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Gaurav
Can one keep on investing (shares,mutual funds) with no selling and not file IT return. Income less than 5 lpa (agriculture income only).
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yes
CA Roomi Gupta 7 Dec 2020Income exceed from Min exemption limit i.e. 250000 required to file ITR. For More detail feel free to contact us .
Yes one can invest in mutual funds without filing IT Return if the Gross Total Income do not increase Rs. 2,50,000 for a particular FY. You have mentioned income less than 5Lac pa. If that is business income after deducting all expenses then you are liable to file IT Return. For more information and IT consultation can call on +91 94615 28592
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A Ambavkar
I am Indian resident for said financial year 2019-20, with Form16 for 8 months salary & tax paid in India,
I moved to Malaysia in same financial year and have last 4 months salary working in Malaysia having paid tax for the four months salary in Malaysia, will I be taxed in India too for the Malaysia four months salary.
Contact nagurn95@gmail.com
CA Puja Sharma 4 Dec 2020Yes, you have to pay tax India because you are resident for FY 2019-20. For Taxation of Malaysia salary you have to go by DTAA agreement. If the dTAA provides for taxability of Malaysia Salary in India then you can get the Tax Credit of the tax paid in Malaysia in India.
CA Naman Maloo 6 Dec 2020It depends on DTAA between India malaysia but normally you wont be taxed twice for same income.
You can book a consultation with expert here to get a full explanation: https://www.taxontips.com/tax-notice-personal-consultation/
Income never taxed twice ..... Income from India is taxable in India
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Vargheese
Hi, I have sold a Land for 30 Lakhs capital gain and have decided to reinvest it to save the Long term capital gain tax but I could buy another land with 20 Lakhs only, so my question is Do i have to pay capital gain tax on the remaining 10 Lakhs or i have to pay capital gain tax on the entire 30 Lakhs amount, Please clarify?
No you have to pay tax on remaining 10 lakh and transfer 20 lakh from that bank account to builder.
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Sunil Shah
Dear sir / madam,
My mother expired in September 2019. I got property from my mother which is in the form of fixed deposits, post deposit, shares and ornaments.
I haven't filed any income tax return before in my life.I will file income tax return now.
I am going to declare interest income. I haven't sold any thing till 31 march 2020.
Now my question is that,
Do I need to declare the details of movable property like ornaments, fds, shares etc which I received by Will from my mother at anywhere as per any Indian law? Does this whole movable property attracts wealth tax or any other tax ?
Thanking you
No need to declare the transfer of any moveable property from your Mother. You have to only report the interest income earned on the FD received from your mother and pay taxes accordingly.
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Sabarinath
I’m looking to register consultancy firm. I’ve eliminated pvt ltd coz lot of compliances are involved in it. I’m confused weather to go with partnership firm or llp. My concern with partnership firm is that it has unlimited liability. On the other hand llp also has lot of compliances is what I heard. If it’s only form 8 and form 11 then it’s fine. Are there more compliances involved in llp? Is it hard to run an llp without appointing an auditor? What would you suggest partnership or llp??
Aud is not applicable in all cases in LLP. Audit is only applicable under LLP Act if the contribution exceeds Rs. 25 Lakhs or turnover exceeds Rs. 40 Lakhs. Further Income Tax Audit will be separate for LLP is becomes applicable. Further in case of Partnership only Income Tax Audit will be applicable. So you may go for Partnership but since LLP is registered on MCA Portal and annual filling is always mandatory, banks and all prefer LLP.
Sabarinath 4 Dec 2020Thank you so much for the reply ma’am. So like you said if I go with partnership can I get into an agreement with client in the name of partnership firm?? Also if there is any dispute with client will the partners be personally liable or the firm in partnership?
CA Puja Sharma 9 Dec 2020Yes partner will have unlimited liability in Partnership Firm however in case of LLP the liability is limited. This is the major difference between Partnership firm and LLP.
Yes you can enter into agreements with clients in the name of Partnership Firm.
