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Thanga
I was doing small business through online. I supply goods locally and to interstate wise. My turnover will be about 10 lacs per annum. Do I need to register for GST. Is it compulsory?!
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Hello,
Yes, a person making interstate supplies of goods is compulsorily required to get himself registered under GST.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
In case of Inter State Supply GST Registration is compulsory, irrespective of turnover.
For further assistance you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
Yes you will require GST Registration for doing business.
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Sheshank
I am working for a usa based firm as an independent contractor. I am currently in india. I will be moving to London and continue tot receive the consulting income in my Indian bank account. How will the tax works in this case .
Since you are currently residing in india all the income you earn worldwide is taxable here in india. However once you relocate to London then depending on your residency status your taxability of income differs.
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Sheshank
I am working a independent consultant for usa based firm from india. Now I am moving to London and wanted to continue doing the same. Where would I be olbiged to pay taxes as the consulting income recieve in indian bank account
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Param
I am paying a HRA of more than 50,000 and paying rent to land word on quarterly basis. As per the IT department rules, I have to deduct TDS on the rent paid. I have below queries:
1. How much TDS I should deduct ?
2. When should I pay the TDS to the IT department? Is it only once in year in the month of March or every quarter as I pay rent every quarter?
Pay Tds and file TDs return on Quaterly basis. Deduct tds @10% on the rent amount (Excluding GST, if any).
For more details please call me on 99295-11888 or email me on jrcojaipur1@gmail.com
You are paying rent to landlord exceeding Rs. 50,000,/- in that case you have to deduct TDS U/s 194-IB @ 5%. & it needs to be deposited once in a year.
If you are liable for tax audit in that case TDS rate would be 10% and TDS needs to be deposited on monthly basis.
For further assistance you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
TDS is 5 percent of the total rent. Tds should be deposited by march or the last month of tenancy which ever comes first.
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Manik
Hi! I've not posted my IT since more than 5 years now since my income was mostly from interests in FD's which was much below 1.5 lakhs/year. Last financial year however I did some F&O trading with no profits but as I understand F&O is considered as business, I would like to file IT return. Question: Do I need to file the IT return for all the past years or should I only post the return for last Financial year?
Hello,
You would be required to file return for last F.Y. i.e. 2020-21 only.
Regarding F&O trading, you can declare loss under the business head and set off from your other source income.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
In any case you needs to file ITR for previous financial year i.e. FY 2020-21.
As regarding F&O , it is considered as business income & needs to file ITR. You can also refer my published article in Tax Guru "F&O Turnover, Taxation, Audit & More"
For any assistance or consultation you can reach me at ca.rahuldwivedi@gmail.com or 9004485377
