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Prakash Sanchela
I am a salaried person in private IT firm, coming into 30% tax slab. Now one of my family cousin wants to start a business and to do that he wants to register a brand with my name. My question here is what will be the effect on me in future like will my cibil get's affected, will i be able to get the loans in future? I am already paying 30% of income tax, what will be the effect on this?
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Your loan repayment history plays a major role in developing a good credit score. Multiple factors that may affect your credit score includes multiple loan, delayed payments, no loan etc. But yes your tax calculation get affected due to start of new business with salary income . For tax planning and calculation can connect us @ www.tarunguptaca.com or 9216216819.
CA Puja Sharma 18 May 2022If you are becoming a partner in your cousin's business, you will be liable to pay taxes on the profits earned from the business. Further, if you are not getting involved in any way to trade, neither giving any guarantees or anything else other than your name for the company, you need not worry.
If you are nowhere linked to the brand from an ownership or control point of view, your CIBIL will not be affected.
You will be taxed with your business income and salary income combinedly @30%. For any other query contact deepikajagan01@gmail.com
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Kaustubh Dasgupta
I am looking for details on form 194IB and frequency of form 26QC submission.
Tax deducted at source on Rent or lease of immovable property if is exceed Rs.50000 you need to deduct 5% and file quarterly return. The 26QC has annual information filed once in a year. If you need more details DM 7338838605
CA Roomi Gupta 17 May 2022Finance Act 2017 introduced Section 194IB which mandates deduction of TDS when rent payment exceeding Rs 50000 for month or part of the month is made. Even Salaried person paying rent more than Rs. 50,000 pm and claiming HRA are required to deduct and pay TDS of Landlord.
The tax deductor is not required to apply for TAN in order to deduct TDS U/S 194IB. CBDT has notified form 26QC filling return under this section & this form is PAN based. This form has to be submitted along with challans within 30 days from the end of month in which TDS has been deducted.
For professional assistance connect us @ www.tarunguptaca.com or 9216216819.
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Aniruddha Dutta
I filed form 26QB for submitting TDS on my underconstruction property in Bangalore. Form 26QB was filed on 31st Mar 2022. By mistake I entered 20th Jan 2022 (which should have been 20th Mar 2022) as the date of deduction and I was sent a notice to pay Rs6900 as penalty and interest for late deduction. I filed a correction online but the AO rejected it and is asking to attach support. I am not sure where to attach support. Need assistance from a CA
If DSC is not registered you can send hardcopy of proof to hour jurisdiction Assessing officer. If you require further assistance call 7338838605
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Manu Ahuja
If my net income is zero but if i receive interest do i need to pay tax on it?
An individual is obligated to file an ITR if his gross taxable income( including interest) during a particular FY exceeds the maximum amount not chargeable to tax i.e Rs 250000/-
For more detail connect me @ www.tarunguptaca.com or 9216216819
Interest income is also taxable if greater than basic exemption limit.
For professional help contact cadeepikajagan@gmail.com
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Dileep Kumar Dora
I've e-verfied after 120 days, now the status showing as Condonation request is submitted for approval, in general, how many days it will take to approve/reject the request if rejected what are further steps to do.
Your condonation request is forwarded for approval. This return will be invalid till approved”. Hence, in case the assessing officer reject the condonation request, return will be treated as invalid. Since the earlier return as been invalidated, it is advised to file the revised return. For more detail connect me @ www.tarunguptaca.com or 9216216819
