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Mahesh Narain Singh
Got a Notice Today having Sub:- Requisition of information u/s 131 (1A) of Income Tax Act The Assistant Director of Income Tax(Inv.) has asked for brief summary about myself and my family along with their PAN, Age, Relationship with me, whether dependent or independent and details of their income tax return filed so far. He has also asked to furnish details of all my bank accounts and my family members' bank account. Details of all moveable and immoveable properties in my name or my family member's name. If failed to produce, penalty proceeding u/s 272A may be initiated. I wanted to ask: What might be reason behind this notice? & Is there anything serious or anything to worry?
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Hi Mahesh,
There might be some financial transaction on your PAN that the IT department must have got thru some AIR information.
Check your bank accounts/consult your tax advisor who files your return and file a reply to this notice.
(Pls dont make a mistake of ignoring this notice)
You can consult us on our email also at ankurjca@gmail.com
Nothing to worry. You may consult us on: 07922160685/harshrathiandco@gmail.com
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Manish Krishnan
I just quit my job after working for 4.5 years. I plan to move abroad and settle there for a few years at least. Can I withdraw my epf funds now, and if so, what are the tax implications? Would there be lesser tax implications at a later point - if so, when?
Withdrawal amount is taxable as your service period is less than 5 years. Impact will not change even if amount is withdrawn after few days.
CA Harsh Rathi 27 Dec 2018You may consult us on: 07922160685/harshrathiandco@gmail.com
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Adi
How to waive off hand loan?
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Kantharaju
If I buy half a site in 2006 (in partnership) and then takeover the same site completely in 2011 by paying the rest half and then construct house on it in 2012 and sell the house in 2019, which year should I consider as year of purchase for computing the long term capital gain tax.
Cost of purchase would be actual date of acquisition for first purchase and takeover respectively. Construction expenses should be claimed as cost of improvement. Indexation benefit would be applicable as the income taxable as long term capital gain.
Kantharaju 22 Dec 2018Thanks for your response Mr.Shivananda sir. If I understand it right the date of purchase I should then be taking for computation of tax would be 2006 and cost is initial purchase + takeover cost. The cost of construction should be considered as cost of improvement.
CA Shivananda Kumar Akirala 22 Dec 2018Date for purchase for the first half would be 2006 and second half taken it is 2011 and cost of improvement would be 2012.
Kantharaju 22 Dec 2018Thanks you sir.
CA Harsh Rathi 27 Dec 2018You may consult us on: 07922160685/harshrathiandco@gmail.com
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Sakshi
I am changing my job and joining a company as a consultant. I will be earning 30 lakhs per annum in Maharashtra. Which route should i opt for, being a permanent employee and paying normal tax - or shall i come under PRESUMTIVE TAXATION. Will i be able to save more tax by coming under Presumptive ? Would appreciate if you can show me the taxation difference until 80 C under both normal as well as presumptive. Will the company need to deduct any GST/Service Tax before transferring the salary to me.
For professionals there is a provision in income tax 44ADA for presumptive income. Feel free to contact me mayank8118@gmail.com for details.
CA Yash Jain 20 Dec 2018A.In case you stay as employee
1.PF WOULD BE DEPOSITED FROM EMPLOYER & EMPLOYEE
2.TDS WOULD BE BASED ON SLAB RATES
3.NO EXTRA PAPER WORK AS FORM 16 WOULD BE ONLY DOCUMENT TO BE MAINTAINED (We can help you in proper salary structure)
4.IN CASE OF SHIFT OF COMPANY, IT WOULD BE EASY FOR YOU TO SHIFT WITH INCREASED PAYCHECK
B.IF YOU BECOME CONSULTANT
1.SINCE YOUR TURNOVER EXCEEDS BASIC LIMIT YOU WOULD HAVE TO GET REGISTERED UNDER GST AND CHARGE GST TO YOUR COMPANY AT 18% (rate can be helped out) & File Monthly Returns and increased paper compliances.
2.Company would not deduct any PF/ESI (which would be set back in case of future money planning)
3.However you would be free to take up other work as well since you would be registered under GST (Extra Income with more paper work).
4.In case of shifting more chances of other company not relying on your FORM 16A.
In case of further queries do book a consultancy and let us know .. we would help you out in identifying correct structure for your need in order to save tax and gain max
