R
Rao
I am an individual (have a GST registration) working as a freelancer on Upwork Platform.
All my clients are located outside India and have also filed LUT on the GST portal so that I do not have to pay the GST.
The payments that I receive on Upwork are in USD which I withdraw to a Online US Bank Account.
My queries:
1. Do I need to show these Upwork invoices in my GST filing as I am not withdrawing the amount to my India Bank account?
2. If I need to show these invoices in my GSTR-1, what will be the conversion rate USD to INR should be used. Usually all my invoices are issued on a Sunday and I don't see RBI Reference rates for Saturday and Sundays.
3. Upwork deducts 1% TDS on my invoice amount and they file TDS returns every quarter. The USD to INR conversion they use is a fixed value for every month and they don't use RBI daily reference rates.
Because of this, my GST Turnover doesn't match with the TDS returns made by Upwork. (Unfortunately Upwork did not disclose the conversion rate they use)
So in this case, what conversion rate I have to use for filing GST Returns.
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1. Yes you have to show the upwork billings while filing your GST return.
2. Take the date of Monday in that case.
3. Choose the RBI rate while filing your GST return. The difference can be explained if you receive any query in future from any department.
Hello,
You need to declare the upwork invoices in your GST returns even though you are not withdrawing it your Indian account. You can refer RBI exchange rate notificaitons for exports.
I hope that this answer satisfies your requirements. For any query, please feel free to contact us at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
P
Pranav Fokmare
In AIS/TIS I have Outward foreign remittance/purchase of foreign currency which ITR should I file?
Salary, Dividend, Interest from savings bank, Interest from deposit, Sale of securities and units of mutual fund and Outward foreign remittance/purchase of foreign currency
You can use ITR 2 to file your Income Tax Return because sale of securities and mutual funds will result in capital gain.
In case of purchase of foreign currency above a certain amount, it is necessary to file ITR. So in your case you will be filing your ITR which will complete the compliance.
For any futher query, you can connect with us at ca.pujasharma@outlook.com
Hello,
ITR-2 will be filed in your case.
I hope that this answer satisfies your requirements. For any query, please feel free to contact us at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
https://goo.gl/maps/CHA32shfXavRgdLr5
A
Ankush Katiyar
Can I assign share at the back date
Yes, you can show the transfer at the back date. Your Capital gain will arise on the basis of that date of transfer.
For any assistance in ITR filing, you can connect with us at ca.pujasharma@outlook.com
N
N Giri
I have purchased Rural agricultural land on 25/05/2018 for 63,38,000/- ( 58,20,000 + 3,28,000 Stamp duty + 90,000/- brokerage) and the same is sold on 68,60,000/- (71,00,000 - 1,40,000 brokerage). I do not want reinvest in purchase of agriculture land in future. Experts, my question is,
1. I learnt no capital gain arises, but if want to show the sale proceeds, WHERE and HOW to show exactly in ITR-2? Can I show the difference 5,22,000/- as gain? or if use the capital gain formula C.G becomes - 3,16,000/- Please advise.
Rural Agricultural Land is not considered a capital asset under the Income Tax Act if it satisfies the following:
(a) If situated in any area which is comprised within the jurisdiction of a municipality and its population is less than 10,000, or (b) If situated outside the limits of the municipality, then situated at a distance measured- (i) more than 2 km, from local limits of the municipality and which has a population of more than 10,000 but not exceeding 1,00,000; or (ii) more than 6 km, from local limits of the municipality and which has a population of more than 1,00,000 but not exceeding 10,00,000; or (iii) more than 8 km, from local limits of the municipality and which has a population of more than 10,00,000.
If it does not satisfy the above criteria, it will be treated as a capital asset, and the profits will be taxable under the head capital gain.
For any assistance in tax filing, you can connect with us at ca.pujasharma@outlook.com
Yes it can be shown in other source exempted income. Contact deepikajagan01@gmail.com for clarification
T&C applyS
S
My husband had bought a residential plot in my name and paid from his account. Should I need to declare the purchase while filing my IT returns?
Purchase of property not required to declare in the ITR. It is only when the property or asset is sold you have to pay tax on the profits made over cost of such asset and required to declare in ITR. For professional assistance feel free to connect us @ www.tarunguptaca.com or 9216216819
CA Puja Sharma 12 Jul 2022No need to mention the purchase in the Income Tax Return. If you made the purchase by selling any other property and are eligible for any tax deduction, then only you are required to report the purchase.
For any assistance in tax filing, you can connect with us at ca.pujasharma@outlook.com
