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Vulvaji Rahul
I am a business man, as per my business i make higher transaction for upto 2 crores per annum, but i actual annual income is 5 laks , those transactions is for buying goods for manufacturing . For those transactions i am getting higher IT returns for year ,to avoid this to get less higher it returns as per my income 5 laks what should i do, what i should, do to get less it for those transactions
A
Avinash
I am into distribution of Artifical Jewellery, suppose if i purchase packaging for my product, then whether the packaging cost will be fully expense out , even if i have not utilised the packaging material
J
John Doe
I am an Indian national and between 2002 and 2004 I worked in USA in L1 Visa, paid taxes and then returned to India after that. I have been living India since then, as a resident Indian, but my bank account in USA is still active.
I intend to close it now and wish to wire transfer the money into my local Indian bank account. The money has been in a normal SB account (checking account) so the interest earned is 0.1% which did not attract any taxes in USA and hence I have not filed taxes since my return in the US. But for the earnings in India, since 2004 till now, I have been a prompt tax payer as a resident Indian.
Is it better that I disclose the US bank account details in this AY 2022-23 IT (Income tax filing) and then initiate the transfer?
I have not included this US bank details in any of my previous years IT filing.
R
Ravikumar Bagale
Hi Team,
I am buying new property which is still under construction. me and my father both mentioned our name into agreement and my father is helping me to fund 10% of property value but rest 90% home loan is on my name (Total property cost is above 50 Lakh) so my question is I need to pay TDS as i am taking 90% home loan or my father can pay that amount from their bank account?
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Dear Ravikumar,
If property value is Rs. 50 Lakh or more TDS is applicable, irrespective of whether it is purchased in single name or joint name. Please note :
1) TDS can be paid by any bank Account, you, your father.
2) In case of joint property it is advisable to separately file 2 form 26QB.
For further consultation uoy can approach us at ca.rahuldwivedi@gmail.com or 9004485377.
D
Dhiraj
Hello sir/madam
Im a independent contractor and provide services to foreign proprietary trading firm remotely where i excecute trade on firm's own trading account and they pay me profit share by wire transfer to my bank account with payment invoice. So in this case which ITR is best for me to show my income in ITR form...
Im a resident of india and work individually
Thank you.....
Whether you are getting paid as an employee(salary) or an independent contractor?
DHIRAJ 20 Jun 2022As an independent contractor/freelancer.
A legal contract was signed between me and the company/client...
The income will be treated as income from business/profession. You can file ITR 3 or ITR 4(for presumptive taxation). For any IT related consultation, you can connect with me at ca.pujasharma@outlook.com for appointment.
DHIRAJ 20 Jun 2022Thank you mem for solving all my queries...
It will be great if you can review me or give me likes on this portal.
DHIRAJ 20 Jun 2022I did it already....
Thank you again👍👍
Dear Dhiraj,
Freelancers income is considered as Business & Profession income and accordingly need to reported via ITR-3 or ITR-4. As in you case foreign currency transaction are involved so it is advisable to check the applicability for GST registration to avoid future litigation.
For further Income tax/GST consultation you can approach us at ca.rahuldwivedi@gmail.com or 9004485377.
Thank you sir....
As of now company didn't ask for GSTIN...
Dear Dhiraj,
As you are rendering services to foreign company, they will never ask you about GST no as GST no is applicable only for Indian entity & not to foreign principle. It's you have to test the applicability of GST & that depends on quantum of fee you are getting.
Regds CA. Rahul
Thank you sir for your clearificarion..
I also got certificate of foreign inward remittance/gst invoice where bank deducted some amount in the form of IGST of value of service...so that means i need gst registration if i want to claim this deduction...
