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Recent

Recent Questions

Question added Jan 08, 2015 Income Tax By kaushal , CA , New Delhi

answers

254 views

Q. Income tax case laws - pls refer any income tax case laws w.r.t. "setting off of business losses against income from house property"

Question added Jan 07, 2015 Income Tax By Geetanjali Bhardwaj , Central Delhi

answers

168 views

Q. Tax - How to file income tax return??

Question added Jan 06, 2015 Income Tax By ANIL VERMA , CA

answers

602 views

Q. TDS ON EVENT MANAGEMENT - In case the event manager is also suppliying material whether it can be called as pure event manager of contractor and what should be rate of TDS and why

Question added Jan 06, 2015 Income Tax By Vishal Garg , New Delhi

answers

290 views

Q. income tax capitsl gain - A person purchased a house in unauthorised colony fir 48000 and it after 10 year for 300000 in cash . Whethervit should be shown in income tax return.

Question added Jan 02, 2015 Income Tax By HITESH , Junagadh

answers

200 views

Q. 12A REG OF TRUST ONLINE PROCEDURE - SIR,
I HAVE SUBMIT FORM NO 10A ONLINE ALREADY FOR 12A REG OF TRUST IN GUJRAT.
BUT MY QUERY IS NOW WHAT IS THE NEXT PROCEDURE ADOPT BY IT DEPT FOR PROCESSING 12A CERTI. AND HOW MUCH TIME TAKEN BY THEM ??

Question added Dec 30, 2014 Income Tax By RK Gupta , CA , East Delhi

answers

261 views

Q. DTTA, Sec 90A & 91 - Asessee is Indian resident in a FY when income is :

Salary from India = 1 lac ( tds withheld in India)
Salary from Australia = 10 lac( tds withheld in Australia)

DTTA exists between 2 countries,

Now as per sec 90A read with DTTA will the tax rate applicable on Indian income be 30% or 10%?

Question added Dec 24, 2014 Income Tax By rakesh , CA , Delhi

answers

300 views

Q. payment made to Non resident commission agents - We are manufacturer and exporter of Agro chemicals. We make commission payment to a marketing Agent overseas (anywhere world) and some of them required paying commission to third country/other global markets.
1. They are not our employee and don’t have a PAN card issued by Indian Income Tax Authorities.
2. They will be paid commission as a percentage of Export sales after due realization from the customers/buyers.
3. The agent neither has any PE in India nor any Business connection. Agent provides all the services outside India and received payment outside of India.

As per decided in various cases and tax law that where a non-resident agent of an Indian company operates outside country and payment is remitted directly abroad, hence, merely because an entry in books of Indian Company is made, it does not mean that the non-resident has received any payment in India

Our queries are:-
1. What status about of TDS? Weather TDS required or not. If yes than what rate?
2. What are mandatory documents required from the agents for making such payment of commission without TDS ?
3. Whether TRC is mandatory for making any payment to Nonresident.
4. If TRC not available with Non-resident agent than how to determine tax residency of agent? What valid documentary evidence can be obtained?
5. If TDS deducted in India then what is the procedure of claim of refund?
6. If Nonresident agent of country A provide their TRC to us and required in their bill to make the commission payment to him at their bank account which has opened in country B. Can we do this?
7. if same condition for Nonresident purchase commission agent than what procedure should be followed?

Question added Dec 23, 2014 Income Tax By mukesh gupta , CA , East Delhi

answers

311 views

Q. taxablity of payment made by an advertisement agency - My client is providing advrtisement services to indian cos. For that purpose it goes to Australia for shooting of ads and take the professional and other services from foreigners for that purpose. pls tell me whether my client is required to deduct tds while making the payment to foreigners as neither the services are provided in India nor the payment is made in india.

Question added Dec 23, 2014 Income Tax By mukesh gupta , CA , East Delhi

answers

366 views

Q. tds on foreign remittance - consultancy fees paid by an indian co. to a non resident firm of london for Rs. 1,00,000/-. The non resident neither have provided trc nor PAN. Please tell me at what rate the t.d.s. shall be required to be deducted if any.

Question added Dec 22, 2014 Income Tax By sumit marda , CA , Solapur

answers

273 views

Q. Capital Gain Querry - The firm M/s. ABC came in existence on 09/09/1996 and started business (Production) in F.Y. 1997-98. The firm purchased Land for factory building in F.Y. 1996-97 in the name of one of partner Mr. A but the payment for Cost Land was made by the above firm and accordingly debited the amount to Land A/c Rs. 303140/- in the Books of firm. No Depreciation was claimed on the Land value. Total area of Land is about 12 Acres. The factory bldg. is erected on 3 Acres of Land and reaming 9 acres Land is open Land.
Then One of the partner Mr.B retired from the firm w. e. f. 01/04/2014 having 25% share of profit ratio in the firm.
It was agreed among the partners that the ¼ area of Land (Open) is to be given to retiring partner Mr. B. as mentioned in Retirement cum partnership Deed. The 25% Book Value of Land Rs. 75785/- (25% of 303140) is to be debited to Retiring Partners account and crediting to Land Account. He has not taken share in any other Assets of firm. The remaining credit balance of Capital Account is paid to Retiring Partner by cheques.
Now the transfer deed is to be executed for the above Land transaction and the same is to be registered in sub-Registrar’s office. According to Sub-Registrar, the value of the Land for Stamp Purpose (Stamp Value) is Rs. 5500000/- for 1/4 area viz 3 Acres of Land.
Now, the querry is about the Capital Gain tax Liability either on Partnership firm or Retiring partner and working of Capital Gain, if any, and under which section, Or income u/s 56 of Retiring partner ?

