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Mohit Singh
I used to send remittance out of india each month about 35k rupees to my friend for support..using online site .. is there any issue regarding income tax department or fera?
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Income tax does not have any issue subject to in case if payment is related to business,however ensure that your remittance is covered under "LRS".
CA Loveseema Sharma 3 Jan 2020No issue from Income tax department. Regarding Fera, please check the following link. https://m.rbi.org.in/Scripts/FAQView.aspx?Id=115#Q1
please read it in detail and check that you are not covered in the prohibited items.
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Joshi Jose
I need to know how to calculate TDS if a person joins a new organization in the mid of the accounting year (for eg: Sep), wherein he was unemployed from Apr to Aug.
The income earned from the period Sept- March shall be considered as total income under the head salary. Accordingly, you can claim deductions over it and then apply applicable tax rate to compute taxes. Total tax liability of the year shall be divided by the number of months which is 7 in your case and then equal amount of monthly TDS shall be deducted while paying salary each month. Feel free to connect on 8707297344 or cadaminiagarwal.29@gmail.com in case of any further assistance with respect to payroll compliance.
CA Naman Maloo 28 Dec 2019You can ask for his previous form 16 if he is not providing then you can consider you salary as total income and deduct TDS accordingly.
If you need any further assistance feel free to contact me at canamanmaloo@gmail.com
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Pavan Pal
I am planning to sell my flat today which was purchased in 2016 December. The flat was taken on home loan in 2016. I assume I will have to pay LTCG tax, but I wanted to know whether benefit taken under home loan for 80C and section 24 will be reversed? or not? What will happen to PMAY benefit that I got for 2.5 lacs?
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Mohd Shahnawaz
I'm working as a consultant for a US based startup for over a year. I get a fixed monthly salary from my employer and my employer does not deduct any taxes. I'm thinking of paying advance tax under section 44ADA (presumptive taxation). Can I claim HRA if I show my salary slips provided that my employer is not based in India, does not pay taxes in India, and did not deduct taxes from my salary.
If you are earning salary in India. You can show it as salary income.
But it would be better if you show it as profession under 44ADA and as per formula of HRA you won't be able to claim HRA as HRA provided as per salary slip would be zero.
If you need any further assistance feel free to contact me at canamanmaloo@gmail.com
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O P Jindal
Please tell that at how much interest gain in current financial year form 15 G is necessary to submit in bank for. No TDS deduction by bank.
