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Question & Answer


S

Sachin Wade

18 May 2022

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.

Replies (2)                          

CA Puja Sharma       19 May 2022

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.

CA Roomi Gupta       19 May 2022

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

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S

Sachin Wade

18 May 2022

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.

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S

Samuel

18 May 2022

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?

Replies (2)                          

CA K Narasimha Prakash       18 May 2022

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 2022

You 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.

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Prakash Sanchela

17 May 2022

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?

Replies (2)                          

CA Roomi Gupta       17 May 2022

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 2022

If 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.

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Kaustubh Dasgupta

16 May 2022

I am looking for details on form 194IB and frequency of form 26QC submission.

Replies (2)                          

CA K Narasimha Prakash       17 May 2022

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 2022

Finance 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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