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Can i use same gst for different business verticals
Yes, you can use the same GST number for different verticals. For any assistance in GST filling, you can connect with us at email@example.comCA Rakshit Jain 14 Apr 2022
Yes you can, However If the turnover from each vertical is not big then this may be taken, but for vice versa it is advisable yo have different GSTIN for different Business verticalsT&C apply
Hello. Can we claim HRA and house loan together if i am not staying in self occupied property and paying a rent to family member
Yes, you can claim both HRA and house loan deduction together. However, it becomes difficult to justify the genuinity of the rent paid to your relatives in case of scrutiny proceedings.
For a detailed discussion, connect with us at firstname.lastname@example.org.
Yes you can as there is no specified restriction the Income Tax Laws, however you need to possess all the relevant documents if any inquiry whatsoever may arise from the Income Tax DepartmentT&C apply
Need consultation on tax benifits against 2nd home loan / property purchase (plot)
You can connect with us at email@example.com for a paid consultation.CA Rakshit Jain 14 Apr 2022
As per the latest Income Tax Provisions you can benefit of Second Home loan as well, however the Interest can be claimed upto a maximum of Rs.200000 including both the housing loans together.T&C apply
Not filed my income tax return for last 4 years now what to do?
Cannot file previous years income tax returns nowCA Rakshit Jain 14 Apr 2022
Hello, Last date to file belated return for Financial Year 2020-21 was 31stt March 2022, however if you have some TDS unclaimed amount in the previous years or for any similar reasons, you can file under section 119(2)(b) of Income Tax Act after taking requisite permission form the Appropriate Authority i.e. CommissionerCA Rahul Dwivedi 15 Apr 2022
Now you can not file old income Tax Returns. Only return that you can file is for the FY 2021-22. In case you have unclaimed TDS we can file condonation application and try to claim the refund.
For further Assistance you can reach un on firstname.lastname@example.org or 9004485377
now you can file updated return from 19 20 for professional help contact email@example.comT&C apply
Please help with the tax deduction in salary
What kind of help you need?
Detailed salary break-up required
Can we form an LLP company and get people's money as loan or investments and use the same accordingly.
As per my knowledge there is nowhere specific prohibition on the taking loan (unsecured ad well as secured) by the LLP concern, so yes you can taken loans but what is the basic intent of taking a loan? Is it like you want to run a NBFC or for the business purpose?T&C apply
What if the business asset is not added in balance sheet and then renovated the building in future, what steps to be taken to add the renovated building in balance sheet
Please contact CA Ganesh Kakani +91-9420683637CA Rakshit Jain 13 Nov 2021
If there is any asset which is not added to the balance sheet then you can add the same is the immediate next balance sheet. The accounting will credit the capital account and debit the asset. Hence it will be a rectifying entry for the mistake of the past. However you should assess all the assets at once and thereafter pass a single entry to add all the assets which were skipped in the past returns.
For more you can anytime contact me at 9587334442.
Do I have to pay taxes for foreign income in my account exceeding 10 lakhs a year
Yes but it depends on what type of income you are talking about. Plus residential status is also to be ascertain.CA Naman Maloo 15 Nov 2021
You have to pay tax on any amount of Income received from foreign even if it is below 10 lakh subject to nature of income.
To know more book a phone consultation with expert at: https://www.taxontips.com/tax-notice-personal-consultation/
I want to know all about cryptocurrency taxation in a readable and understandable mannar.
Govt mulling levy of Income Tax, GST on cryptos; Bill in Winter Session.
“One of the key issues is taxation. If there is gain or income from crypto, it should be taxed per capital gains rules. Similarly, if there is service involved in the transaction, then GST needs to be levied,” said a top government source.
1. This means the intent to tax is expected to be mentioned in the legislation, and then provisions will be added in the Finance Bill to facilitate imposition of direct tax. For tax on transaction service, the Goods and Services Tax Council (GST Council) will take a final call.
2. A comprehensive Bill on crypto will detail the taxation. The Bill is expected to be introduced in the the Winter Session of Parliament, starting later this month. Meanwhile, the Standing Committee on Finance will initiate detailed discussions on crypto assets at its November 15 meeting.
3. Whether cryptos are to be treated as a currency or an investment asset, there is no clarity. It is highly unlikely to get the status of a currency.
4. The RBI has repeatedly conveyed its reservation on cryptocurrencies. RBI Governor Shaktikanta Das is on record that: “We have major concerns around cryptocurrencies,which we have conveyed to the government.”
5. Just before the Budget Session earlier this year, the government had released a list of Bills including one titled ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’. Its purpose was to “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of crytptocurrency and its uses.”
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So basically there no such laws currently governing the income from crypto. Sooner we are going to see one.
For more discussion you can contact on 9587334442 or mail at firstname.lastname@example.org