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Rajan Nath
I want to transfer 10lac from my current account (I'm founder/Director of Pvt Ltd start-up). To Saving account. Will there be any problem in future..
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Dear Rajan,
You can not transfer fund from Pvt Ltd. company to you personal account. If you do so it will be treated as Deemed Dividend & you will be liable to pay income tax on it. However if you have given loan to Pvt ltd co. you can get it back.
For further consultation you can approach us at ca.rahuldwivedi@gmail.com or 9004485377
You can transfer funds from your company to your personal either against remuneration payable to you by the company or against any previous loan repayment by the company.
If you do not satisfy both the cases, then the funds transfer will be treated as deemed dividends u/s 2(22)(e) of the Income Tax act, 1961.
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Arti
GST Query
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Praveen K
Dear Sir/Madam,
I am planning to buy a plot for 1CR, but Register to govt guidance value of 40Lakhs.
This is to save stamp duty (6.6% of registration) and TDS (1% for >50L transaction).
Remaining 60L shall be paid by cheques, as per sale agreement of 1CR (Franking done).
Please let me know if this is legally all right.
Thanks and Regards,
Praveen
Dear Praveen,
Firstly, Legally it is not right to have registration on lower value.
Secondly, Your question looks conflicting, as you mentioned that the sale agreement is executed for Rs. 1 cr & the Registration is done as per guideline value of Rs. 40L. If Registration value is rs. 40 L then sale agreement should of Rs. 40L only. For different understanding You can have MOU.
For Further consultation you can approach us on ca.rahuldwivedi@gmail.com or 900448537
You have mentioned that the sale agreement is Rs. 1 Cr, and you will be paying the remaining 60 Lacs by cheque. Then, based on which document, you will be able to complete the registry at the value of Rs. 40 Lacs.
The transaction has to be reviewed professionally before execution. You can book my consultation at ca.pujasharma@outlook.com for a detailed discussion
If any immovable property is sold below the stamp duty value (or circle rate) then such case will fall under Section 50C, Section 43CA, Section 56(2)(x) and double taxation shall apply on the difference in the stamp duty value and transfer price.
For professional help connect us @ www.tarunguptaca.com or call at 9216216819
No not possible registration fee to be paid on higher of stamp duty value or consideration received which ever is higher
T&C applyS
Sachin Wade
I am paying rent of 23000. I am claiming HRA. My landlord is a senior citizen. I am not declaring my landlord's PAN by giving a excuse that he is a senior citizen. Actually my landlord is my relative. Want to find out if this scenario poses any threat to me or my landlord. Please give both perspectives.
Suppose your relative does not have any other income source other than this rental income of Rs. 23000*12 = 276000, then he/she is not required to file the Income Tax Return, and no tax liability will arise.
You can even give the PAN to your company because the total income of your relative is less than the basic exemption limit.
You can connect with me at ca.pujasharma@outlook.com for more detailed discussion.
Under Section 194-I of the Income-tax Act, the rent payer (not an individual or HUF) needs to deduct a 10% TDS on any building or land. This TDS is levied if the rent paid exceeds Rs 2.4 lakhs per year. Individuals and HUF need to deduct 5% TDS on rent if the amount exceeds Rs 50,000 a month. So you are not required to deduct the TDS but You must declare landlord PAN as it is mandatory required under IT act .For more info connect us @ www.tarunguptaca.com 0r 9216216819
CA Rahul Dwivedi 21 May 2022Dear Sachin,
As per Law you can pay rent to your relative landlord, even you can pay rent to your parents, but few thing to be kept in mind :-
1) Have rent agreement with relative landlord
2) Pay rent via Cheque or Online transfer
3) Disclose the PAN of your Relative Landlord as amount is more than Rs. 1L.
For further consultation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377.
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Samuel
I have a partnership company registered and now I am looking forward to start a new venture and register a online education business but need a clarity on which process to move further with. Company 8 Act or foundation?
The online education is meant for business education like MBA or arts as business you need to register as company or if your intention is to impart basic education primary/secondary//higher for non profit motive then he can think of for Trust/society and recognized under !2A of income tax act. if you need further advice consult professional or us by DM 7338838605
CA Puja Sharma 18 May 2022You can opt for Section 8 company or Trust depending upon your future prospects. However in my opinion, its more easier to carry out day to day activities in trust a smooth manner. In the case of section 8 company, the various provisions of the companies act have to be followed, and ROC annual filing is mandatory in this case.
T&C apply
