S
Swapnil
Income Tax : I am getting driver salary reimbursement under monthly salary. I had submitted driver salary paid receipt to my employer and got the deduction for the same. Unfortunately I could not submit last quarter salary slip to employer on time, How I can get the refund at time of ITR filing?
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It will not be reflected in Form 16 but still you can claim the same while filing your income tax return.
Swapnil 27 Mar 2019Thanks for information..
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Ashish Thakur
I have booked a flat on Nov 2018 for a under construction project which has a completion on 31st July 19, the flat was booked with an advanced payment through bank transfer for the amount of 1lakh . I am being charged 12% GST where I am being provided 3% of ITC. Post deduction of ITC I am being charged GST at 9% on the total flat price including amanities charges.
I was about to do the registration for the flat and the news for GST change had come out. I asked the builder to wait till 1st April 2019 so that instead of he charging me 9% of GST after deducting ITC, I will have to pay 5% GST. However the builder says that in that case he will increase the flats rate. As per the builder even if I have a already booked flat the flat rate increaseas they have to cover the difference or deduction in the package. What I cannot understand is that the GST is going to the government and the government has bought a change in the GST concept to provide consumers their benefits of the reduction in GST. However I am unsure why builder is trying to change the flat per square feet rate of a already booked flat even after the change of GST rule is applicable. Please let me know if this falls under anti profiteering
"The Goods and Services Tax (GST) Council on March 19 allowed real estate developers an option to choose between the old tax rates and the new ones for under-construction residential projects to help resolve input tax credit (ITC) issues.
The council that laid out transition rules for the implementation of new tax rates for the real estate sector has decided that builders will get a one-time option to continue paying tax at the old rates (effective rate of 8 per cent or 12 per cent with ITC) on ongoing projects. “Ongoing projects” means projects where construction and actual booking started before April 1, 2019, but which will not be completed by March 31, 2019.
The new tax rate of one per cent for affordable houses and five per cent for others, without ITC, will apply on all new projects."
Looking at the above decision of Gst Council it cannot fall under Anti profiteering as the govt itself has given the builders the option to choose between old and new tax rates.
For more details contact on casanchit2019@gmail.com
V
Vivek
I need salary structure breakup for amount Rs.7.5 lks for my employee to reduce maximum TDS
It is not possible to give Salary Structure breakup without knowing the details of the employee...but still on general assumptions I am giving the salary structure for Rs. 62500. i.e. (750000/12)
Basic Rs. 35000
HRA Rs. 17500
Children Education Allowance Rs. 200
Special Allowance Rs. 9800
Total Rs. 62500
Note: It has been assumed that he lives in rented accomodation and has 2 children.
For more accurate breakup you can give more details about your employee.
Further u can connect me on 9953461065 or casanchit2019@gmail.com
Further there are some allowances exempt on expenditure basis.
For Salary structure we need to discuss
contact on 9708549709 or jhaakandco@gmail.com
K
Krishnaraj Ck
When I looked up the GST no. of my facility management company on the GST portal, I saw that the GSTIN / UIN Status was Cancelled since Jan 2019. In the latest maintenance demand they gave, they have still charged me GST. Are they allowed to do this?
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Shashank Vijayvargiya
I took a personal loam to payoff my education loan. Can I claim the interest paid in personal loan as deduction as it was availed to pay for education loan?
As per Sec 80E of Income tax Act 1961, interest on educational loan taken from financial institution or approved charitable institution qualifies for deduction.
There is no such clause in the section which specify that interest on loan taken to repay original educational loan will qualify for deduction,so you cannot claim it as deduction.
For any further help,contact at arhad.consultancy@gmail.com or 8355841137
contact on 9708549709 or jhaakandco@gmail.com
