It depends on why did you invest the amount in your current account.
If you need professional assistance feel free to contact me at canamanmaloo@gmail.com

GST registration is to be taken on turnover and not on deposits. If these funds are introduced as capital or loan, no GST registration is required. But, if the deposit is from the receipts from customers, definitely you need a GST registration.

Yes, you would be eligible to claim exemption u/s 54 of the act for construction of house subject to fulfillment of conditions. Further, the alternative to saving capital gains tax is to invest the gains in prescribed bonds subject to a ceiling of INR 50,00,000.

For professional advice please connect at +91 9830375894 or write us at canavinjain1@gmail.com. You can visit us at www.globaltaxation.in

We can discuss it further for tax planning.
If you need professional assistance feel free to contact me at canamanmaloo@gmail.com

Yes, you are eligible for exemption on construction.

Alternatively, you can invest in NHAI bond or REC Bond upto Rs. 50 lakhs to get deduction on your capital gains. These bonds have a lockin of 5 years and interest is paid around 5% per annum. Thank you.

Did you file the income tax return for the year in which the property was soled? Or this flagging is for non filing?

CA. Ankit Chaudhary - 7604033340

Bank officials do not themselves deposit the amount in Capital gain account scheme you need to fill the form and deposit the same in that scheme.
If not you will have to pay tax on same.
If you need any professional assistance you can mail me at canamanmaloo@gmail.com

there is problem in paying more tax, but excess claim it as refund takes time

Yes it's okay you can claim refund.

Yes, you can claim the refund of the excess tax paid by filing your Income Tax return. Thank You!

Ankit Chaudhary - 7604033340

What is the business of LLP?
Its always better to hire a CA even if auditing is not done.
If you need any professional assistance feel free to contact me at canamanmaloo@gmail.com

Developing apps and games for mobile, pc, web. Both service and sale.

GST Audit is not applicable as the Turnover is Not exceeding Rs. 2 Cr (Now increased to Rs. 5 Cr.) - Refer Sec 35 (5) of CGST Act.
Statutory Audit of Books of account is also not mandatory as Turnover of LLP is less than 40 lacs and Contribution is Less than Rs. 25 lacs - Refer Rule 24 of LLP Rules.
Feel free to contact at rishabhgarg916@gmail.com

Dear Rajarshi,

From the statutory point of view, you don't mandatory require an auditor as per LLP Act.

But, you may require auditor under income tax if your profit is less than the threshold limit. Thank You!

Ankit Chaudhary - 7604033340

You are borrowing for business or personal ?

Business. But I do not have a registered entity. I do not know how its treated as.

Is the foreign national your relative?

under FEMA borrowing regulations , you can borrow only from blood relative..

You can get credit of TDS deducted if you file the tax return.
If you need any professional assistance feel free to contact me at canamanmaloo@gmail.com

You can claim the deduction at the time of filing the return even if the same is not given to your employer at the time of filling the tax declaration. Also, if your income would be below the taxable limit, then any tax deducted can be claimed a refund. For detailed discussion/ professional help, please connect at +91 9830375894

At the time of filing Income Tax return, you get the credit of all the TDS deducted and deposited in your PAN by the deductor.

If your tax liability is less than the tax already paid (Including TDS) then you claim the refund of the excess tax paid by filing your Income Tax return. Due date is 31st July, 2020. Thank You!

Ankit Chaudhary - 7604033340

Golden opportunity for you. If you have not made investment in deduction allowed under section 80C and if you wish to invest in them now, the government has allowed to make such investment upto 30.06.2020 for the financial year 2019-2020. Even if the tax has been deducted and paid by the employer you can still claim it as refund in the Income Tax Return to be filed. Feel free to contact on jainabhi189@gmail.com for any assistance.

As far as GST and income tax is concerned I can assist you.
If you need any assistance feel free to contact me at canamanmaloo@gmail.com

You need for 1st register your business by choosing any one of the below:-
1. Proprietorship
2. Partnership firm
3. LLP
4. Private Limited Company

As your business is technology enabled, you should get it registered under Start-up India thereafter.
Ankit Chaudhary - 7604033340

There is no need to separately show employee salary.
It depends on which return are you filing.
If you need tax related services feel free to contact me at canamanmaloo@gmail.com

Employee salary is shown as expenses in proprietorship return. Under the head "Salaries and Wages".

Ankit Chaudhary - 7604033340.

salary just like other expenses, ensure compliances PT, PF/ESI, TDS if applicable

Have you obtained 12A/12AA registration?
What is the date of trust mentioned in trust deed?
We need to check the queries that would be issued by CIT for granting such registration.
If you need professional assistance you can contact me at canamanmaloo@gmail.com

Important decision of SC
Section 12AA provides for registration of a trust. Such registration can be applied for by a trust which has been in existence for some time and also by a newly registered trust. There is no stipulation that trust should have already been in existence and should have undertaken any activities before making application for registration.

Since section 12AA pertains to registration of Trust and not to assess of what a trust has actually done, it is viewed that term 'activities' in provision includes 'proposed activities'. That is to say, a Commissioner is bound to consider whether objects of Trust are genuinely charitable in nature and whether activities which Trust proposed to carry on are genuine in sense that they are in line with objects of Trust.
Ananda Social & Educational Trust-v-CIT [2020] 114 taxmann.com 693 (SC)

So, 3 years criteria for 80G also is not mandatory. If your work is genuine and the Commissioner of Income Tax (Exemptions) gets satisfied with it, then he may issue the certificate.
With Regards,
Ankit Chaudhary - 7604033340

Registration can be Obtained there is Time Limit for 6 months for granting the Registration,There is some Specific clauses that your Trust Deed must Contain ,kindly Update your Trust for the same .
1. Your Trust Deed/ Memorandum of Association does not have IrrevocabilityClause. Please include this clause in your Trust Deed/ Memorandum ofAssociation and file a certified copy of the amended Trust Deed/Memorandum of Association

2. Your Trust Deed/ Memorandum of Association does not have a clause thatthe beneficiaries are a section of the public and not specific individuals.Please include this clause in your Trust Deed/ Memorandum of Associationand file a certified copy of the amended Trust Deed/ Memorandum ofAssociation.

3. Your Trust Deed/ Memorandum of Association does not have any clauseproviding that in the event of dissolution of Trust/ Society/ Non Profit Company,the funds/ assets of the Trust/ Society/ Non Profit Company willbe transferred only to some other Trust/ Society/ Non Profit Companyhaving similar objectives. Please include this clause in your Trust Deed/Memorandum of Association and file a certified copy of the amended TrustDeed/ Memorandum of Association.

4. Your Trust Deed/ Memorandum of Association does not have any clauseproviding that the funds/ property of the trust will be used only for theobjectives of the Trust/Society/ Non Profit Company. Please include thisclause in your Trust Deed/Memorandum of Assosiation and file a certifiedcopy of the amended Trust Deed/Memorandum of Assosiation.



You can contact me further for checklist and further guidance -Regards CA Arpit Khetan -9922516162 caarpitkhetan@gmail.com