Tax questions on Income Tax

I have 2 cases: 1. A case having receipt from advocate profession is 7.10 Lacs. No any books of accounts are maintained and profit shown more than 8 % of receipt. Can I file the ITR 4s only providing the amount of receipt, Net profit after claiming expenses. Although statement of income and expenditure & Balance sheet prepared and kept for record purpose. 2. A house wife is running embroide...

Dear Sir/Madam, I am not sure if this is the right forum to raise this but I need advice and guidance regarding a question I have about transmission of shares in a demat account in the event of death of the sole account holder and the nominee. My grandfather held a demat account in his solo name, he had included my father as a nominee in the said demat account. My grandfather passed away a...

Hi Team, I need some help from you, its related to Let out property. Actually I have two flats one I have purchased in 2014 and got the possession for the same in April 2016 and in Aug, 2016 I purchased another flat. Both the flats are in outskirts of the city so both have been rented out. This time I was able to declare only one flat in Let Out Property as for the other flat I am yet to pay t...

I was given a retention bonus lets say Rs X (post Tax received approx 0.7x) in Dec 2015 (FY 2015-16) with the condition that if I leave the organization during the next two yeras I would need to return the amount. i'm moving on from my organization in March 2017 and I need to now return the pre tax amount to the company. The organization is saying that since this is in the next FY they will n...

Hello, I'm doing a informative interview assignment for a course towards my Bachelors in Business Administration with a focus in Accounting, and I was hoping you could answer some questions for me. I only have ten to ask, and I'd appreciate it if you would be able to take the time to answer them. Question #1: Tell me about a typical day? Question #2: What do you do? What are the duties/fu...

Hi, I am a salaried person. So far, I have been filling my income tax basis the form-16 from employer. At the parallel, for past 5/6 years I have some bit of direct investment in share market. I have never reported this income/loss from share investment in my annual ITR. Somehow, the annual assessment from department has been positive all the time. Now, how to get this straight since this...

I have invested a sum of around Rs. 10 Lakh in this FY in couple of campanies (Ponzi schemes). But I only got some of the returns from those companies and rest is all loss. So, Is that possible if I can show that investment or payments towards those companies as capital loss or Theft loss in this FY. I have invested this 10 lakh in mine and my family members name. So, we all got some amount ba...

Hi I am living in USA. My wife's sister and her husband has bought some property last year. Now they are in need of showing their income, but as per their tax filing last year, they didn't mention sufficient income. Hence, they are asking me to help them by giving them a gift letter that I gave some 30 lakhs, with which they want to project as they have bought the property with that money....

One of our clients has received Intimation under section 200A of the Income Tax Act, 1961 regarding short deduction of Tax on Salary paid to one of his employee under Section 192. However the amount of short deduction was paid by the employee on self assessment while submitting his own Return of Income. Our client have intimated the ITO TDS that the amount of short deduction has already been pa...

I am an employee of CMPDIL, RI-I, Asansol, a subsidiary of Coal India Limited. My yearly Income is Rs. six lakes. Due to continue treatment of my wife, its required reestablishment medical bill nearly Rs. 40,000/- per month which prescribed by Medical Officer of Coal India Limited, i.e. at ECL Central Hospital, Kalla, which is under Coal India Limited. as per Sl. No. 24 Section Proviso to secti...

Sir, good morning,i want to know regarding trc. i am ( nri ) indian passport holder staying in kuwait more than 20 years. i have account in icici bank. i have some policy in icici bank............now icici bank asking me to trc but in kuwait no tax and kuwait government not issue TRC also. I checked with the local authorities here ( Kuwait Ministry) as well as with the Indian Embassy in Kuw...

Hi, I'm a fresher (software professional) working for an IT company in bangalore. I started working since mid July and continue to work in the same company at the same salary. Now the company has asked me to provide investment proofs so that accordingly my tax saving and calculation can be performed. Since I'm a freshers and this is my first job, I have no clue on how to save on taxes. I'm ...

sir, my mother in law got a it notice through nms for AY 2014-15 for non-filing. i had submitted a response through compliance section of e-portal that her income was below taxable limit as it was so. information i got through compliance section was that a small amount of tds was cut. on the submission of this compliance i did not hear anything from the dept. till now for ay-2014-15. so ther...

Dear Sir, I have 2 house properties (1 co owned with my wife but loan portion entirely paid by me) . In same city I have office and my daughter's school in different area so I am staying in rented apartment. Details as below: House property A - Owned - Rental Income - 40K (NET NAV ) House property B - Owned - Rental Income - 110000K (Net NAV) House property C - (Taken on rent for self)...

Sir my mom purchase a residential plot in financial year 2013--14. To construct a house for jointly for me and my brother . Planning is done on the basis of to sell a residential plot at same town due to location of old plot is not good. The stamp duty value of land is 71 lakh, our purchase cost is 51 lakh including stamp duty. Our Father is retired persons. We all family members pay the costs ...

Sir/Madam meri mother key naam sey 10 acer kirsi bhoomi hai meri mother income tax return file karti thi unki koi dusri income nahi thi mera business hai mey bhi file income tax mey subbmit karta hu mera younger brother bhi hai jo apna pvt kaam karta hai lekin income tax file nahi karta hai PAN card sabkey pass hai meri mother ka dehant 2011 mey ho gaya unki file mey 7-8 lakh rupya cash in h...

I am a fifty nine years old lady living with my husband and son both earning and taking care of all house hold expenses. All of us are IT assesees with no tax liability since our income is below the limit. I personally own a house which I have let out for a rent of Rs.Thirty thousand per month and keep the rent received in cash for the past two years in my house, amounting to Rs.Seven lakhs i...

Hi, I am a salaried employee in FY 13 - 14 and I had deposited around 3.25 lac rupees in cash in bank account which is in the name of mine as first holder, my father as a second holder, and my grandmother as a third joint holder. This cash deposit consits of Rs. 10000 deposited in each month from my salaried income which is 225000 gross and there was one high value cash deposit of Rs 175000...

Hello There, We are another working salaried couple in bangalore. My wife comes in 20% tax bracket and i comes in 10% bracket(almost touching 20% IT bracket) And going to buy our first property worth 33L. Doing upfront 20% down payment and availing 80% home loan from SBI. Our goal is to obviously save income tax and also create another source of income by letting out this property. Queries/do...

Hey all, sorry if i'm asking any irrelevant question to you. Please help if you can. I'm a guy from Chennai doing software development and earning about 25Lakhs per annum. I am a single person working from home and getting paid from a foreign country. They send me in USD and I receive as INR in my local saving account. There is a fixed monthly income of around 2L. It will be a big amount fo...