Subject: Query Regarding Foreign Remittance Received for Software Consultancy and Content Services
Dear Respected Sir
I am writing to seek your professional guidance regarding foreign remittance received by our business for services provided.
We operate in the software consultancy domain, specifically offering AI-related services, tutorials, and blogs. Recently, we have started receiv...
Hi all,
I’m facing an issue with my rent and TDS proof submission for this fiscal year, and I could really use some advice. Here’s the situation:
I pay a monthly rent of ₹66,000 for a property co-owned by two individuals. Effectively, I pay ₹33,000 to each owner. Since the rent paid to each owner is below ₹50,000 per month, I understand that I don’t need to deduct 5% TDS.
However, my c...
I am a Professor IIT Delhi, specialising on bridge and concrete and its quality control. I also have a public trust called Supratic Trust whose aim include social causes as presented in the Book You must be kidding, Dr. Supratic Gupta, about sports, education, public health, old age, and other social causes. We are also publishing a Youtube series as can be seen in Supratic Trust channel. Go to...
Subject: Clarification on Tax Obligations for Domain Selling Business
Dear Sir,
I hope this email finds you well. I am currently engaged in a domain-selling business and would like your expert guidance on the tax implications associated with my business model. The business involves the following two scenarios:
Purchasing (registering) a new domain
Acquiring a high-quality, pre-registe...
Hi. I am planning to rent a house with a NRI owner. The total Rent is 70k per month but I will be paying 50% to husband and 50% to wife both of whom are NRI. I want to thus understand the process of TDS as well as applicability of Form 15CA and Form 15CB
TDS:
Q1-I know it is applcable at 31.2%. I will also need to take a TAN and pay TDS monthly on the date of rent payment and file quartert...
Hi, I have received notice from commercial tax office bangalore. I have already closed my business on March 2022. I have filed the returns in gst portal, as well as I was working while doing business. Also I have filed it returns every yearsince 2016 onwards. Kindly advice if I have to pay the PT. below is the notice which I had received.
GOVERNMENT OF KARNATAKA
(Department of Commer...
I was renting a flat in Mumbai and resided here from April 01, 2024, to December 31, 2024. The rent for the first four months (April-July) was ₹85000 per month and then ₹89250 per month for the next 5 months (August- December). I usually deduct the applicable tds in March month rent for the whole financial year and deposit the amount as challan. But, I had to vacate the flat on short notice in ...
Dear Team,
I hope this message finds you well. I’m reaching out for your guidance regarding an issue I’m facing with my Provident Fund (PF) withdrawal.
I worked with two companies, Sapient and Deloitte, over a span of more than 5 years. During my tenure at Deloitte, I had two separate UANs, one for each company. My mistake was that I did not merge these UAN while I was in Deloitte and I r...
Section DD allows IT deductions upto Rs 125000 for disabled persons or taxpayer taking care of disabled dependents respectively.
While filing ITR, it's mentioned that it is mandatory to file form 10-IA and enter the acknowledgement number while claiming deduction.
According to rule 11A (pertaining to Medical authority for certifying autism, cerebral palsy and multiple disabilities and cer...
Hello
I purchased a property under construction in Noida Extension and below are details-
Date of Purchase/Allotment-24/8/2015
Date of Stamp Duty Paid-20/11/2019
Date of Possession-07/03/2019
Date of Registry-18/09/2024
There are 2 dates mentioned in registry ‘Certificate Issue Date’ (Page-1) which is 02/01/2020 while registry date (Page-2) mentioned is 18/09/2024.
I have couple of...
I had entered a contract with builder in year 2014 to deliver a specified unit by year 2017 (+_6 months).
However in between builder was declared insolvent and the project taken over by Supreme court and appointed a court receiver in year 2019. The payment was construction link plan and paid earlier as per demand by the builder and there after as per the schedule set by court receiver
Finally...
I am an NRI share holder of small company which is being wound up. There is a small amount of funds (capital invested and dividends) left in the account which needs to be distributed to the 3 shareholders. 2 of these shareholders are foreign citizens and we do not have all the documentation (FCGRP) to show the inward remittance from 2 foreign shareholders. Since the amount in question is not to...
I sold my Urban Agricultural Land in June 2024 (FY 24-25) , But before selling this Urban Agri. Land I purchased a new Rural Agricultural land in March 2024 (FY 23-24) by borrowing some money which i had to return (Basically from my Grandfather as a gift).
The Urban Agri. Land which I sold was directly inherited to me by my Grandfather through Gift.
Let say, I sold my Urban Agri Land for ...
I am planning to start a business with a unique advantage in product pricing. I can procure items at ₹88 per unit—₹5-6 cheaper than the average market price—and sell them at ₹94 per unit. This gives me a competitive edge and attracts buyers due to the affordable pricing.
However, despite this pricing advantage, I’m facing a critical challenge: taxation. With a 30% tax on my profits, I find m...
Hi Sir/Madam,
I had purchased a flat worth 3.25 cr in the year 2018,and had paid 85% amount to builder before completion. However due to some internal dispute between builder and land owner,the property was never handed over to me. So in 2022 he offer me a deal where he made a sale agreement that he has purchased the earler flat from me at a price of 4 cr and sell me a new flat at 4.0 cr. that...
I filed my returns for FY23-24 wherein I claimed exemption us 54 for capital gains on redeveloped flat.
I provide below some key dates and questions:
Confirmation Deed between Builder, Society and me allotting flat No.10 is April 10, 2023
Part Occupation Certificate was given to Builder on August 10, 2023
Occupation Certificate given to Builder on November 9, 2023
Possession Letter is date...
Hi
I provide service as a network consultant for a US company.
It is only a service I am offering and no goods are involved. Billing is monthly.
I receive the payment into my savings bank account. Annual income would be around 30Lakhs.
I have registered for GST on my personal PAN and got the Letter of Undertaking for filing GST without tax. I file the GST returns with 0 tax every month.
...
RESPECTED SIR
I hope you are doing well. I am reaching out to seek your guidance regarding my GST application. I am an online seller on Etsy, and I sell print-on-demand products. My print providers are situated in the USA, and I operate from India. However, I do not send any physical products from India, as the fulfillment is handled entirely by the print providers in the USA.
Additional...
I am in the process of purchasing a property in Kolkata.
I made a mistake in reporting the "Amount on which TDS to be deducted" to seller on my Form 26QB. Although I deposited the correct amount of TDS (i.e. 1% of the total paid) when paying the challan, and my 26QB is also showing the the correct amount but the entire amount was not consumed as I have entered less amount.
I submitted an...
It is well understood that if a HUF member transfers assets to a HUF, then the income from those assets is taxable in the hands of the transferror.
However, many websites that 'income from income' is not taxable in the hands of the transferror. Please see find those below. But I am not able to find this in the bare act. So wanted to ask if the taxability of 'income on income' in the hands o...