S
Shavez
If a person sell his property in april month of 2020 and purchase a new one in may 2020 than what would be the last date to file his itr
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by July 2021
CA Naman Maloo 31 Mar 2020It will be normal like any other income and you will have to file ITR before 31.07.2021
CA Amit S 5 Apr 2020For sale of property without any capital gain, no ITR is required. However if there is loss on sale such property, then you can report these losses and carry forward to next financial year for set-off against any capital gains by filing an ITR. For gifts to relative, no ITR filing is required
CA Arti Jain 6 Apr 2020These transaction are relating to Financial year 20-21. So if it is in non audit case then last date of filing is 31.07.2021
T&C applyH
Harsh Agarwal
I am an Indian Resident,
I was trying something new, So I found people and now I am providing brokerage services abroad. Both the seller and Buyer are outside India.
Now the question is “How can I receive my commission/ Brokerage in India if my money is more than limit of LRS ?”
You must show it as your genuine business income if you are earning brokerage.
CA Kantha Manjegowda 31 Mar 2020LRS applicable to remittance outside India,
commission / brokerage is revenue activity and there is no limit.
A
Abhinav Akash
Sold property which is inherited .And deposited that amount for F.D but somehow bank employee didn't kept that money under capital gain and Now Notice came that your PAN CARD IS FLAGGED .It says file ITR pay it or response to compliance portal .
We are not economically sound ,We planned to buy another land in town. Please advice what to do .
Did you file the income tax return for the year in which the property was soled? Or this flagging is for non filing?
CA. Ankit Chaudhary - 7604033340
Bank officials do not themselves deposit the amount in Capital gain account scheme you need to fill the form and deposit the same in that scheme.
If not you will have to pay tax on same.
If you need any professional assistance you can mail me at canamanmaloo@gmail.com
K
Kumar
Olymp trade is an online trading platform since 2014. Do I have to pay tax for earning money from it. If so then how and in which category.
Yes it depends on type of shares and trading.
Yes you definitely needs to pay tax.
If you need any professional assistance feel free to contact me at canamanmaloo@gmail.com
If you are earning gains, taxes are required to be paid. The nature of the gains needs to be evaluated. For professional assistance/ advice, connect at +91 9830375894.
T&C applyH
H M Sharanya
Dear Sir,
My self Sharanya, I am a managing trustee in our trust called by the name "JOY SOULS FOUNDATION". Our trust was first called as "LITTLE HANDS TRUST" and was registered in December 2015. Since then we have not taken PAN in the name "LITTLE HANDS TRUST" and not done activities in that name. Recently in November 2019 we changed the name of the trust to "JOY SOULS FOUNDATION" and obtained PAN and we have done few social activities.
Please guide us on how to obtain 80g without 3years of accounting and auditing.
Have you obtained 12A/12AA registration?
What is the date of trust mentioned in trust deed?
We need to check the queries that would be issued by CIT for granting such registration.
If you need professional assistance you can contact me at canamanmaloo@gmail.com
Important decision of SC
Section 12AA provides for registration of a trust. Such registration can be applied for by a trust which has been in existence for some time and also by a newly registered trust. There is no stipulation that trust should have already been in existence and should have undertaken any activities before making application for registration.
Since section 12AA pertains to registration of Trust and not to assess of what a trust has actually done, it is viewed that term 'activities' in provision includes 'proposed activities'. That is to say, a Commissioner is bound to consider whether objects of Trust are genuinely charitable in nature and whether activities which Trust proposed to carry on are genuine in sense that they are in line with objects of Trust.
Ananda Social & Educational Trust-v-CIT [2020] 114 taxmann.com 693 (SC)
So, 3 years criteria for 80G also is not mandatory. If your work is genuine and the Commissioner of Income Tax (Exemptions) gets satisfied with it, then he may issue the certificate.
With Regards,
Ankit Chaudhary - 7604033340
Registration can be Obtained there is Time Limit for 6 months for granting the Registration,There is some Specific clauses that your Trust Deed must Contain ,kindly Update your Trust for the same .
1. Your Trust Deed/ Memorandum of Association does not have IrrevocabilityClause. Please include this clause in your Trust Deed/ Memorandum ofAssociation and file a certified copy of the amended Trust Deed/Memorandum of Association
2. Your Trust Deed/ Memorandum of Association does not have a clause thatthe beneficiaries are a section of the public and not specific individuals.Please include this clause in your Trust Deed/ Memorandum of Associationand file a certified copy of the amended Trust Deed/ Memorandum ofAssociation.
3. Your Trust Deed/ Memorandum of Association does not have any clauseproviding that in the event of dissolution of Trust/ Society/ Non Profit Company,the funds/ assets of the Trust/ Society/ Non Profit Company willbe transferred only to some other Trust/ Society/ Non Profit Companyhaving similar objectives. Please include this clause in your Trust Deed/Memorandum of Association and file a certified copy of the amended TrustDeed/ Memorandum of Association.
4. Your Trust Deed/ Memorandum of Association does not have any clauseproviding that the funds/ property of the trust will be used only for theobjectives of the Trust/Society/ Non Profit Company. Please include thisclause in your Trust Deed/Memorandum of Assosiation and file a certifiedcopy of the amended Trust Deed/Memorandum of Assosiation.
You can contact me further for checklist and further guidance -Regards CA Arpit Khetan -9922516162 caarpitkhetan@gmail.com
