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D
Darshak Dharod
Respected Sir/Madam, I have query regarding HRA component under tax. I am paying rent of 12000 per month to my landlord and this amount is more than 1 lakh per year due to which I have to provide PAN no. of my landlord while claiming HRA under tax. My concern is My landlord do not file ITR, So will it cause any problem to me ? Note : I am paying rent in cash as my landlord want rent in cash and I do get rent receipt for same from my landlord.
Awaiting for your response, Thanks in advance.
Dear Darshak, it's none of your business to check the ITR filing status of landlord. Your Duty is to provide the PAN of Landlord that you are doing . It will not cause any problem to you.
For Further Assistance you can reach me at ca.rahuldwivedi@gmail.com or 9004485377
Hello,
No it won't cause any problem to you. You can declare the HRA exemption.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
No issues if landlord does not file its ITR.
T&C applyP
Param
I am paying a HRA of more than 50,000 and paying rent to land word on quarterly basis. As per the IT department rules, I have to deduct TDS on the rent paid. I have below queries:
1. How much TDS I should deduct ?
2. When should I pay the TDS to the IT department? Is it only once in year in the month of March or every quarter as I pay rent every quarter?
Pay Tds and file TDs return on Quaterly basis. Deduct tds @10% on the rent amount (Excluding GST, if any).
For more details please call me on 99295-11888 or email me on jrcojaipur1@gmail.com
You are paying rent to landlord exceeding Rs. 50,000,/- in that case you have to deduct TDS U/s 194-IB @ 5%. & it needs to be deposited once in a year.
If you are liable for tax audit in that case TDS rate would be 10% and TDS needs to be deposited on monthly basis.
For further assistance you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
TDS is 5 percent of the total rent. Tds should be deposited by march or the last month of tenancy which ever comes first.
T&C applyV
Vijaya Ramakrishna
I am getting 15000 salary per month by the source of daily wages and agriculture. should i submit income tax returns. because for getting government benefits they are asking that i am not paying income tax. how do i get this. please clarify
As your income is less than taxable limit so you are not required by law to file income tax return. However voluntary you can file ITR.
For further assistance you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
Since your gross income does not exceed Rupees 2.5Lacs you need not compulsorily file income tax returns.
CA Hunny Badlani 6 Sep 2021Hello,
Since your gross total income is below Rs. 2.5 Lakhs basic exemption limit, you are not required to file your ITR compulsorily, however you can file ITR voluntarily if you need to submit it anywhere.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
T
Thanga
I was doing small business through online. I supply goods locally and to interstate wise. My turnover will be about 10 lacs per annum. Do I need to register for GST. Is it compulsory?!
Hello,
Yes, a person making interstate supplies of goods is compulsorily required to get himself registered under GST.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
In case of Inter State Supply GST Registration is compulsory, irrespective of turnover.
For further assistance you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
Yes you will require GST Registration for doing business.
T&C applyN
Nabil
My 1.5 lacs tax limit under 80C is already reaching under from salary. If I invest in ELSS fund how can i get tax benifit
elss fund is also covered under the limit of Rs. 1.5lacs
ELSS is cover U/s 80C so no further deduction will be available. For additional deduction you can invest in NPS (50k) and mediclaim premium U/s 80D.
For further assistance you can reach me at ca.rahuldwivedi@gmail.com or 9004485377
S
Sha
Hi,
I am a Tarot Card reader, astrologer
I want to file an income tax return....I am not sure under which tab I need to file it as I don't have any balance sheet or any documents because I haven't registered it.
Please advise if I should file it under Business section or Professions section in ITR 4
Thank You
File ITR declaring income under the head Business & profession
CA Rohit Jain 1 Sep 2021for more details contact 9929511888
Hello,
You can declare this income under the head business head using Sec. 44AD.
Your profession is not in the list of professionals eligible for Sec. 44ADA Professional Presumptive Taxation.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
Astrologer can file ITR-3 or declare income U/s 44AD at & file ITR-4. However please note Astrologer can't opt 44ADA as not covered under specified profession U/s 44ADA.
For further assistance you can reach me at ca.rahuldwivedi@gmail.com or 9004485377
M
Manik
Hi! I've not posted my IT since more than 5 years now since my income was mostly from interests in FD's which was much below 1.5 lakhs/year. Last financial year however I did some F&O trading with no profits but as I understand F&O is considered as business, I would like to file IT return. Question: Do I need to file the IT return for all the past years or should I only post the return for last Financial year?
Hello,
You would be required to file return for last F.Y. i.e. 2020-21 only.
Regarding F&O trading, you can declare loss under the business head and set off from your other source income.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
In any case you needs to file ITR for previous financial year i.e. FY 2020-21.
As regarding F&O , it is considered as business income & needs to file ITR. You can also refer my published article in Tax Guru "F&O Turnover, Taxation, Audit & More"
For any assistance or consultation you can reach me at ca.rahuldwivedi@gmail.com or 9004485377
A
Ankush
Can I withdraw cash of 20Lakhs from my account in multiple transactions of 4-5Lakh each?
Yes you can withdraw, However certain things needs to be kept in mind to execute high value transactions to avoid notice from department.
For further discussion you can reach me at ca.rahuldwivedi@gmail.com
W
Worldbox18
Can any IT employer find out its employee's past TDS records?
Yes you can, form income tax portal any one can have TDS details
For assistance reach at ca.rahuldwivedi@gmail.com
R
Rahul
I have purchased a property whose new registered owner is my mother only. Me and my parents are coborowers of home loan but I pay the full EMI. Am I eligible for claiming tax benefits?
Fro your query it seems that you are co-borrower & co-owner , so in that case you can claim .
For Further assistance reach us at ca.rahuldwivedi@gmail.com or 9004485377.