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CA Abhinandan Jain  

CA in Practice
10Year  8Month  experience

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Pune
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B

Bharani

2 a year ago

Iam cement dealer.. as gst i am paying 28% on my purchases.. so after purchase can i claim tax refund if yes how much i can claim ??

CA Deepak Kucheria     28 Jul 2020

It depends upon GST rate of your outward supplies and nature of supply (i.e. whether it qualifies as zero rated supplies). For further information please connect with us on +91-9911744028.

CA Abhinandan Jain     7 Aug 2020

The GST paid on inputs by you will be utilized against the GST recovered by you from the customers. Generally, since the goods are sold at a higher price than purchase there is no refund of tax.

T&C apply

M

M K Gupta

2 a year ago

I am treasurer of a residential apartment association. The data corresponds to FY 19-20.
Income:
FD interest of about 8 Lakh and bank deducted 10% TDS.
Collection from members: 32 Lakh
Expense:
Repair and maintenance + common expenses security, electricity, etc: 38 Lakh
Advance Tax: Rs 10000/
ITR not yet filed.
How to calculate Income TAX amount?
How to show TDS deducted by bank, Advance tax and actual income tax in Balance sheet and income expense report?

CA Dhiraj Satnalika     4 Aug 2020

Dear Sir,
You need to get your accounts audited from a CA and he can prepare everything for you. You can also call me for any further discussion.

Thanks & regards,
CA Dhiraj Satnalika
dsatnalika@gmail.com
8826016982

CA Naman Maloo     4 Aug 2020

I would suggest you to take a consultation with us to discuss things in detail.
If you need professional assistance feel free to contact us at canamanmaloo@gmail.com

CA Abhinandan Jain     7 Aug 2020

Greetings for the day!!!
In my opinion, in case you are talking about an housing society then:
1. The income from way of contributions from the members less the expenses on such activities will be deductible under section 80P.
2. FD interest is taxable. There is view that if the housing society maintains FD with co - operative banks then tax is not chargeable on such income.
3. TDS and Advance tax has to be shown as asset in the Balance if the same is refundable as per final tax computation. Otherwise a provision for tax will be created and it can be transferred to such account.
However before finalizing it is advisable to consult a professional for better interpretation of facts.

CA Rakshit Jain     14 Aug 2020

For any help or advice contact on 9587334442 or rakshit1192@gmail.com

T&C apply

R

Reetika

2 a year ago

A person is starting his own construction business at the age of 66 does he need to register for Professional tax in maharashtra

CA Abhinandan Jain     7 Aug 2020

Greetings of the day!!!
The payment of professional tax is not to be made by any person after attaining the age of 65 in the state of Maharashtra.

CA Rakshit Jain     14 Aug 2020

For any help or advice contact on 9587334442 or rakshit1192@gmail.com

CA Ram K     15 Aug 2020

It depends on how number of employees..

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S

Siddharth

2 a year ago

I have field a return for AY 19-20, but it is still not processed and status shows transferred to AO... I've opened a Grievance with AO but have been advised that the right is still with CPC bangalore and it has to be processed by them. When I opened a grievance with CPC bangalore they have advised that they can't do anything it has to be looked into by AO only. I have submitted around 10 grievances on this but both AO and CPC Bangalore are closing it mentioning each other responsibility.... Kindly advise any other way forward as no party is ready to process it.

CA Abhinandan Jain     23 Jul 2020

As per my opinion, once the return is transferred to AO, CPC cannot do any further processing. The AO has to process the return. You can file a letter with the AO, attaching the status as per the portal and a copy of your return and computation sheet and get an acknowledgement on the letter from the AO.

Siddharth     29 Jul 2020

Thanks for your response. Can you guide how to file a letter, as eGrievance itself AO has revert with a letter in e proceedings that it has to be looked by CPC bangalore. So I already have a response from AO

CA Abhinandan Jain     7 Aug 2020

You can contact on jainabhi189@gmail.com or 9860356763.

