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Krishan Kumar
Can wife, empowered by General / Special Power of Attorney issued by landlord husband, enter into house lease agreement with tenent? Can rent paid to attorney ( wife) be claimed for HRA tax exemption. What are the documents required ? Thanks
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1) Yes, the GPA should mention that the wife can enter into a rental agreement and collect rent on behalf of the husband.
2) HRA can be claimed by the tenant.
3) Advisable to keep below documents with respect to Tenant :
a) GPA copy b) Rental agreement
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Praveen
For a property value of 80lakhs with 2 sellers and 2 buyers (all equal share), should i put property value as 20lakhs for each TDS challan
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Surajeet Bharati
Which ITR document is considered as my Income Proof? Is it the ITR Acknowledgement that I have received after filing ITR ?
ITR Acknowledgement is the proof that you have declared income and filed your income tax return
Surajeet Bharati 5 Jul 2018That means I can use the same as the proof of my income. Right ?
CA Vikas Agrawal 5 Jul 2018Yes
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Amit Kumar Sharma
I am getting my sales proceeds from a Foreign Company for the back-office services rendered from India. However I am getting remitted after deduction of 10% withholding tax. How to record the same in my books? Can it be claimed? If yes, then How?
If the withholding tax deducted in a country with DTAA treaty, and if such tax is more than actual income tax computed, can we claim the balance as refund or carry forward to next year. If yes, then kindly refer me to the section of the act.
It depends on the country, if we have a DTAA treaty with that country the withholding tax paid will be deducted from India tax.
Amit KumarSharma 3 Jul 2018Yes DTAA treaty is in-force with the Country in question with India. Now tell me how to book the same and claim the same?
4 Jul 2018You should book in accounts as withholding tax receivable, just like normal TDS in Current Assets.
While filing your Income Tax Return you can claim the credit of withholding tax which was deducted outside India, option of which is available in income-tax returns.
Thanks @ CA Chirag Haraniya. One more clarity, if such withholding tax is more than actual tax after computation, can we claim the balance as refund or carry forwarded. If yes then kindly refer me to the section in the act for the same.
4 Jul 2018Yes, for that you need to refer the Section 90/90A of Income Tax Act, 1961 read with Rule 128 of Income Tax Rules, along with the DTAA with respective country, If the DTAA allows full credit for the particular Income then you can claim entire tax paid outside India as Credit.
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Abhinav
I have a doubt regarding ecommerce market place sales. If a product is sold for 100/- including shipping and falls in 5%gst brake tyres. And commission charged by market place is 10% now 95/-rs is product cost + 5/+ gst. In this 100 market place deducts 20/- as commission and 3.6/+ as gst on commission so total wT I get is Rs 100- 5 - 20 - 3.6/- = 71/- Rs, approx
. Now filing return I can claim ITC of 3.6/- tax on commission and ITC of gst paid to my manufacturer. But my question is is the 20/- Rs commission charged by amazon not increasing our turnover? It vil over all increases our turnover and profit on book but in reality that 20/- commission is not our profit at all
so this would affect our turnover of business and it would also effect ourincome tax filing. So how to show this 20% commission as business expenses
In your case you have to charge sale for 100 and GST paid will be allowed as input in your returns. The Commission paid will be treated as expense in P&L
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