Tax questions on Income Tax

Hi Team, Hope you are doing good. I need to understand few simple rules and procedures about my questions (cases). 1. I have a partnership form and we are 3 partners working, but no employee. We are earning around 1,20,000 Rs. per month. So each of us get around 37,000-38,000 Rs. after paying all the expenses for the firm. Earlier I was not in a tax slab, but now I am, so I will pay th...

Anyone help me I had given loan to a person for interest? Now he is giving back my money, The amount is 10 lakhs do I need to pay tax? I given this loan in 2013 , I hardly worked for more than 6 years to earn that money , I saved a lot to earn that money , I had given 3.5 lakh as NEFT transfer from my bank a/c,Due to some reasons I had sent rest 6.5 lakh in the form of cheque from my relatives ...

Hi Sir Me and my wife are salaried individuals. I have been working since 6 years and my wife since 4 years. We are filing ITR every year. My wife transfers some amount every month to my bank account . I add them to my savings and transferred amount every month to my fathers account. We are doing this since 6 years to accumulate money to purchase a home. My father withdrew that amount every m...

WebGoogle+GmailCalendarmore ? Sent Mail Search Yesterday me Superannuation benefits Sir, My father was a government employee who retired from services wef 31.10.2015. Subsequently he received Leave Salary money, Gratuity, Provisional Pension and PF Settlement amount deposited into his Oct 21 me, Pantel 9 DTDC C/No.V32363438 Inbox Dear Sir, Thank you for contact us. We have dispatch...

Dear Sir, mera name Jayesh Patel he. Me Ahmedabad se hu.Mera question ye hain ki mene abhi ek flat kharida hain. Uski loan amount hain 15 Lac. Loan to pass ho gayi hain aur uska check bhi aa gaya hain. 8,50000 ka check builder ke name par hain aur 645000 ka check mere name ka hain. Mene ab tak 14 Lac Rs pay kar diye hain. Flat ki price 20 Lac hain. Ab builder ka kehna hain ki muje baki ke 6 L...

Dear Sir / Madam, I am a individual resident and tax payer of India. I file my returns regularly every year since 1995 and all my assessments have been completed uptill AY 2016-17 and refund paid to me. I am a retired teacher and living on my savings income which is total slightly less than 5 Lakhs. Since 2013 I have been filing IT returns online to get me TDS refund. And my TDS refund has b...

I am from Kerala and working in Central Government Autonomous Body. My father-in-law gave Rs. 5.00 lacs to buy house in 1999. That time we were in Ghaziabad, UP. Due to some family problem, we sold the house in 2007 with an amount of Rs. 13.50 lacs. We constructed house in my land in Kerala using the money of my wife’s. She is housewife. From every month salary I sent money to her account after...

Hello, Interest on NRE FDs (Rupee) taxable for RNOR? please tell wrt FEMA & IT 2. Interest on NRE FDs (Rupee) taxable for Resident? please tell wrt FEMA and IT 3. Have multiple residential properties. 1 property was vacant for around 8-9 months and thereafter sold. Will tax be payable on "deemed income" basis for those 8-9 months? 4. My FY16 return not filed yet. If I file now and if I see...

I am currently an Indian National and planning to move to Kigali, Rwanda in January 2017. There are few questions which I had. 1. Would I have to pay taxes to Govt. of Rwanda as well as Govt. of India both ? I read somewhere that India and Rwanda do not have Double Tax Avoidance Agreement. 2. If have an account at a Bank in Rwanda and my employer transfers the money there, could the sam...

I have a scenario where I am getting different feed backs for this case. Consider a case where a joint housing property of husband and wife is rented out. The loan is being repaid by the husband alone which means he can claim income tax benefit under section 24 and 80C. Now that since the property is rented out, it should be shown as a let out property. My questions are as follows 1. Can the...

Section 5 of the ADB Act, 1966 (Act No. 18 of 1966), which deals with "Conferment of status and certain immunities, exemptions and privileges on Bank and conferment of certain immunities, exemptions and privileges on its officers and employees" states that "Notwithstanding anything to the contrary contained in any other law, the provisions of the Agreement set out in the Schedule shall have the...

Hello sir/ma'am, I have a query and i am confident enough that you would clarify my doubt. The thing is i recently joined an institution where i had to teach a particular subject, for 3 hours a day. At the time of joining they told me that i would get paid 10,000 rs per subject. I taught the same subject in 3 of their branches so as per the agreement the total amount which had to receive is r...

Hi , I bought residential land in Bangalore on 2014 for 60 lakhs. the land was registered as joint property on me and my wife. As me and my spouse are working we got loan of 40 Lakhs from LIC Housing finance. At the time of registration the seller has paid TDS of 1% to the government. i did not disclose the property details in my IT Returns.As i thought the property details are to be discl...

sir, I Bhateri Devi a family pensioner received arrears in FY 2006-07 for past years.I have claimed relief u/s 89 and file ITR in AY 07-08.For AY 08-09,09-10,10-11,11-12 I have not file ITR bcs my income is below taxable income.In FY 11-12 I have received arrears for 05,06,07.I claimed relief u/s 89 but not submit form 10E.Again in FY 12-13 i have received arrears for 06,07,08,09,10,11,12.Aga...

GoodDay, Kindly assist me with the notice received from IT dept. I am a seafarer sailing in foreign going ships. i started carrier from July 2012. Notice as follows. Non filing of income tax return reg. 1. The income tax department has received information on financial transactions/activities relating to you. A list of some of the information for the financial year 2013-2014 is ...

I am a semi government teacher and for this financial year/(2016-17) applied for refund(My oral cancer detected in feb 16 and operated on mar 16 so applied refund due to deduction under 80DDB). I got a mail from income tax department yesterday that there was some due on previous years so my refund will adjust if i'll not reply within 30 days. When i check attachment then they calculated t...

During year 2009, our Housing Society got the ownership handed over by the Builder (promoter) via Sale Deed (Conveyance Deed), The housing society is a combination of 6 sub-societies, each one having their own Chairman and Secretary In the conveyance deed, it is mentioned that a certain sum of total amount is paid by all flat owners to the Promoter. The conveyance deed is signed by all the S...

Hi, I was a designated partner in an LLP firm for the period 15 Sept 11'- 1 Sept 13 with a capital contribution of Rs.50,000. The annual filing of statements with ROC + return filing was completed for FY 11-12 on 30/08/12. I resigned from the firm on 1 Sept 13. I did not get the fair share of my profits / assets on resignation / exit, and further I did not withdraw my capital contributi...

hello, I’m working for an IT company in India who has sent me ( Temporary transfer with local contract) to EU for 2 yrs ( from Dec 2015) , Now my question is I’ll be finishing my two year tenure in DEC 2017 and will return back to India, so will I’ll be treated as tax resident for India in 2017 ?and I need to pay tax in for entire 2017 in India ? as i saw the below rule and is 180 days rule ...

I bought an Under Construction property from a builder in April,2012 under Construction Linked payment plan.Since then we are paying instalments through Home Loan disbursed through Bank.Since June,2013 new law became applicable for deducting 1% tds on every instalment being paid to the builder if property cost is more than 50 lakhs.We paid the instalment of August 2013 due to the builder after ...