Tax questions on Income Tax

Presumptive income under 44AD

Hi I am selling knowledge videos online which i get these made from my husband. Assume my income from sale (Turnover) for FY 2015-16 is 4 Lac & for FY 2016-17 is 6 Lac which directly comes into my joint bank Account (my & My husbands JBA) .(I have no other income). Can i File a return (ITR4S) under section 44AD (as Presumptive Income) Can i show 8% of T/O as my income (without having to ma...

PF withdrawn after 5years of continuous employment still charged

I have a continuous employemnt for more than 5years as per my UAN . Hence in my current company i applied for the PD transfer from my previous organisation and the same was approved and submitted to EPFO portal in Nov-2016.Later the PF website went down and i couldn't check my transfer status. In the mean time i resigned from my current organisation and applied for PF withdrawal. I expected as...

Tax information regarding earnings from multiple (three) sources

Hello Folks, I am in a very serious confusion regarding multiple things, So I'd try to elaborate as much as possible: I have three major sources of income: 1. full-time job in a company (monthly salary) 2. part-time freelancing (inflow on regular basis) 3. part-time from another company (monthly salary) From #1, I make around 1.5L per month From #2, I make around 1.2L per month (on...

Is it necessary to register as a sole proprietorship?

Sir / Ma'am, kindly help me to understand the following. i want to publish a puzzle book [authored by myself] and sell it to the end user directly [by myself]. the expected turn over is hardly 5 lakhs per annum which is not applicable in GST. 1, for starting as small proprietorship firm, which are the registrations i need to take? 2. is commercial space mandatory for this business OR can i...

Consultancy on capital gain treatment & Clubbing of income

Fact }my mother had two Plots. Plot A purchased in aug,2012 for 534500 and Plot B purchased in dec,2012 for 577800. She sold the plot A for 14 lac in Dec,2016 & sold Plot B for 7.25 lac in Jan,2017. further a new residential house was purchased for 16.5 lac in march 2017 & amount of rs 220000 is invested in NHAI bond in march 2017. we do not have any other residential house other than newly pur...

Deduction sections?

Hi, I worked as a professional/consultant in government sector for 10 months in the last financial year, which didn't included any allowances like HRA and others, but only consilidated salary/professional fee. Now I want to claim deduction for 1. House rent, which is 81000/-; 2. medical allowance, which is 15000/-; 3. Vehicle Maitainance which is 60000/-; 4. Conveyance/transpor...

Applicable tax on PF withdrawal

I have a unique scenario to deal with, please advice. (Incidents in financial year 2016-2017). - Mr. X resigned the job from ABC company and joined XYZ company - XYZ company had an option to no to opt for PF, so Mr. X decided to maintain his own PPF, thus applied for a PF withdrawal - PF withdrawal processed successfully, He received an amount of INR 2,70,000 (Three Lakhs) after deducting t...

how much tax i have to pay how to file itr

sir, I am in coal transport business. My monthly profit is around 80000 and t i have emi of 26000 for my truck. sir let me tell you my business scenario i buy coal from company about 70k-80k for about 20 ton coal. Then i sell it to the bricks plant at the same amount i purchased and i got only fare about Rs 1300 per ton i.e 1300*20=26000. I spend 11000 for diesel and toll tax, driver xpenditure...

Income from House Property - Taxation

I have couple of questions around income from house property (w.e.f changes from 2017) and need your valuable advise. Here is my question : I have two flats on my name, For the 1st one home loan is closed and which is self-occupied where I am staying with my spouse and parents. 2nd flat is on rent for which SBI Maxgain home loan is going on. Since last year I am unable to take the tax benef...

Intraday and speculative trading

I got a notice giving me 5 days to furnish information of equity transaction of 5 Crores in 2013-2014 the notice is received in 2017-2018 financial year. On seeing my details I saw intraday trading with Axis direct and my intraday turnover for that year was total of 3 lakhs only of ledger statement and under Indian laws my trunover was 3 lakhs or less and my loss was 23029/- rupees for the enti...

