Tax questions on Income Tax

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...

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...

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...

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 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 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. ...

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...

Dear Group Members, I hope this message finds you well. My spouse is the buyer of a property in India. She is house woman and NRI status. In addition, seller was a senior citizen house woman and Indian residence status. The Property Purchase Details and the related issue as follows: • Transaction Amount: INR 60 lacks • TDS Amount Paid: INR 60,000 (1% of the transaction value) A demand not...

We are 3 brothers, all married and 45 year +. Our mother expired in 2001 and post that our ancestoral property was transferred to my yonger brother fully. My father is alive and lives with my 2 brothers. As property is very old, recently it was sold and entire proceeds were received in my younger brother account. Consent of other 2 brothers including Self and Father was taken as part of entire ...

I'm an Indian freelancer, providing translation services, working remotely with Centific Global, a US-based company, from India. I have never been present in the US, nor the US taxpayer, or any connection with the US, except working with a US-based company as a freelancer remotely. I have to submit a TAX form. Based on my circumstances, I am either required to fill up W8-BEN or W8233. If I ...

One Hosing Society has been registered under West Bengal Apartment Owners Act,1972.The Association has applied for TAN and the same has been allotted to the Association.The Association's annual receipt is approximately Rs1900000.00.The Major payments incude Rs350000.00 and Rs346000.00 for Elevator AMC and SecurityAMC respectively. The fourth letter of the PAN is A,i.e., the society is considere...

Received this notice from Income tax Error Description You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which ...

Sir, I had e-filed my ITR-1 for Assessment Year 2020-21 u/s 139(1) on 05.09.2020 which was submitted successfully and e- verified.The Income tax department asked me to file form 10E to get relief u/s 89 which I had submitted on 08/09/2020. I got the less Refund Order 13/12/20. The department sent me SMS on 19/12/20 and 'regretted that inconveniently your claim u/s 89 was not processed and revis...

Error Description You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate for...

Respected Sir/Madam, I hope this message finds you well. I seek your guidance on filing my Income Tax Return for the financial year 2023-2024. Here are the details of my situation: Nature of Income: I am engaged in creating and selling online courses on Udemy, a US-based e-learning platform. My total income from Udemy for the FY 2023-2024 is approximately ₹3 Lakh, with no other sources ...

Hi, I have question regarding entries in schedule FA. I have shares of US company as a ESPP/RSU. Few of them are before 2023 and some are from Feb 2024. I have also received dividends in between Jan 2023 and Dec 2023. These dividends are re-invested. So questions are: 1. Should I declare shares from Feb 2024? Confusion is because some places it's mentioned to declare shares held during Indi...