H
Himansh
My company gives conveyance Allowance, Can I get claim of Rs 19200 for this allowance in ITR form ?
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YES
Conveyance Allowance is granted to meet the expenditure incurred on conveyance in performance of duties of an office . It is exempt to the extent of expenditure incurred. For more detail connect us @www.tarunguptaca.com or 9216216819
S
S
I am a salaried person and want to know under which section should I disclose purchase of residential plot bought and paid by my husband in my name. The value of the land is Rs 4.5L . Do I need to mention the amount while declaration. Pl help.
No need to mention the purchase of property while filing your IT Return.
For any assistance in IT Return filing, you can connect with us at ca.pujasharma@outlook.com
If your Total income is more than 50 lac then disclose the same in Schedule AL else no need to disclose the purchase of property.
T&C applyR
Rahul
Hello. My name is rahul. Recently i have started a job as a music composer for a studio based in USA. It's a remote job so i am working from home. It's not a salary based job instead i get paid on a hourly basis($25/hr), so my monthly income differs each month. My estimated total income would be around 28-30 lacs per annum. I want to know when do i need to pay the taxes.. Quarterly OR in a single installment. Do i need to register for GST? Please help md with this. Thank You.
Hi Rahul
As per the information provided, yes you're liable for A GST registration since you're indulged in export of services.
As per your estimated income, paying income tax on a quarterly basis in advance would be advised to avoid high interest on income tax liability while filing the ITR.
Contact for more information : 9811896771
Hello Rahul,
Under GST, your services to the US-based studio would be covered under Export of Services if you are receiving convertible foreign currency as consideration. Export services are zero rated supplies. You can apply for LUT and supply such export services without payment of GST.
GST registration and return filing compliances would be mandatory since the total receipts would cross the Rs. 20 Lakhs limit.
Under Income Tax, the advance tax would have to be paid quarterly according to your net taxable income from the music composing business. Return filing would be required after the end of the concerned financial year.
I hope this answer satisfies your requirements. For a detailed resolution of your query, you can contact us directly at badlaniassociates at Gmail or take a phone consultation.
Regards,
CA Hunny Badlani
Badlani & Associates
Yes, GST registration is mandatory in your case because your aggregate turnover exceeds the threshold limit provided under the Act of Rs. 20 Lakhs.
For any assistance in GST filing, you can connect with us at ca.pujasharma@outlook.com
V
Vinai
I have a residential house with a number of tenants.
I also have a written agreement with a service provider to collect the rent from the individual tenants, deduct his consideration and credit me with the balance.
What would my turnover be:
(a) the aggregate of the rents as per tenancy agreements
Or
(b) the total of amounts transferred to my account by the service provider
Turnover would be aggregate of the rents but you will also be eligible to claim deduction for the expenses that you incurred to generate the income. For more professional assistance , connect us @ www.tarunguptaca.com or 9216216819.
CA Puja Sharma 18 Jul 2022The total rent as per the tenancy agreement will be your aggregate turnover.
For a more detailed discussion, you can connect with us at ca.pujasharma@outlook.com
D
Devanshi Chadha
Which ITR do I need to file to show my TDS-194c income? Can I file ITR 1 and show it in the others section? And how?
Yes if only that income. For proffessional help contact deepikajagan01@gmail.com
CA Roomi Gupta 18 Jul 2022Incomes that are received from the contract (TDS -194C) are to be shown under the head income from business or profession and you will also be eligible to claim deduction for the expenses that you incurred to generate the income. ITR 4 will be applicable . For professional assistance , connect us @ www.tarunguptaca.com or contact @ 9216216819.
CA Puja Sharma 18 Jul 2022If the contract income is not regular, then you can file ITR 1 and report it under the head of other sources.
For any assistance in return filing, you can connect with us at ca.pujasharma@outlook.com
