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Question & Answer


B

B Prashanth

23 Apr 2019

My brother is a proprietor of small indoor advertising company, and his business turnover in FY 2018-2019 was 23,00,000. he was not registered with GST in last year. now, should he register with GST? if yes, under what scheme he should register with? composition or general?

Replies (1)                          

CA Naman Maloo       23 Apr 2019

He needs to apply for registration as his turnover exceeds 20 lakh and he can apply for composition scheme if ITC value is less and he need to pay tax @6%. If you need any help you can contact me on canamanmaloo@gmail.com or call me.

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A

Ankush

22 Apr 2019

I have given interest free loan to sister on which she earns interest. Whose income to be taxed?

Replies (4)                          

CA Naman Maloo       22 Apr 2019

It will be taxed as your sisters income and why are you showing it as interest free loan show it as gift to sister which will make more sense..is she your real sister or cousin?

Ankush    22 Apr 2019

Real Sister, don't want to reduce my capital that is why not showing as a gift and also involves paper work related to gift deed

CA Naman Maloo       22 Apr 2019

Yes so there is no clubbing provision in case of loan to sister so you can give such loan and interest earned will be taxed in her income.
If you need any consultancy or help in income tax matters (i.e. replying to notices), return filing, TDS or any other matters you can contact me on canamanmaloo@gmail.com

Ankush    22 Apr 2019

Thanks, great help!!!

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Bipul Garera

19 Apr 2019

I am looking to open an ecommerce dropshipping company. could you tell me all the requirements for it?

Replies (1)                          

CA Damini Agarwal       19 Apr 2019

Hello Sir, Please connect on 8707297344

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B

B Prashanth

18 Apr 2019

Iam salaried and also i work for myself in my free time. my customer deducted TDS U/S 194J on 10.4.2019. when should i file return against this?

Replies (4)                          

CA Vaibhav Mago       18 Apr 2019

Hi Prashant, you would be able to claim TDS deducted in this Financial Year only in the return to be filed in next year provided you are eligible for the refund.
For more information contact 9877542172

CA Neeraj Bansal       18 Apr 2019

You can get the refund of excess tds if any in the income tax return which is to be filed next year i.e. AY 2020-21

CA Damini Agarwal       19 Apr 2019

Hi Prashanth, you can file the return for the said deduction next year where in you will be able to claim TDS

CA Naman Maloo       20 Apr 2019

Hi Prashant we need to check your Form 26AS and see for which Financial year he has deducted TDS because it may happen that TDS was for March 2019 which he deposited now. So we need to check that. You can contact me over email at canamanmaloo@gmail.com and i can help you in filing your ITR

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A

Aehram

17 Apr 2019

I m working as a psu banker. My query is how to show the mutual funds and insurance investment in my ITR as those investment were done by my father with my name

Replies (2)                          

CA Damini Agarwal       19 Apr 2019

Hi Aehram, Since the investments were done in your name, you can claim the deuctions under 80C in your IYR basis the receipts bearing your name.

CA Naman Maloo       20 Apr 2019

We need to check whether they were tax saver funds or not. If yes you can claim deduction under section 80C otherwise you dont need to show it anywhere now. We need to show it when you earn income out of same.
For more details you can contact me.

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