Question added Dec 22, 2014 Income Tax By Jitendra Daraji , CA , Ahmedabad

answers

114 views

Q. About income tax practitioner certificate - I have clear my B.Com, IPCC and article ship. Now i wants to get ITP certi. before clearing ca final to start my office as accountant plz advice me about the same. How to get it?. what benefit of it? In my article ship training, i appeared against DC for 4 cases of scrutiny but my name is not written in scrutiny order. Can i write about this in my Application for ITP.

Question added Dec 22, 2014 Income Tax By NAVEEN GOYAL , CA , Ludhiana

answers

140 views

Q. INCOME TAX - one of my client is alloted new PAN and displaying on NSDL website but while registering the same on income tax portal the PAN INVALID error come also talk to nsdl & efilling helpline but no solution

Question added Dec 21, 2014 Income Tax By NAVEEN GOYAL , CA , Ludhiana

answers

215 views

Q. TDS - One of our client is a prepaid cellular distributor of Idea Cellular Ltd. Idea Cellular Limited directly pays scheme/discount/commission to the retailers at the month end. They deduct TDS on the amount paid to the retailers and deposit the said TDS against our assessees PAN. We do not know much amount is transferred to the retailer as we do not get any information from the company. Moreover the amount is also so small as we know. We treat the above said TDS as our profit while finalizing our account. Now my question is are we liable for TDS u/s 194H on the payment transferred to the retailers.We do not possess any information about the amount transferred.

Question added Dec 20, 2014 Income Tax By Nivedita , CA , Delhi

answers

222 views

Q. Ngo charging huge sponsorship fees - there g is a NGO, regd. u/s 12A & 80G , wants to raise sponsorship from its members of around 40,00,000/-. Is there any alternative so that its registration does not get affected

Question added Dec 19, 2014 Income Tax By AMIT KUMAR , East Delhi

answers

150 views

Q. income tax - if salary employee refund assessment year 2014-15 if retrun was not filed till time

Question added Dec 18, 2014 Income Tax By DEVANG SHAH , Ahmedabad

answers

323 views

Q. interest paid to unsecured loan - i have an issue in income tax scrutiny that interest was paid by the assesee at the rate of 18 %. should it allow or disallow. if it disallows in current year any effect in previous years

Question added Dec 17, 2014 Income Tax By RK Gupta , CA , East Delhi

answers

170 views

Q. Sec 142(1) notice to individual - In case before leaving the jurisdiction or residence the assessee already gives all the bank statements and all other information to AO by speed post or all his ITR computation details to AO, and is unable to attend personally the date of notice, how far he is liable and what maximum is possible?

Question added Dec 17, 2014 Income Tax By RK Gupta , CA , East Delhi

answers

123 views

Q. Sec 142(1) notice to individual - What are the consequences if an assesse is served notice to appear in person and produce books but he is not at his address and only his relatives receive the notice for him?

Question added Dec 17, 2014 Income Tax By RAHUL SONI , CA , Indore

answers

145 views

Q. income tax return filling - I was working in Bangladesh during the period June 2012-March 2014. The income for this period was earned and received in Bangladesh only. During the same period, in india he earned Rs. 6000 as Saving Bank Interest. Will this income of Rs 6000 be taxable in india?? Please Suggest! & Also does he need to file return for assessment year 2013-14 & 2014-15.and show all income in return like Bangladesh salary + other income in india….??

Question added Dec 14, 2014 Income Tax By ishwar , CA

answers

206 views

Q. Investment U/S 54EC - can i invest more than 50 lakhs in a year

Question added Dec 10, 2014 Income Tax By Amit , CA

answers

226 views

Q. RENTAL INCOME FOR NRI - Dear Colleagues,
I have a client who is NRI since last 10-15 years, presently he has 2 properties 1 property was inhereted from his father and second property was purchased by him through his NRE account properties are in Delhi , he has given on rent and the rental income is being credited to his NRO account without TDS deduction from the tenant , annual rent for both is Rs 600,000 now what is the tax implication for this NRI also how we can avoid the tax payable if any .He has never filed his income tax return all these years...

Please help me since I am also an NRI CA working here in Dubai for last 12 years and I am totally out of touch with Indian taxation

thanks and regards

Amit Dhiman

Question added Dec 08, 2014 Income Tax By Jitesh kakkar , Hisar

answers

394 views

Q. Income Tax Return - If a person has preassumptive bussiness income & also having 6000 as exempt income so which income tax return he should file.

Question added Dec 02, 2014 Income Tax By Raj

answers

355 views

Q. ITR 4 - how to show interest free Unsecured loan in PART BS - Dear Experts,

In ITR 4 (AY 2014-15), if we want to show in Person A ITR that he has given interest free unsecured loan to blood relative, then should it come under:

Loans and advances:

1 Advances recoverable in cash or in kind or for value to be received?

2. Deposits, loans, and advances to corporates and others?

Also, where it should be show in Person B ITR 4 (receiver) ?

And, what is the maximum period for which interest free unsecured loan can be given?

Thanks,

Raj

Question added Nov 29, 2014 Income Tax By Rajesh Kuamr , CA , Shahdara

answers

235 views

Q. income tax - Weather self-assessment tax of employee can be paid by the employer for the A.Y. 2014-15

Experts Panelist

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