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Sunny Verma
I provide some contact to my friend and he did some business and make profit of around 1.50 lac. Now he want to give 50% profit share to me. How he shows this transaction in his business.
As he is asking to deduct 20% income tax on total profit and than dividing the profit, means 150000-30000=1,20,000 , my share only 60k.
Is any other way to increas my share might be showing some consultancy and amount show in expenditure so that he will not pay income tax on that amount.
its a commision income TDS rate is 5% for more details what app on 8989449201
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Gaurav
E commerce seller ko apne sabhi sell k bill rakhna jarori h? till assessment or few months ?
You are required to maintain bills for prescribed time. In general, under CGST, you are required to maintain records until expiry of 72 months from due date of furnishing annual return.
There are different requirement of maintenance of records under different Acts.
As per Income tax and GST if a person maintains books of accounts they need to maintain the same for 6 years.
CA Akshay Ranka 29 Nov 2020As per Income tax and GST if a person maintains books of accounts they need to maintain the same for 8 years.
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Raman Agrawal
Purchasing a house tax implications if housewife is co owner
It depends on weather your taking a housing loan or not. or weather the consideration is paid by only one co owner for full part etc. Youcan discuss more on 9587334442.
CA Akshay Ranka 29 Nov 2020Purchasing a house doesn't amount to tax whoever sources of income need to be justified
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Tejashree
How do i pay tax on money obtained from forex trading? How much do i need to pay the tax on it?
Forex income is taxable in India and is normally treated as regular business income
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Sabarinath
I have a salary account in IDFC. I opened it in 2017 when I was working. I worked only for 2 months. But I didn't close my salary account. I used the salary account for general purpose. Now when I saw the transaction my total credit for last financial year was around 14 lakhs. I didn't file any itr is it going it be problem??
It depends on various factors. Such as: are the credits made to account were cash deposits or account transfer. What is your current business or profession and many other such details. For further discussions you may call at 9587334442
CA Roomi Gupta 27 Nov 2020No matter its salary account or other...... source of credit need to be justified ....... and according to Income ITR need to be filed
CA Naman Maloo 29 Nov 2020yes it can
CA Akshay Ranka 29 Nov 2020u can still file ITR for AY 19-20 (fy 18-19) for more details what app on 8989449201 last date is 30/11/2020
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Kds
Is Amount paid to employee by Employer as Notice period pay taxable in the hands of employee?
Yes definitely
KDS 28 Nov 2020But isn't it tax free under section 10(10b)
Mr .. .. 28 Nov 2020Yes
Mr .. .. 28 Nov 2020Tax has to be paid on such notice pay
CA Naman Maloo 29 Nov 2020yes
yes
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Tamizh M
Best way to invest money of 1 lakh
It depends on duration you wish to invest, risk you wish to take etc.
CA Akshay Ranka 29 Nov 2020PPF account safe & secure plus 80C deduction
CA Puja Sharma 4 Dec 2020Its better to invest in Mutual Funds which gives return.
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Saransh Jain
The rights of a partner holding more share in case of dissolution in case of two partners . The goodwill and firm rights remains in the hands of person holding more share in case of dissolution?
The right depends as per partnership deed
CA Puja Sharma 4 Dec 2020All rights and duties will be as per the partnership deed. If the partnership deed is silent then you will have equal rights
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Srikanth Reddy
If a doctor earns more than 50 lakhs per year... What are the ways to reduce the taxes?
best way is to get books audited by CA
CA Roomi Gupta 30 Nov 2020Every person carrying on profession shall, if his gross receipts in profession exceed fifty lakh rupees in any previous year get his accounts of such previous year audited by an accountant before the specified date and furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant. Tax will be calculated after booking all expenses & income
CA Roomi Gupta 30 Nov 2020Can contact at 9216216819 for further detail
CA Puja Sharma 4 Dec 2020Maintain complete books of accounts and get your accounts audited. He can reduce tax by keeping records of all expenses which will reduce the business profit. Further the individual can use the 80C, 80D and other deductions for saving tax.
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