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Rahul
Mr Ram is the Karta of the HUF . His wife wishes to borrow a sum of Rupees 2 Lakh from the HUF and invest the same in post office at 6 percent .As per an agreement entered between her and the husband / Karta she will return this sum of of 2 lakh with 5 % interest to the family HUF. Now , will this sum she will be repaying back to the HUF " as Interest " be allowed as a DEDUCTION from her gross total income under any section of the Income Tax Act ? If yes , which one and what is the maximum limit of deduction on offer for any such interest payments ?
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The interest payment can not be claimed as deduction unless this kind of activity is a regular business carried out by her.
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Niranjan
If I use my stipend money(I'm a medical resident) to invest in shares or mutual funds, will the profit be taxable?
When you sell a share / mutual fund unit, the income tax department considers them a capital asset and treat the profit as a capital gain. Accordingly, tax will be computed. For more information, please contact us at camehulagg (at) gmail (dot) com or call us at 9811 89 6771.
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Bhavitha
What are the options to continue the business in case of Proprietor dies ?
Any legal heir may take over the business. If the proprietor was registered under GST law, then its GST has to be surrender, ITC (if any) to be transferred to the person taking over the business, stock to be transferred, if any. For detailed consultation, kindly contact at +91-9650511176
CA Mehul Aggarwal 26 Apr 2021There are legal compliances under the Income Tax Act and GST to transfer the business in the name of legal heirs so that business can be continued. To discuss further, you may reach out to us on camehul [at] gmail [dot] com or call us on 9811 89 67 71
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Safwan
Hello, we are a team of young entrepreneur aged 20 years and we are into a startup idea and this startup is related to Hangout or managing an event and a firm from Bangalore had liked our idea and had agreed to pay 1-2crore but due to corona they are taking third words back, so I wanted to know is there any scheme or anything where we can get 1-2 crore rupees for a startup idea? Please it's a bit urgent
Thank you
Hi, please share your pitch deck along with any video describing your product / service on camehulagg [at] gmail [dot] com
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Venkatesh
I am in 30% tax bracket and salaried. Have missed to pay tax for income from other sources and have missed in IT returns for FY 2019-2020 (section 143/1). Now in May 2021
1. What is the tax amount to be paid for that income from other sources of 1 lakh.
2. Any additional penalty to be paid for delayed payment.
3. What should be the type of ITR revision to be made (like within due date, after due date etc.)
Hi, please be advised that the income tax return for the FY 2019-20 cannot be revised after 31st Mar 2021. In case you've missed anything in your return, it cannot be changed unless you receive a communication / notice from the department.
To save yourself from any penalties, you may pay income tax on the income left unreported @30% plus interest @ 3% per month or part thereof. It may also be noted that the interest component is not accurate. For accuracy, please contact your tax adviser. Thank you!
For any further information, get in touch at camehulagg (at) gmail (dot) com
Have you also faced one such notice: https://www.taxontips.com/received-high-value-transaction-message-for-fy-2019-20-but-cannot-do-anything-as-no-revised-return-can-be-filed-now-lets-discuss/
You can book consultation with experts on the same.
