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Samvit Mishra
In SBI Interest Certificate there is a interest paid & interest accural. If an income appears under accural and we include that in our income and pay taxes , what will happen if the same amount gets included in next years interest certificate as interest paid? Doesn't it mean we are paying double tax by adding it to our income in two financial years?
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Rakesh
I am trading in stock market (Futures and options) (this is considered business income). My Turnover is less than 2 Cr. My Net profit is more than 12% of my turnover. Can I opt for Presumptive taxation under section 44AD and pay tax for only 6% of my turnover. I would reduce the tax I need to pay, no need to do auditing, no need to keep book of accounts and tax only needs to be paid at end of year instead of end of each quarter. Is this possible ?
I went through the section 44AD on income tax website and I didn't find any specific reason. Can any CA clarify is this valid and legal.
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Hello,
Yes, you can opt for Sec. 44AD presumptive taxation scheme for your F&O trading business income.
For further assistance, ou can contact us directly at badlaniassociates at Gmail or take a phone consultation.
Regards,
CA Hunny Badlani
Badlani & Associates
In my opinion, you can opt for presumptive taxation. For more detailed consultation, please connect with me at ca.pujasharma@outlook.com
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Aparna
I OWN A COMMERCIAL COMPLEX IN THE MAIN MARKET OF THE CITY , ALL THESE YEARS I HAVE BEEN SHOWING THE RENT RECIVED FROM RENTING THE SHOPS IN THE COMPLEX UNDER INCOME FROM HOUSE PROPERTY. CAN I SHOW THE SAME UNDER 44ad ? renting is my sole business
yes if it is only rental income.. Plz connect on 7679875546
CA Pawan Aggarwal 31 Jul 2021Strictly NO. For further details contact at pnkrgarg@gmail.com; Mob.: 9958558840.
CA Rahul Dwivedi 31 Jul 2021No, You Can't. For further details & planning purpose you can contact on 9004485377 or reach on ca.rahuldwivedi@gmail.com
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Ashish
We sale a property but buyer take loan from bank so amoun is taxable or not
Query is not clear Please ?
For you, sale of property is taxable under the head capital gain.
For further assistance you can reach me on ca.rahuldwivedi@gmail.com or 9004485377
For the purpose of Income taxability, it is irrelevant that payment received from loan or through self fund on sale of property. For further details please contact at pnkrgarg@gmail.com or Mob. 9958558840
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Rohit S
I am an entrepreneur looking at starting an import business, particularly importing food products into India. I already have an IEC (Import Export Code) under my individual PAN/ proprietorship name. I further need to register for FSSAI (Food Safety and Standards) license and GST. I have a few queries:
Taking into account factors such as costs, compliance, regulations, etc. - which type of firm should I establish
initially for this type of business - proprietorship, partnership or LLP (with wife), or OPC?
Assuming I go ahead with a proprietorship firm, would I able to use my trade name (XYZ Global) during
registering for FSSAI license and GST?
With respect to getting a FSSAI license under a proprietorship name, what liability may occur in an
unfortunate event of a product recall or an issue with a food product?
Please advise.
Thank you.
1) The type of entity needs to be selected depends on number of parameter, for that detailed discussion required.
2) In proprietorship firm you can have GST & FSSAI in firms name to do the business.
For further assistance you can reach us on ca.rahuldwivedi@gmail.com or 9004485377
