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Vandu
I won 1200$ approximately 75,000-80, 000 in a Twitter giveaway
So I invested 30k INR on klv token means crypto) And. Got profit of 2 lakhs.. 2 Lakhs is very less.. So we not needed to pay tax.
And again I reinvested my profit on some other coin.
But what if I get more profit in lakhs.. Should I pay tax
And how to pay tax and how much % will be there
And I am unemployed.. How to show proof that I invested 30 000 and earn profit.. If I am unemployed and earning money.. Is there will be any problem
And what proofs needed
And should I we pay tax everytime we get profit or for 1 year 3 years like that
Can we get rid of capital gains profit (crypto ) by reinvesting on a flat or apartment
2. Is it fine to withdraw up to 50 lakhs in one savings account??
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Kindly call for profession advice at +91 9830375894 or write to us canavinjain1@gmail.com. You can also visit us at www.globaltaxation.in
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Tthts
Save tax on income more than 1.5lac per month
You can look at other options like 80D (health insurance premium, upto 75000) and NPS (upto 50000). With these, you can claim almost INR 2.75 lakhs in tax benefits.
CA Vikram Kumar
9905828960
vikram@finvalence.com
Various ways to save tax....80D, 80DDB, 80C, 80CCD, 80G, 80E, 80GG, Section 10 (If salaried)
For more details call at 7667559772
Kindly call for profession advice at +91 9830375894 or write to us canavinjain1@gmail.com. You can also visit us at www.globaltaxation.in
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Abhishek
Kindly answer my question
I invested 2 lakh rupees in stock market and made the transaction of 1 corer in it and bear the Loss of 50 thousand in it .
My accountant is suggesting me ither to declare 8 % profit of one corer transcation
Or
To do audit kindly suggest me what to do in it
How to show in ITR
Hi Abhishek, better to get audit done rather than declaring 8 Lakh profit when you have incurred a loss. You can connect on 7045760379
CA Vikram Kumar 23 Sep 2020Hi Abhishek. This is a common query from many traders and investors. However, I will need further information on what you mean by 'made the transaction of 1 crore'. Because the law is very specific in this regard. Feel free to contact me at the below coordinates so we can discuss this in detail.
CA Vikram Kumar
9905828960
vikram@finvalence.com
Hey Abhishek,
Audit is better option but we also need to look to your other income and investment. Would be happy to help on same. Contact us at castutishah@gmail.com
Dear Sir,
You should go to actual position, it means if you have losses, then why you go to profit and pay tax. Instead, audit your accounts since profit is below 8%
For more details call at 7667559772
Kindly call for profession advice at +91 9830375894 or write to us canavinjain1@gmail.com. You can also visit us at www.globaltaxation.in
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Narendra Rajput
I have 1query about my Son school donation 20,000.
His school comes under Sec 12A and I have their PAN details.
Their registration is MAHARASTRA CARMELITE CHARITABLE SOCIETY NO.843/02
So, this donation can also I can claim for tax saving and under which Section?
Yes, you can claim Rs. 20000 u/s 80G. For more details call at 7667559772, ca.jkagarwal2011@gmail.com
CA Stuti Shah 23 Sep 2020Yes you can get the deduction of same under 80G
CA Navin Jain 25 Sep 2020Kindly call for profession advice at +91 9830375894 or write to us canavinjain1@gmail.com. You can also visit us at www.globaltaxation.in
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Gaurav
I am paying tax on inputs (Rs. 100 cost) which are taxed at 5% (Rs. 5). I also avail some services on the same product (Rs.100 cost) which are taxed at 18% (Rs. 18). Now I sell the product for Rs.300 which is taxed at 5% (Rs. 15). Am I eligible for GST refund in this case of Rs.8 or not?
Services in this case are of Amazon or any other online marketplace as such which are taxed at 18%
CA Yash Shah 21 Sep 2020Hi Gaurav, inverted duty structure is a respite available in such cases. However since the higher rate of GST is paid for services, it is not included. This section is only applicable when input is that of Goods and GST is paid on that which is more than that of Output. Hence you won't be eligible for any refund
Gaurav 21 Sep 2020Thanks for the explanation Yash sir. Will the case remain the same after Gujarat High Court judgement last month which included "services" too in definition of "input" ?
CA Yash Shah 21 Sep 2020Hi Gaurav, let me check this judgement and get back. You can get in touch with me at 7045760379, please drop me a message
CA Jaya Agarwal 22 Sep 2020Dear Sir,
According to my view, you are definitely eligible for tax credit. Input means input on goods and services both and we can utilize multiple inputs of goods and expenses as well for offsetting the liability arising from that goods.
I hope it is clear. For more details call at 7667559772, ca.jkagarwal2011@gmail.com
Hi Jaya, he is asking about refund, offsetting of liability was allowed. Hi Gaurav, I have gone through the judgement, basis that refund can be claimed on unutilised credit under inverted duty structure
Gaurav 23 Sep 2020Thanks Yash sir. Now yesterday Madras HC has given a contradicting judgement saying "services" are excluded in this leaving all of us taxpayers perplexed on what to follow.
CA Yash Shah 23 Sep 2020Ideally there should not be any difference between goods and services however we love complexities. Taxpayers suffer at the end
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