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M

Mohammed Abed Osmani

2 a year ago

Good Afternoon Sir,

My father is running a security service company. he is having income tax filing as a propretor. he is not having ITS on the company name.
so please suggest me that he should file ITS on the comapany name or should we continue with the propretor name?

CA Abhinandan Jain     2 Jul 2020

I did not get what you mean by ITS. But for a proprietary firm the ITR is filed on individual name only. For further clarity we can discuss on my email jainabhi189@gmail.com

CA Naman Maloo     2 Jul 2020

What is ITS?
If you need professional assistance feel free to contact me at canamanmaloo@gmail.com

T&C apply

S

Shivangi Vats

2 a year ago

I need assistance with my tax filing and need help with the ITR as i have been late for filing

CA Naman Maloo     1 Jul 2020

You can mail me at canamanmaloo@gmail.com or you can visit https://www.taxontips.com/income-tax-return/

CA Abhinandan Jain     2 Jul 2020

We can help you filing your return. You can contact us on jainabhi189@gmail.com for more information.

CA Ram K     5 Jul 2020

contact me at 9291318650 or acasairama@gmail.com

CA Navin Jain     11 Jul 2020

For professional consultancy, you can write to us at canavinjain1@gmail.com or reach me at +91 9830375894

T&C apply

G

Gajendra Malu

2 a year ago

What is the last date for application of Vivad se Vishwas Scheme ?

CA Naman Maloo     19 Jun 2020

It's been extended to 31.12.2020
If you need any assistance feel free to contact me at canamanmaloo@gmail.com

Gajendra Malu     19 Jun 2020

So , can I apply for VSV in Nov 2020 also ?

CA Abhinandan Jain     24 Jun 2020

Yes

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N

Namit

2 a year ago

My earning is by solving the students online homework problem, and my T D S has been cut under sec. 194J. Which ITR form will be applicable to me?

CA Abhinandan Jain     22 Jun 2020

ITR 4 in case you have to show the income under presumptive taxation.

CA Naman Maloo     22 Jun 2020

File ITR 4 and show such income under 44AD.
If you need any assistance feel free to contact me at canamanmaloo@gmail.com

Namit     24 Jun 2020

Thanks Sir

    27 Jun 2020

ITR 4 or 3 depending on turnover and profit declared

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J

Jay Mehta

2 a year ago

Hi, I Am a sole proprietorship of the company and want to purchase the car on loan, should i purchase car as an INDIVIDUAL OR IN COMPANY'S NAME? will i get same benefit if i purchase car as an INDIVIDUAL under 80C income tax deduction of interest rate and fuel and maintenance

CA Abhinandan Jain     18 Jun 2020

1.For sole proprietorship you can purchase the car in individual name.
2.For repayment of car loan there is no deduction under section 80C.
3. You will get deduction of interest under normal provisions and it will be allowed as expenditure in profit and loss account.
4. You can also claim expenses for fuel and maintenance.

    27 Jun 2020

80c is separate. Interest and maintenance is available as deduction from business income. Depreciation is available on basic amount. Provided the car is used for business purposes

T&C apply

S

Subha V

2 a year ago

I am a buyer( Indian citizen living in Hyd) about to buy(sale value > 50 lakhs) a residential flat in Hyd from a NRI seller. The NRI seller has PAN card. Should I deduct 1% or 23% TDS before registration and pay the remaining amount to seller? or can I pay the seller the full amount and they take care of taxes later?

CA Abhinandan Jain     18 Jun 2020

1. For transaction value above Rs 50 lacs, TDS will be 22.88%. 20% tax+ 10% surcharge+ 4% cess
2. TDS is to be paid by the buyer. Also a TAN number needs to be obtained and seperate TDS return is to be filed. Since the responsibility is on buyer as per laws it is suggested that you only pay the amount. If the seller fails to comply with any of the provisions for TDS, the default will be on the part of buyer as per law.
In case of any further assistance you can contact me on jainabhi189@gmail.com.

CA Ram K     20 Jun 2020

Agree with Abhinandan. Furthur if you need clarity you can contact me at 9291318650 or acasairama@gmail.com, from Hyderabad, telangana.

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