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CA Ankit Chaudhary  

CA in Practice
7Year  8Month  experience

We are a group of professionals expert in start-up registration, taxation and compliance issues.

  
   
 
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Address

E-5, Calcutta Greens Commercial Complex
Santoshpur
Pin code - 700075

Availability

Mo,Tu,We,Th,Fr,Sa

10:00 am - 7:00 pm

Services

✔ Business Incorporation✔ Accounting / Book keeping
✔ Company Auditing✔ Compliances
✔ Direct Taxation✔ Indirect Taxation
✔ Mergers & Acquisition / Investment Banking✔ Govt.Registrations and Licenses
✔ Corporate Legal Consulting✔ Business Tax Planning and Management
✔ Internal Audit✔ GST

Industry Experience
✔ Automobiles✔ Biotechnology
✔ Consumer Markets✔ Education and Training
✔ Engineering✔ Financial Services
✔ Healthcare✔ Infrastructure
✔ IT & ITeS✔ Pharmaceuticals
✔ Real Estate✔ Services
✔ Textiles
Education
    B.com (Hons),CA,CS
Associated with (Firm / Company Name)
    NA
Awards and Recognitions
    NA

N

Nishant Kumar

6 Months ago

I am an NRI at United States. I make some saving on monthly basis (after paying all taxes). I understand that I can send this amount back to my family in India, and that would be non-taxable. Any interests availed on that amount will be taxable. While filing India ITR, under what conditions am I required to declare my US savings? If I need to declare my savings, what section should I select for tax relief? what would be the relevant article for DTAA?

CA Naman Maloo     17 Jul 2019

No you are an NRI and if you send some amount to your family in India it would be a gift for them and then the interest they earn would be taxable in their hand and not your hand and also you don't have to show any savings of your in ITR even if you file return.
If you need further assistance feel free to contact me at canamanmaloo@gmail.com

CA Ankit Chaudhary     17 Jul 2019

As you are a Non resident in India, you only need to report Indian Income here.

T&C apply

N

Nishant Kumar

6 Months ago

I am an NRI at United States. I make some saving on monthly basis (after paying all taxes). On yearly basis, what amount (in INR at max.) can I send to my family in India?

CA Ankit Chaudhary     17 Jul 2019

Dear Nishant Sir, there is no limit on transfer of funds in India. The limitation is when funds go out of India.

T&C apply

A

Arko

8 Months ago

My father got 30lacs by selling a property. Now if I buy a property in my name and he invests those 30lacs, so will he get the tax benefit for the amount?

CA Naman Maloo     15 May 2019

Yes he can do that it can attract some litigations but there are case laws in your favour so you can do that.
For more information or consultancy you can mail at canamanmaloo@gmail.com

NA Na Na     16 May 2019

First of all, we need to calculate the capital gain on property sold , if any . If no capital gain then he can transfer money in your account and you can have property in your name with direct payment to seller. No Hassel, you can contact us on pbcmails@pbcandco.com or pbcmails@gmail.com

CA Ankit Chaudhary     16 May 2019

First see whether capital gains is there on the sale of 1st property. If yes, then taking flat in your father's name will save him some tax. In case no CG, then he may give gift to you by a gift deed. You may purchase flat in your name with that gift money. As you are his son, no tax arises on gift. Thank You!

T&C apply

S

Soumya Bogarapu

8 Months ago

Hi...My mother gifted a property in 2010 to me and my two sisters. We are planning to sell the property now which is worth 2C. The party willing to buy the property is suggesting that they will give 1C as black ( cheques only) and 1C in white. They want to pay stamp duty for only 1C. Now how can we show the accountability for the 1C received in black ( when we deposit the cheques in bank). Should we show it as capital gains or only the amount for which the buyer paid stamp duty is eligible for capital gains. Please suggest. Will we be answerable if there is discrepancy in the amount deposited in bank and the registration amount for which the stamp duty is paid.

CA Naman Maloo     16 May 2019

You must show entire amount received against sale as sale consideration for capital gain calculation if you are going to deposit cheque.

There could be a problem for buyer as his value wont match with your sale value so first consult with buyer how he would show such 1 crore.

CA Ankit Chaudhary     16 May 2019

Dear Soumya,
Its a suggestion that please do the entire transaction according to the law of the Land. You should avoid doing transactions bof any unethical means. You may be in unnecessary trouble in doing the above mentioned transaction and also by posting this is a public forum like Finaco. So request you to delete your post. Thank You!