Tricky - Status changed from NRI to Resident Indian

Hi, I have been living in UAE since 2013 and now going back to India permanently in Jun 2017. I have seen many threads regarding how the residency status can be calculated and I know that I would be resident indian after going back. My question which is unanswered in almost all the websites is how to calculate the taxable income. Let us say I earned 60000 AED as my salary (From April 2017...

Tax on Inherited Property

I am inheriting a property from my grand father around 10000 sq ft. The cost of that property will be 4 crores rupees. I want to sell that property, how can i save taxes. According to my calculation using CII, the capital gain would be around 3 crores. As far as i have read I can save taxes by investing in specific bonds and can buy only a single property. So if i buy some property for 1 ...

Shall I file as resident or non-resident?

Hello, I have been in the states since 2008 on J1 visa. For the first 4 years I did not pay any taxes as I was on a scholarship from my home country. Then, I started to receive money from the US and pay taxes. I was always considered as a resident alien for tax purposes. Note: I also visited the US from December 2007 to March 2008 on J1 visa and I was sponsored by my home country, so no t...

Summary of my income tax

I have no idea till date about how income tax are calculated, and what to do to save them. I know its embarrassing. I have lost lot of money due to this. Can someone guide me on what my taxable income is, how much should I invest in tax saving instruments, what bills are needed to be produced for monthly reimbursements, etc etc. I would really appreciate it. Below are the income details. My CTC...

Tax on Income Earned in Switzerland as Deputation for 80 Days

Team, Could you please help me clarifying my query on salary income earned in Switzerland is taxable in India ? Below are the points referring to above. 1. Stayed in Switzerland on deputation model for 80 days in previous fiscal year. 2. My employer is registered in India & Switzerland both and it's origin is US. 3. I have payed 11.50% tax to Switzerland government on my salary income. ...

Nri taxation for MF investments through normal saving account

Hello Sir, I am an NRI doing job in Saudi Arabia since 2014. Before moving to Saudi, I was having Mutual Fund investments through one of the online platforms in India through my Indian Salary Account. After I started getting my salary in my overseas job I just continued to invest in Mutual Funds same way through my old Resident Ordinary account as before. I did this because it was not poss...

Tds on insurance maturity proceedings

I am a Salary Tax payer. I invested in HDFC' s Insurance Policy @25000/- p.a., for 5 years commencing from March 2012 to march 2016. my total contribution is Rs.125000/- and the total maturity amount received is Rs.132517.68 which includes my contribution of Rs.125000/-. now they have deducted TDS @1% on total maturity amount to the extent of Rs.1325/- and paid the balance amount. Now the form ...

I had opened e-nps with atal pension yojana

Hello sir Actually I have Opened online Pension account with Atal pension yojana through SBI Netbanking six month ago when i was in business and now i am state govt employee and today i got message and Email like this could you please help me undertsand whats it for and what should i do now ? Subject:  Self-certification of Permanent Retirement Account Number (PRAN) under National Pension Sy...

F.Year 2013-14 returns not filed

Dear Sir, Good Evening. Thanks in advance. I have 2 queries. 1) I have filed my income tax returns up to financial year 2012-13. I have received scrutiny for the F.Year 2011-12, and subsequently it was replied and got order too. Now the audit committee asked some queries for the same year. After issued assessment order is it possible to raise a query for the closed file. 2) From the...

How to file itr for only epf & eps withdrawal...?

Hi, i have withdrawn my epf & eps money in fy 2016-17 (exactly july-2016 to be precise). in fy 2016-17 i do not have any other income apart from epf and eps (since i didn't joined any other company after feb-2016). my epf came with 10% tds since i withdrawn my epf before 5 years (4.8 years to be precise). after referring to many documents i got somewhat confused so i request the ass...