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S
Shoheb Ali Bhutto
I m taking distributorship of packaged drinking water bottles.
So want to know which licence is to be taken for starting the firm for distributorship other than GST.
Kindly guide me is sny other license required to be registered other than gst.
1.Fssai License
2.BIS Certification Mark to manufacture/sell/exhibit packaged driniking water.
3.Packaging and labelling act
A
Ajit
The rent agreement for my Commercial building expired on April end of this year. The tenant has not paid rent from March. He has also not renewed the rent agreement. The rent in expired agreement was 146000 per month.
I don't know how much rent he will pay this year. How should I calculate the advance income tax to be paid? If he pays me no rent, should I still pay tax, since rent is legally due from the tenant. He is also not ready to renew the agreement or vacate.
Since rent income is taxed on accrual basis and not on cash accounting basis, is it not taxable, even if rent is not received in that financial year, especially if he does not vacate?
There's a concept called Unrealised Rent under Income Tax... which has few conditions as well to ensure it is not taxed.
CA Jaya Agarwal 4 Nov 2020If following conditions are satisfied, then unrealised rent pertaining to the previous year is to be deducted from actual rent of the previous year:
➣ The tenancy is bona fide.
➣ The defaulting tenant has vacated the property, or steps have been taken to compel him to vacate the property.
➣ The defaulting tenant is not in occupation of any other property of the assessee.
➣ The assessee has taken all steps to recover such amount, including legal proceedings or he satisfies the Assessing Officer that legal proceedings would be useless.
D
Dr. Gajanan Vaishnav
I have registered a startup Private Limited Company on 26th May 2020. Me and my wife are directors. We are both employed and our employer has issued us Form 16. Our company has made some sale of about Rs.7000/- till date. We have not withdrawn any money from current A/c of the company. We have not taken any salary from the company. My question is (a) Do we need to file ITR-1 (based on Form 16 given by our employer) or ITR-2 (for company directors) considering my company is just 5 months old?
ITR-2, since you are a director, you only need to provide details of share purchase and directorship details, you also need to get your Company Audit done, Do reach out to Finaco Admin Team, they would assist you in getting it done.
CA Utsav Khandelwal 24 Oct 2020You will have to file ITR-2 as your a director now. Further at the year end you will have to get your company accounts audited and then file the income tax return
CA Naman Maloo 25 Oct 2020Since the company is registered in FY 2020-21 you have to file ITR 1 for FY 2019-20.
If you need assistance in filing your ITR/ tax assistance for company Click here: https://www.taxontips.com/income-tax-return/
Hope you find the information helpful.
M
Maulik Prajapati
What if I do not deduct TDS on the liable amount and I don't want to disallow my expense in an audit what should I have to do.
I have not tan Number
If your under audit for first time (Ind or HUF) then TDS provisions are not applicable to you, else total expense*30% would be disallowed,
CA Naman Maloo 25 Oct 2020If you don't disallow expense or don't deduct TDS you might be liable to penalty of amount of TDS.
To know more you can book consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
J
Jaya
My bank deducted TDS on fixed deposit in 2017. Can I claim the tax amount now 2020. My income is less than one lakh per annum for past 10 years. The fixed deposit amount was received from my father's savings after his demise.
Hi Jaya
TDS normally needs to be considered in the year in which income is offered to tax (in your case it is 2017), would advise to revise the return or in the year 2020 do manually consider the same to obtain the tax amount (if in case it is not utilised to pay any old tax)
R
Rajib
Hi, My residential status is RNOR (Resident But Not Ordinarily Resident) and planning to take up a freelance employment with a foreign employer who has no representative office in India. They pay salary by international bank transfer. Since no TDS is deducted, I would like to know the tax implication for this as an RNOR. Is there any service tax need to paid apart from normal income tax, as it's a freelance work ? If yes, what would the % of this ? What document (like payslip etc) is required to prove that it was a Salary payment ? Any help would be highly appreciated. Thanks
Hi Rajib,
When you state it's a freelance work, that itself says you are not employee of that company and instead it means you are providing Services to Companies located outside india (RNOR has nothing to do with this) instead you need to get consulted on whether GST Implications are applicable (Else you might face a penalty of 18% on total value), to prove that payment was salary payment, you should have appropriate documents, evidences that you and your payer have employer employee relationship and not contractor contractee.
I hope you got the point.
M
Mukund
IS NORMAL RECEIPT VOUCHER NUMBERS ARE TO BE DISCLOSE IN GSTR-1
No, Receipt Voucher where advance payment is received only needs to be disclosed in GSTR-1
Ref : A.Section 31(3)(D)of CGST Act
B.Rule 50 of CGST Rules
R
Riya Bhasin
Can we provide seminar speaker service under 44AD in come tax?
Hi Riya,
Yes, It can be done unless seminar is with regards to Institutes where speaker can only be such person who is qualified and covered under 44ADA category.
N
Nik
Hi Team,
I and my Father are transferees(coapplicants in loan as well) and both are contributing funds in certain ratio. There is one seller. Property worth >50L. Following are my queries-
1. Do I need to file two Form 26qb with TDS proportional to our funds?
2. Current TDS value is .75%. please confirm.
3. I have paid 1/6th amount till. Can I pay the TDS for the entire property cost now?
4. Also suggest things I should be careful about while filling form 26qb.
Could please help me to resolve the above queries. Thanks.
Hi Nik
1.TDS is required to be deducted if one payer is paying more than 50 lakh (To avoid any problem, practically it is done even if total value goes above 50 lakh irrespective of one share)
2.Yes
3.Yes
4.Form 26QB you need to be sure on Value,PAN,Date of agreement,Co-applicant details
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