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A chartered Accountant with 6+ years experience in taxation and audit fields. Please visit http://www.caaishwariya.com/ for more information.
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Ashmit Rajpal
In the last financial year my father transferred his insurance money worth rs 18 lakhs to my account. So, will it create any issue as i am a student and have no income of my own currently. So do i need to file any return or is there anything i need to do to show that the money is transferred by my father?? It would be a great help if you answer my query.
In India, receiving a gift from a relative, which includes your father, is generally not taxable. Therefore, receiving the insurance money from your father should not create any immediate tax issues for you. But yu may still have to filr your IT return and request your father to draft a gift deed in your favour showing this 18 lakhs. Please feel free to contact 9642355275 or ca.aishwariya@outlook.com for further assistance.
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Adarsh
Want to open huf and do stock trading as bussiness. how can i generate initial capital
Hello Mr. Adarsh. Try using up your personal savings or obtaining a bank loan for the same. You could even see if there are any government assitsed funding for startups. If you need assistance with this, please feel free to contact me at 9642355275 or ca.aishwariya@outlook.com
CA Puja Sharma 28 Jun 2023The initial capital can be contributed by the Karta of the HUF.
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Raksha
I don't pay pay any tax and I'm not tax payer it is mandatory to link. adhaar card pan card if I fail.to link before 30th June 2023 after 1st July 2023 can I link it what will be the charges for it has government made any announcement about it pls answer my question
It is still mandatory. Please link your aadhar and pan card. It is not a very tedious process. If you could spend 20 to 30 mins you can easily finish that work
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Aryan Rai
Hi this question is regarding Foreign Assets. I work at a company in India which is listed in US and I have some company shares. Till now I have listed all the shares I have in FA section of the form. This year I sold an ESPP lot as soon as it got vested(Quick Sell Option).
My first question is, do I show this in FA section and if yes how would that entry look like?
Example I have 10 shares and total purchase price was 85 and total selling price was 100. How would this entry look like in the FA Section under these columns.
Initial value of the investment Peak Balance During the Year Closing balance Total gross amount paid/credited with respect to the holding Total gross proceeds from sale or redemption of investment
Secondly, the tax for the 15% discount I got in ESPP purchase as an employee was already deducted from my salary. Do i need to show this in capital gains and if yes how do I show that tax is already paid?
On sale, the resident individuals are liable to pay capital gains tax. The difference between the sale price and fair market value on the exercise date is taxed as capital gains. Such gains would be taxed based on the holding period, short-term (24 months or less) or long-term (more than 24 months), calculated from the date of exercise to the date of sale.
Short-term gains are taxed at income tax slab rates, while long-term gains are taxed at 20% with indexation benefit (revising the acquisition cost after considering inflation).
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Usha Bhakuni
I am a freelancer and work with an international client, getting paid in USD but the amount comes in my account from an EOR platform called Deel. I provide consultancy services in the field of legal compliance in relation to employment laws, income tax laws, social security laws, and such. I develop content for my client in the form of a summary of these laws, which is put in a country profile on the client’s website. I work on their proprietary tool. I am not a lawyer. Last year (FY 2021-22, AY 2022-23), I filed an ITR-3 to take benefit of presumptive taxation u/s 44ADA (under the code 16013-Business and management consultancy Activities) as advised by an online platform, I showed 70% of my income as presumptive income. I do not maintain account books, my income is less than 20lacs p.a. I had paid around 2.30 lacs as advance tax for the year. So, my return came out to be around Rs. 1 lac after filing ITR. I also had capital gains from selling equity and mutual funds. I filed my ITR in July 2022, but my ITR has not been processed yet as of June 2023. Upon filing a grievance, I got the response that my ITR has been caught under Seek for Clarification and a notice for the same will be sent on my email ID. However, it has been more than 15 days since the response and I have not received any email. I checked on the online income tax portal under the e-proceedings also, there is nothing. So now I have two questions – 1. What should I do further with my last year’s ITR to get it processed? 2. How should I file my current ITR – with presumptive income or not? I am confused as to why the previous ITR got caught and if it will be repeated if I file the same this year as well?
Hi. Can you please send me the ITR that you have filed to ca.aishwariya@outlook.com. I will take a look and respond to this. Also please wait before filing your return for this year. Usually, the returns are held under Seek for clarification if the department is not satisfied with the information provided or if there is any inadequate information , or it may also be for clarification of claims. Also, keep checking your email and log in to income tax portal for any updates under e-proceeding
CA Aishwariya Rajagopal 14 Jun 2023Please reach out to me at +9642355275. We can sort this out.
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Raksha
We can link adhaar card and pan card after 30th June 2023 also what will be the charges for it after 30th June 2023 pls answer my question
Please ensure you have linked your PAN with your Aadhaar, or else your PAN card will be inoperative from 1st July 2023. Without your PAN, you cannot file your Income Tax Returns (ITRs), submit 15G/15H declarations for nil TDS, or get tax refunds.
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Devesh Kumar
I am a coaching institute, if I purchased video lectures for 3 years to sell them then, these lectures are asset or expenditure to the compony?
Hi it would be considered a current asset in your case. But if the amount is not material say, if the amount is less than 5000, please feel free to write it off as an expense
CA Vanshika Bhardwaj 9 Jun 2023Since you are running a coaching institute, these video lectures shall be treated as stock-in-trade viz. current assets and will be recorded in the company's balance sheet. After three years, post sale of these videos, you can recognise profit/loss in the company's income and expenditure account accordingly.
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Jyyjf Gdgfd
My mother sold a house for 50 Lacs. She has filed tax on the capital gain. I am an NRI and living in Australia. Now she wants to transfer the money to my Australian bank account through net banking. Is there any document/gift deed required for her to prepare? Or will she get any query from the income tax dept/Fema for the same?
Hello SIr. As per the Income tax act, gift received from relative (In this case your mother) is fully exempt from tax. It is advised to draft a gift deed and make the online transfer to the NRO account with your bank. If you have any more queries, please reach out to ca.aishwariya@outlook.com
CA Aishwariya Rajagopal 7 Jun 2023FEMA does not apply if it is a non-business transaction
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Vinod Kumar
I have received a 143(2) notification on 02-06-2023 for the assessment year of 2022-2023. How to respond?
Hi, we deal in income tax litigation. We can connect.
camehulagg@gmail.com or +91-9811896771
Hi. Please send the notice to ca.aishwariya@outlook.com We need to first figure out why the notice has come.
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Prakash
I am trying to download COmpany incorporation certificate and the system keeps shows error in MCA portal.
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