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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.
You won't face any problem in this case.
CA Rohit Jain 10 Sep 2021No problem in your case.
T&C applyR
Rahul Kumar
In Fy 20-21 I have gain profit 3.60 Lakh from Share trading and delivery turnover was 8.0 crore and intraday turnover was 2 crore so total turnover was 10 crore ..my CA told me that we can show this as investment in capital gain tax and no need of any tax audit in my case but one of my friend told me that audit is mandatory in my case because turnover is more than 2 crore so kindly suggest what to do in my case ...
Hello,
As per the details provided, tax audit in your case would be mandatory. You must go for tax audit and declare the delivery trading under non speculative business and intraday trading as speculative business under the head business/profession. Further, you can claim several eligible expenses such as trading expenses, demat charges, SEBI Fees, transaction charges, STT, IGST, depreciation on laptop/desktop, internet charges, etc.
I hope that this answer satisfies your requirements. For any query or if you want to know our charges for tax audit in your case or documents required for the same, please feel free to contact us at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
In my opinion, you should disclose your delivery profit under the head Capital Gain and Intraday day trading under the head Business. No need for audit.
For more details call me on 9929511888
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Somashekhar
My brother in law(wife's brother) has earned 2 crore through commission and received the amount after TDS deduction form a company account into his saving account. He wishes to provide me 1 crore. what is the process should we execute and gift deed? what are the implications of income tax.
Your brother in law should transfer the said amount in your wife's account. In such a case, income tax will not be applicable. No gift deed to be executed. For more information, please feel free to contact us on 9811896771 or camehulagg@gmail.com
CA Rohit Jain 10 Sep 2021Brother can gift any amount as gift to sister. Better to execute a gift deed as an documentary evidence. For more information, please feel free to contact on 9929511888
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Omkar Jadhav
I want deduction for medical expenditure but its doesnt showing on forum 16
Hi, you need to file your ITR wherein you can claim the said deduction. For more information, please feel free to contact camehulagg@gmail.com or 9811896771
CA Rohit Jain 10 Sep 2021You can claim it in ur ITR form. For more information, please feel free to contact 9929511888
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Dr. Ajay Goila
I have sold three properties and bought one, will the LTCG from all three properites can be adjusted in one newly bought property?what is the IT rule for this?
Yes,
If all other conditions are satisfied. for more details call me on 9929511888
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Sanyam Jain
Hello,
I currently operate a sole-proprietorship firm in India, and for this FY [2021-22], I will be deemed 'NRI'.
I have read and heard conflicting information about whether an NRI can operate a sole-proprietorship firm in India. Can someone please confirm if I as an NRI can continue to operate my firm and if yes, based on which regulation is it permitted and which other regulatory requirements would I need to be mindful of?
Best, Sanyam
NRI can open the sole proprietorship business in India however that is very controlled and might likewise require earlier authorization from the administration to begin. As such, if any NRI needs to begin a sole proprietorship business, at that point he should need to take earlier authorization from the administration first or else he have to contribute on non repatriation premise i.e. sum once contributed can't be reclaimed to the nation outside India.
The interest in sole proprietorship business can be separated into three sections:
Interest in a firm or a restrictive worry in India on non repatriation premise.
Interest in firm or restrictive worry in India on repatriation premise.
Venture by out-of-state people other than NRIs/PIOs
For more details mail us on jrcojaipur@gmail.com
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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.
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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
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Ashok
I bought 160 shares of reliance petroleum ltd (RPL) in 2003. i do not remember cost of purchase. the shares converted to 10 share of reliance. i sold all 10 reliance share in 2020. how do i fix the purchase price of share to file income tax return
From 31.01.2018, rules have changed for long term capital gain on shares. So you to ascertain the price of shares as on 31.01.2018 or the price of purchase of shares (which you can generate from your broker). Accordingly the tax calculation may be done. For more info please contact 9587334442. or mail at rakshit1192@gmail.com
CA Rohit Jain 1 Sep 2021to ascertain the price of shares as on 31.01.2018 https://www.caclubindia.com/share_files/equity-stock-cost-as-on-31-1-2018-nse-77424.asp
For more info please contact 99295-11888
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Prathamesh
I have purchased an under construction property. I paid TDS on this. I also took a loan from the Bank and paid TDS for that service too. While filing income tax returns, under which section do I mention this?