K
Krishnasagar
I am the buyer wishing to buy a property of co-owners, 2 persons (sellers/ vendors) and amount for sale consideration/ agreed is 83 lacs INR which will be shared equally among co-owners as per property laws, still do I need to deduct 1% of the amount for sale considered and generate form 26AS?
Here, 83 lacs INR amount is shared among co-owners as 41.5 lacs INR equally which is less than 50 lacs as per section 194-IA.
Also I have observed that, there was such a case resolved at ITAT, Jodhpur Bench, Jodhpur court
Case name: M/s. Oxcia Enterprises Private Limited Vs. DCIT, Circle-TDS, Udaipur,
Appeal no: ITA No.291/Jodh/2018,
Judgement date: 06.05.2019
which stated in favour of appeal that there is no TDS applicable as per section 194-IA for such case. Please check para 5 and 6 of judgement order. For reference, there is an attached court judgement order.
So with this reference, I would like to know more about my case described before and firm clarity on the same.
Please let me know soon about the same.
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Yes so this is a case which means there is litigation in treating this 50 lakh on each person so it's always better that if you wish to not get into litigation deduct TDS.
If you need any consultation click here: https://www.taxontips.com/tax-notice-personal-consultation/
S
Sudhanshu B
Hi. Last year I had an injury owing to which I have been declared to have a disability and I was given compensation for the injury as per my company standard documents. Since this is compensation and not income, is it mentioned in ITR form or how does one mention in ITR form?
C
Citizen
Gambling income
What if I won rs.20,000 but have already lost rs.30,000 so do I need to pay tax on my winnings or the amount is it exempt upto the extent of my winnings because I suffered a netloss of rs.10,000
As per income tax they don't see loss you need to pay tax on winning.
T&C applyK
Krishnachandra Pandey
I am doing freelancing work (export of service) and my current years earning is 23 Lac, I was not aware that it is compulsory to register for GST after a turnover of 20Lac, now what can I do. please suggest
Kindly apply for GST registration immediately so that further non-compliance can be avoided. Please call on +91-9911744028 for assistance in registration and understanding the repercussions due to non registration for certain period.
CA Hunny Badlani 30 Mar 2021You need to register yourself for GST immediately. Considering your supplies qualify for export of services, you can supply such export services without payment of IGST under LUT. For further assistance, Kindly contact us at badlaniassociates at Gmail.
CA Naman Maloo 18 Apr 2021You can apply as soon as you get to know and slow the excess invoice in next month.
If you need any assistance you can read more here: https://www.taxontips.com/category-goods-services-tax-gst-registration/
https://www.taxontips.com/gst-registration-for-freelancers-in-india/
Or connect with me
S
Sourav
How to declare freelance income?
Either as other income or if it is substantial then business/professional income
CA Hunny Badlani 30 Mar 2021It can be declared under business head, depending upon the nature of freelancing services provided. For further assistance, Kindly contact us at badlaniassociates at Gmail.
CA Naman Maloo 18 Apr 2021Show it as your business or professional income.
You can read more here: https://www.taxontips.com/can-a-salaried-employee-show-business-professional-income-and-file-itr-4/
