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Ahmed
Hi,
I am a freelancer and my annual income is 30 lacs. My expense is around 5 lacs for the financial year. I will file the income tax return using Presumptive tax option - 44ADA. Since the Presumptive tax is calculated on 50% of turnover. In my case 50% is 15 lacs but my actual expense (5 lacs) is much below that. Do i need to withdraw 10 lacs cash from account to reflect 50% as expense? I am asking this because there is a line in section 44ADA that says that taxpayer can show income more than 50% and pay tax on that.
Regards,
Ahmed
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Very true you have correct understanding of the provision and so it would be better either you show correct income or withdraw some amount.
If you need any other help or consultation you can contact me at canamanmaloo@gmail.com
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Pranam Ghagare
I have a LUT submitted for my GST.
I own a e-commerce store which does not advertise in front pf indians nor does it sells the products to indians.
As i have LUT now should i fill a nill return every month?
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Nivedita
How is filing tax for an OPC different from a private limited company?
The procedure is the same. We can help with all the compliance. Contact on 9719144360
T&C applyS
Sanket Wajge
I am working in South America since last 18 months. I am planning to return to India in the next couple of months. While coming to Chile, I did not open NRI/NRO account in India. Now, I want to transfer all my savings here to India. Can I transfer money in my savings account in India? Will there be any tax implications? I have paid tax here on my salary.
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Ravindran S
Section 89 of Income tax act and Form 10E relates to arrears of Salary received from employer, while claiming relief u/s 89 in the Income tax return. If arrears of interest is received from a Builder through a Court Order, under which section should I claim relief and how it should be shown in the Income tax return.
Dear Sir,
The clarifications in my opinion is as follows:-
1. The settlement deed should be well drafted to classify the compensation and interest received by the builder as a capital receipt. Section 2(47) of the Income Tax act, includes extinguishment in the rights of a capital asset as a Capital transfer which is subject to capital gains tax under special rate of taxation.
2. Compensation should be subject to tax. either in capital gains or on other sources as the case may be.
3. It will not be appropriate to segregate 50% in wife's account if initial source of fund to purchase the flat was from your own income only. Thank You!
