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Dr. Gajanan Vaishnav
I have registered a startup Private Limited Company on 26th May 2020. Me and my wife are directors. We are both employed and our employer has issued us Form 16. Our company has made some sale of about Rs.7000/- till date. We have not withdrawn any money from current A/c of the company. We have not taken any salary from the company. My question is (a) Do we need to file ITR-1 (based on Form 16 given by our employer) or ITR-2 (for company directors) considering my company is just 5 months old?
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ITR-2, since you are a director, you only need to provide details of share purchase and directorship details, you also need to get your Company Audit done, Do reach out to Finaco Admin Team, they would assist you in getting it done.
CA Utsav Khandelwal 24 Oct 2020You will have to file ITR-2 as your a director now. Further at the year end you will have to get your company accounts audited and then file the income tax return
CA Naman Maloo 25 Oct 2020Since the company is registered in FY 2020-21 you have to file ITR 1 for FY 2019-20.
If you need assistance in filing your ITR/ tax assistance for company Click here: https://www.taxontips.com/income-tax-return/
Hope you find the information helpful.
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Tejashree
Is online trading illegal in India and if not on which site can i trade?
What type of trading?
To have a phone consultation click here: https://www.taxontips.com/tax-notice-personal-consultation/
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Maulik Prajapati
What if I do not deduct TDS on the liable amount and I don't want to disallow my expense in an audit what should I have to do.
I have not tan Number
If your under audit for first time (Ind or HUF) then TDS provisions are not applicable to you, else total expense*30% would be disallowed,
CA Naman Maloo 25 Oct 2020If you don't disallow expense or don't deduct TDS you might be liable to penalty of amount of TDS.
To know more you can book consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
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Aakash Rathor
I am currently in India and working for a Singapore based company not registered in India. How to file income tax in this case.
Provisions of Income Tax considers such income to be a income earned in INDIa,hence you would have to show that income under the head salaries and file the return by paying applicable taxes, irrespective of whether employer registered or not.
CA Naman Maloo 25 Oct 2020I would suggest you to have a phone consultation with expert as it is not a small topic as much would depend on very minute details: https://www.taxontips.com/tax-notice-personal-consultation/
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Ameet
I would like to replace my existing Chartered Accountant with a new one for my proprietary business. kindly guide me through the procedure.
For Proprietory Concern, No Law Restricts you to change your Auditor, However New Auditor would have to take a NOC from your existing Auditor with regards to No Dues in case you are covered under any of the Audits under Income Tax/GST
CA Naman Maloo 25 Oct 2020You can have a phone consultation with expert CA according to your requirements and then decide.
To book a consultation: https://www.taxontips.com/tax-notice-personal-consultation/
