stuti Shah 11 May 2021LLP and partnership and partnership firm both have same tax rates no difference on that. Jus the difference is type of entity. You can surely opt for simple partnership if you don't want to fall yourself under more compliances. You can surely contact us in case of further query.
Best wishes for New startup
M
Mayank Chandna
Hi. I want to open a sole proprietorship to sell books on Amazon (which are GST free). To sell under a firm name, I need to register as a proprietorship. However, no bank is ready to open a current account under the firm name without a GST. They say you can bring an MSME certificate as that will do. But in the MSME registration form, they ask for the bank details of the firm.
It is circular. A non-GST proprietorship can't open a current account without an MSME certificate. And without a current account under the name of the firm you can't get an MSME certificate. What is to be done first? I don't understand.
there is no requirement of obtaining GSTIN for opening a current account, so you may proceed with opening of your bank account first.
CA Stuti Shah 11 May 2021Try other bank there is no such compulsion on gst number
CA Puja Sharma 17 May 2021Technically speaking, MSME is only applicable for service providers and manufacturers. Traders have been keep out of its ambit. For more information and consultancy purpose, please connect with us at ca.pujasharma@outlook.com or +91 94615 28592
T&C applyA
Arijit Sikdar
If I trasfer10 lac from my bank a/c to my son, will it be taxable in my son's hand
If you are giving in form of gift it is not taxable since it falls under gift to relative.
CA Rahul Dwivedi 18 May 2021Ttaxability of transaction is depends on nature of transaction. You are transferring Rs. 10 Lacs to your son it may be loan, may be gift or for any other purpose.
You can transfer money to son as gift or loan it is not taxable at all. However don't depositing such huge CASH in cay account. Bank A/c transfer not a problem at all.
P
Piyush Agrawal
Can I take online transfer of 6 lakh from my father in law for car purchase as a gift
Hey Piyush,
Yes you can do that and can show it as Gift in consideration of amount transferred and not car purchased.
Kindly contact us @ 9825330911 in case of any further query
Yes, you can but you should make gift deed for that. For more assistance call at 7667559772
CA Namita Agarwal 5 Nov 2020Yes, you can. For further assistance , please contact us
Mobile: +91 93545 62098
Email: namita@fincheff.com
Visit us at www.fincheff.com
P
Pooja Shaha
I am looking to take 2 crore loan what salary package do i need to show to the bank and i have existing personal loan going on of 70 lakhs
While opting for loan purpose, Its not only about your salary package but it has many other criterias too. Like your return, property you own, credibility etc etc
Kindly contact us at castutishah@gmail.com or 9825330911 for any professional advise
P
Prasann Kumar
For a salaried Employees who are falling in 30% Bracket, having FD's earning interest >40K per annum, while filing IT do i need to pay 30% tax earned interest on FD'S or only 10%
Hi Prasann, it will be 30%
CA Stuti Shah 21 Oct 2020Hey prasann,
Tax slab would be applicable in general way like your income i.e 30% and not 10%.
Kindly contact us at castutishah@gmail.com or 9825330911 for any professional advise
yes tax needs to be paid at slab rate. 10% is the TDS rate.
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Priyank Jain
Hi, I had several FDs on my father's name. He passed away recently, I transferred all his FDs to my mother's name and then later I withdrew the amount after FDs maturity. The bank got a letter from Income tax dept (on my name) to pay taxes on the money we had in FDs. What should i do next? Agriculture income should be tax free in India.
Hey Priyank,
Interest on fd is taxable. Fd transfered can be considered as gift but income earned in such gift is taxable.
Kindly contact us at castutishah@gmail.com or 9825330911 for any professional advise.
N
Narendra Rajput
I have 1query about my Son school donation 20,000.
His school comes under Sec 12A and I have their PAN details.
Their registration is MAHARASTRA CARMELITE CHARITABLE SOCIETY NO.843/02
So, this donation can also I can claim for tax saving and under which Section?
Yes, you can claim Rs. 20000 u/s 80G. For more details call at 7667559772, ca.jkagarwal2011@gmail.com
CA Stuti Shah 23 Sep 2020Yes you can get the deduction of same under 80G
CA Navin Jain 25 Sep 2020Kindly call for profession advice at +91 9830375894 or write to us canavinjain1@gmail.com. You can also visit us at www.globaltaxation.in
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Abhishek
Kindly answer my question
I invested 2 lakh rupees in stock market and made the transaction of 1 corer in it and bear the Loss of 50 thousand in it .
My accountant is suggesting me ither to declare 8 % profit of one corer transcation
Or
To do audit kindly suggest me what to do in it
How to show in ITR
Hi Abhishek, better to get audit done rather than declaring 8 Lakh profit when you have incurred a loss. You can connect on 7045760379
CA Vikram Kumar 23 Sep 2020Hi Abhishek. This is a common query from many traders and investors. However, I will need further information on what you mean by 'made the transaction of 1 crore'. Because the law is very specific in this regard. Feel free to contact me at the below coordinates so we can discuss this in detail.
CA Vikram Kumar
9905828960
vikram@finvalence.com
Hey Abhishek,
Audit is better option but we also need to look to your other income and investment. Would be happy to help on same. Contact us at castutishah@gmail.com
Dear Sir,
You should go to actual position, it means if you have losses, then why you go to profit and pay tax. Instead, audit your accounts since profit is below 8%
For more details call at 7667559772
Kindly call for profession advice at +91 9830375894 or write to us canavinjain1@gmail.com. You can also visit us at www.globaltaxation.in
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Paritosh Ajmera
Need advice for converting partnership to Pvt ltd
Kindly connect with us at 9880106346 for details
CA Madhur Gupta 11 Aug 2020Yes. you can contact at madhurgupta286@gmail.com. We are CA/CS firm in ludhiana
CA Madhur Gupta 11 Aug 2020Yes. you can contact at madhurgupta286@gmail.com. We are CA/CS firm in ludhiana
CA Rakshit Jain 14 Aug 2020For any help or advice contact on 9587334442 or rakshit1192@gmail.com
CA Stuti Shah 16 Aug 2020Would be happy to help you. Kindly contact 9825330911 for the same
CA Stuti Shah 22 Sep 2020Can contact me @ castutishah@gmail.com
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