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Ssaunt
My friend has around 50 lakhs in his bank account from undisclosable sources. He wants to disclose it in ITR but does not want to pay any tax on this amount. Where and under which section can he disclose this amount in ITR so that he can get away with it without paying any tax and without getting into any sort of hassle?
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Tax will be avoided by donating and same will be deductible under section 80G.
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Ashutosh Sharma
I earn 55k per month, pls suggest how can I save income tax
Need to provide more detail about income for Tax calculation . For tax planning & investment portfolio management, contact us at ca.roomi12@gmail.com or 9216216819
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Saurabh
Background:
I am currently in Australia and getting my salary in AUD. I am not an Australian PR or a citizen. I had transferred some of my income from my Australian bank account to my Indian savings bank account online for the purpose of repaying the principal home loan.
Query:
I had transferred approximately 13Lakhs from Australia to India and has paid approximately 17Lakhs towards my home loan account. How do I declare this in the Indian Tax Returns? Will I be taxed? My Australian salary is already taxed. I know there is a DTAA treaty between Australia and India. Would that prevent from double taxation?
There won't be any tax on such transfer.
If you don't have any income in India why would you file income tax return.
Why are you still holding saving account in India when you are salaried in Australia.
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Prabhu Ebenezer
We are planning to start bus tourism comapny, i need few clarification on registring the company as private limited company. To begin with, is it fine to choose online legal service for registrating the company. What is the differnce between traditional Registration and oline legal services?
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A Ghosh
Person A(Father) and Person B(Son) were the only two directors in a private limited company.
At the time of appointment Person B(Son) was 19. His name was added as more than 1 person is needed to form a Pvt ltd company and the ratio of
shares was A:B:: 80:20.
4 years later the company was sold and dissolved. The proceeds from the sale was completely taken by Person A(father).
Person B(son) never received any amount from the proceeds of the sale. Person A(father) dies and Person B doesn't receives anything from inheritence as well.
My Question is what is the tax liability of person B in this case? If there is any, how can he get relief from it?