T&C apply

M

M. Shikha

11 Months ago

I am a doctor, i earn 2 laks per month on a contract basis for one year. Can i fill ITR form 4 , show myself as professional, and pay taxes on half of annual income as per scheme of presumptive taxation under section 44ADA

CA Urvi Gandhi     11 Feb 2019

Yes. You can do that.

M. Shikha     11 Feb 2019

Thanks.. Is there any other way to save my income tax?

CA Urvi Gandhi     12 Feb 2019

Hi Shikha, You can reach me at urvi@fintaxconsulting.in/9967694668

NA Na Na     12 Feb 2019

you may go for 44ADA. yes there is way to save income tax by making investment

M. Shikha     13 Feb 2019

Thanks

CA Ankit Chaudhary     15 Feb 2019

Dear Shikha Ma'am, You can definitely opt for 44ADA in this case. Please remember that the profit is not 50%. "It's 50% or more". Suppose your receipts is Rs. 100/- and your investment in that year is Rs. 70/-. Then you should show your profit u/s 44ADA as 70% and not 50%.

http://taxscoop.in/entries/income-tax/section-44ada-%E2%80%93-presumptive-taxation-scheme-for-professionals

T&C apply

S

Shani

11 Months ago

How can i utilize standard deduction limit of 40K for fin. year 2018-19?

NA Na Na     12 Feb 2019

utilize of standard deduction is not required any think

CA Ankit Chaudhary     15 Feb 2019

SD of Rs. 40,000/- is automatically calculated and accounted for by the employer before deducting TDS. No further action is generally required by the employee.

T&C apply

K

Karthick

11 Months ago

Adsense Income Comes Under section 44 AD or 44ADA

CA Ankit Chaudhary     15 Feb 2019

Is Ad-sense like a advertisement commission income? In that case it's neither u/s 44AD nor u/s 44ADA. Compulsory books of accounts needs to be maintained u/s 44AA.

CA Naman Maloo     1 May 2019

You can file your income from youtube/ website u/s 44AD.
If you need any help you can mail me at canamanmaloo@gmail.com

T&C apply

G

Gopi Krishna Kunchi

11 Months ago

My father invested some amount he received via sale of his house in capital gains account.

I have an apartment purchased by taking a home loan.

Now, my father wants to help me by purchasing my apartment using the amount he invested in capital gains account.

Can he purchase my apartment with the amount in capital gains account, so that it is beneficial to both me and my father?

Pls clarify.

CA Ankit Chaudhary     15 Feb 2019

Yes, only if your father can be the co-owner in that flat. For any clarification, feel free to write me at ankit@fundscoop.in or call at 7604033340. Thank You!

T&C apply

N

Nivedita

Does have an MSME certificate or Trademark registration have anything to do with GST?

CA Urvi Gandhi     23 Jan 2019

No

CA Ankit Chaudhary     26 Jan 2019

Dear Nivedita Ma'am,
MSME certificate is just to register yourself to a particular category of business size which can help in case of any special schemes by the department.

Trademark is to preserve the uniqueness of the brand name.

GST is an indirect tax and GST registration is to taken by the supplier of goods or services beyond the set threshold limit.

Therefore, these 3 are independent registrations. Thank You!

T&C apply

A

Arjun

As my landlord is not having PAN and he was ready to sign the ‘No PAN declaration form’, I have mentioned the actual rent of Rs.15200 while submitting the rent receipt in TDS with the landlord signed declaration.

But now I got the below intimation from my team that this is wrong and I should submit proof for only 8300 if landlord is not having PAN as per organization policy.

1. I heard that I can file the full rent with ‘No PAN Declaration form’ while doing the ITR. Is that right ?
2. If so, do I have to submit the wrong rent receipt with Rs.8300 now and revise it while doing ITR ? Is that possible to revise the HRA claim in ITR?
3. Or I should let the payroll team to reject only my HRA claim(clearing other declarations) and submit the proofs only while doing ITR ?

WHich is the better option ?

CA Ankit Chaudhary     26 Jan 2019

Dear Arjun Sir,
Greetings for the day!!
In case you will not be able to submit the PAN of the landlord, your employer will not consider the rent paid as deduction as per rule 26C of the Income Tax Act.

Giving wrong receipts to the employer is not advisable.

You can claim this refund at the time of filing of Income Tax return as per section 10(13A).

You may get a notice from Income Tax department for this mismatch between the amount which employer has reported against your report in ITR. You can reply back with the rent agreement and proof of payment to settle the issue in your favour. Thank You!

T&C apply
 
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