Tax questions

I am an individual engineering service consultants, I m getting income under 194J , as a consultant to an Engineering firm. I had filed my ITR of AY 2017-18 via ITR 4S PRESUMPTIVE BUSINESS AND PROFESSION RETURN. but now i have got notice for defective ITR , reason is written as below ----- error code 89 -- stating that the provision of section 44ADA is not applicable you.The nature of bus...

Dear Experts, I have filed income tax for my mother as she is working as a teacher in private school and providing private tuition to students also under 44ADA and after more than 2 months i got communication from CPC u/s 139(9) that it is defective. I have used the code 607. Error code is 89- The provisions of Section 44ADA not applicable to the taxpayer. The nature of business code in Sch N...

I got email from Incometax department giving information as "The return of income filed by you for Assessment Year 2017-18 vide acknowledgement no. [deleted] dated [deleted], is considered defective u/s 139(9) of the Income Tax Act, 1961 as it is found to contain certain defects which has been annexed in. Error Code : 86 Error Description : As per Section 44AD(6) of the Income Tax Act, 1961, ...

Dear Sirs, I have following questions. 1) Reversing sales of July2017. I have to reverse the sales invoice of July2017 on which I have paid GST in August 17 also filed GSR1 for July2017. Now my customer says that I have to cancel my Invoice as it is no more accetable by him.So we will have no receivable againt this invoice. How to treat this entry under GST please. I have to reverse the sa...

Hello, I am full time web developer working with foreign clients, and the payment deposited to my bank directly via PayPal and Upwork (online portal for freelancers), so basically I work as freelancer in web development. So, based on reviews online at different websites, I had filled my IT return via ITR-4 this time under section 44ADA, presumptive taxation for professionals at 50% where ...

I have received a notice from IT department for having filed defective return for AY 2017-18. The notice says: Error Code 86 As per Section 44AD(6) of the Income Tax Act, 1961, the provisions of Sec.44AD are not applicable to – (1) persons carrying on professions that are referred to in Sec.44AA(1), (2) persons earning income in the nature of commission or brokerage, and (3) persons carrying on...

I am filing for a EIN for my new S-Corp. My goal is to only pay taxes once a year - but to work within the law. I will be the only employee of the company but will not receive a salary because I unclear of how much money I will make. If I do employee anyone, I will pay them with a 1099 form. Therefore I will not be paying SS or any type of tax on their pay. Form 941 - File taxes 4...

Hi ! recently i have started a online shopping store which sell clothes, accessories, footwear of both men and women. So, basically what i am doing here is I am sourcing my product from outside of india. My supplier/wholesaler are located in different part of globe i.e. australia, new zealand, us, uk, spain, china what i am doing here is. 1. I display there product on my site using there websi...

Hi! How are you? I am Taynah, and I am opening an online store using WooCommerce, in Wordpress. Whiting the plug-in settings there are questions regarding Sales Tax. (The specific questions can be found here: https://docs.woocommerce.com/document/setting-up-taxes-in-woocommerce/ ) My situation is that I am a Brazilian, looking to sell products internationally, mainly to english speaki...

In the return i had shown Rs. 5346/- as short term capital gain from sale of shares (trading) to be charged at 15% special rate. Received a notice from income tax department that there is discrepancy under section CPC 143(1) that "Income chargeable to tax at special rate other than 115BBE" in Sr. No. 11(ii). In the return no amount was written and in return prepared by incometax department the ...

This is with regard to sale of property in delhi acquired 30 years back.The prevailing market rate of the property is much below the circle rate of the area in which property is located.The property falls in Category A in delhi. The prevailing market rate of the property is almost 40% less than the circle rate due to depressed market conditions. Please advise wrt 1. Payment of CAPITAL GAINS ...

I have mobile app earning revenue from download of paid version and advertisement revenue in free version. The total receipt is bit over INR 10,00,000. There was no books of accounts maintained as there is no daily exchange of cash/money, only monthly payment from the App store are credited to a savings account. As the sales are indirect (Store deals with the customers), and considering the ser...

I have received a notice from department stating that there is defect in the ITR filed for AY16-17. I have filed ITR-4 being a tuition teacher (Nature of Business 0607-Professionals Others). Point number 53 of P&L (No account case) filled with Gross Receipt 282000 & Net Profit as 258824. Balance Sheet, point number 6d "Amount of cash balance" entered as 0 [with an understanding that all cash I ...

First purchaser from the Builder (Through Booking while on construction of the Building)had paid the stamp duty and got registered the property in year 1994 The second purchaser who was Constituted power of attorney of the first purchaser had bought the flat from him on executing sale of agreement. He has under paid the stamp duty and not registered. The deal happened in the year 1997 I b...

Below is the case in chronological order, with the questions at the bottom: • In 1980, a person joined a corporate group housing society, Delhi. • In 1985, he paid Rs. 50,000 first payment towards one apartment in the corporate group housing society allocated by DDA. Over the years, he paid Rs. 8 lakhs towards construction costs in several installments. • In 1994, he received share certific...

Our assessee was allotted a plot from development authority on 31/10/2009, after allotment of said residential plot the assessee entered in a registered agreement on 22/12/2009. according to this registered agreement our assessee received Rs. 150000/- as a advance from the buyer remaining Rs. 150000/ received at the time of registry on 30/03/2010. Total amount received by the assessee Rs. 30000...

Hi, I am Saurav a NRI (Australian passport holder) and I would like to know my income tax obligation in the below scenario- I am a digital currency(Bitcoin) trader in Australia. 1) Buy the digital currency (Bitcoin) in Australia. 2) Send the digital currency to my Bitcoin wallet in India. 3) I sell the digital currency (Bitcoin) from my Bitcoin wallet in an Indian Bitcoin exchange...

Hello CAs, I am in critical situation. Your advice and answers will be really helpful. I wanted to start my online business for which i contacted one of the CA (through reference) in Hyderabad and he said he will register the Labour License and GST, after which i can start my business. I paid him good amount of money and all the supporting documents to get it started. I received few messa...

Hello, I purchased flat in ghansoli navi mumbai in Feb 2016 and upto april 2017 have paid 95 % agreement value with 100 %VAT and 100% service tax on total agreement value. This building is conpleted in may 2017 as per architect letter to get OC. Occupation certificate OC is recived on 30-july-2017. 1. Builder is asking for 12% GST on remaining 5% agreement value and insured that 5% service t...

Hello, Need your expert advice on tax saving planning on the "Rental Income" Scenario 1: Mr.X is the owner of the property and He is receiving a rental income of Rs.100 ( example) , and he wants to sublet this property to his spouse Ms.Y for Rs.50 ( example) , and the Mr.X and Ms.Y has a legal agreement of lease and sublet clause mentioned , hence now Ms.Y gets the Rental Income of Rs.50...