C
Collin
Hi,
I have few shares of company that have been delisted. ( 2 companies because of liquidation and one because it was a shell company.) While filing ITR , should they be declared as unlisted shares and also can i treat them as long them capital loss and carry forward the loss
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Dear Sir,
Since at the time of investment, they are listing. You will be taxed at 10% special rate and also c/f in next years. For any assistance call at 7667559772
H
Hemant
Need advice , I paid 200rs fine for not wearing mask through debit card. But I just got POS machine receipt and not found - tax details, no pan details or any registration details on fine receipt.
200rs doesn't matter but I want valid receipt how I get when I buy anything from store or malls.
K
Kapil Sood
I retired on superannuation in July, 2019. During the Financial year 2019-20, I received total salary of Rs.7,00,000/- for the period from April,19 to July,19. In August, 2019 while making the payment of sanctioned death-cum-retirement gratuity of Rs.19,00,000/- under the CCS (Pension) Rules, my employer recovered Rs.5,00,000/- from the gratuity on account of excess paid salary during the previous years i.e. March,2012 to June,2019. While issuing the Form-16, the employer allowed exemption of gratuity under Section 10(10)(i) of the Income tax Act to the tune of Rs.14,00,000/-(Rs.19,00,000/- minus Rs.5,00,000/-) whereas I am contesting that this exemption should be for Rs.19,00,000/- i.e. for the whole amount sanctioned under the CCS Pension Rules as deduction was for recovery of excess paid salary during the previous years. Secondly Section 10(10)(i) says that whole amount of Gratuity received under the CCS Pension Rules subject to a limit of Rs.20,00,000/- [Emphasis is on the words underlined]. Expert opinion is solicited.
Dear Sir,
Since gratuity amount is Rs. 19 lacs, you will get tax benefit of whole Rs. 19 lacs and not Rs.14 lacs, i.e. after deducting excess salary. Yes, gratuity exemption limit is enhanced upto 20lacs. For any assistance call at 7667559772
S
Sahil
I am earning 6 lakh per annum from a private job . I have also earned 52 lakh from short term share trading in FY 2019-20. I dont do any intraday trading and my average holding period of stocks is 10 days. I also don't do any F&O trading. Will my trading profits be treated as short term capital gains and taxed@15% or will my trading income be treated as business income and clubbed along with my salary income .Please advise .
Dear Sir,
Since income from share trading is not a one time income, its a regular course of income, it becomes your business and hence income will be treated as business income and taxed at normal slab rate not @ 15%. For more information call at 7667559772.
S
Sudharshan R
I work in software industry and I had made Fixed Deposits for 20 Lakhs in my Grand Mothers name from my salary which I have earned over 4-5 years for which taxes were deducted from my salary(TDS). I made these multiple deposits in few lakhs for around 20 Lakhs over a period of time thinking I will get higher rate of interest as she is Senior Citizen and I have never filed any ITR returns for my Grand Mother till now. During, 2018-2019 most of the FD's got matured from one bank and I withdrew the amount in cash and made new deposits for the entire amount of 20 Lakh again in a new bank which gave a better rate of interest for FD. Now, I got a text messages on my Grandmothers mobile number that her PAN is flagged for not filing Income Tax Return for 2018-2019 and the Income Tax Department has received information about Cash Deposits of 20 Lakhs. I need to file the Income Tax Return for 2018-2019 for my Grand Mother and should I declare this amount of Rs.20 Lakh along with the few lakhs transferred to her account during 2018-2019 as a Gift received from grand child(myself) or just file the ITR returns for FY 2018-2019 with zero income?
Kindly call for profession advice at +91 9830375894 or write to us canavinjain1@gmail.com. You can also visit us at www.globaltaxation.in
CA Jaya Agarwal 25 Sep 2020Dear Sir,
Firstly, gift need not be taxed in hands of your grandmother. So, she not need to declare taxable income but need to show under gift in ITR. Moreover, Interest on FD will be taxed in hands of your grandmother's ITR.
For clarification call on 7667559772, ca.jkagarwal2011@gmail.com
