Signup


Signup


Signup

Question & Answer


V

Vaibhav

10 Jul 2024

Last year I moved to UK and spent over 60 days in the FY 2023-24. And will be considered as India resident. I’ve all my income in UK with tax paid per the UK slabs. But since now my income needs to taxed in India, can I get any rebate like HRA & LTA… There is no component in my UK salary for such rebates or salary break down…
With the same salary entered for taxation in India is coming out to have additional tax liability? has anyone worked on queries like this before?

Replies (3)                          

CA Shailaja Bhupatipalli       14 Jul 2024

Hello Vaibhav, I understand that you have moved out of India in the FY 2023-24 for the purpose of employment. Your period of stay in India before moving out is 60 days. If that's the case, then you will be considered resident of India, only if your stay in the FY 2023-24 182 days or more.
If your stay is less than 182 days in FY 2023-24, then you don't have to offer the income earned in UK for tax in India.
However, if your period of stay in India is more than 182 days, then your will have to offer the Income earned in UK to tax in India. If the salary structure does not provide any breakup of LTA, HRA etc,. then it will not be possible to claim it in your Indian tax filing. Only a credit for Tax paid in UK can be claimed in the Indian Return.
Hope this gives you some clarity. Let me know if you require any further details.

CA Shailaja Bhupatipalli       14 Jul 2024

Hello Vaibhav, I understand that you have moved out of India in the FY 2023-24 for the purpose of employment. Your period of stay in India before moving out is 60 days. If that's the case, then you will be considered resident of India, only if your stay in the FY 2023-24 182 days or more.
If your stay is less than 182 days in FY 2023-24, then you don't have to offer the income earned in UK for tax in India.
However, if your period of stay in India is more than 182 days, then your will have to offer the Income earned in UK to tax in India. If the salary structure does not provide any breakup of LTA, HRA etc,. then it will not be possible to claim it in your Indian tax filing. Only a credit for Tax paid in UK can be claimed in the Indian Return.
Hope this gives you some clarity. Let me know if you require any further details.

CA Puja Sharma       16 Jul 2024

No, you will not be considered as Resident for FY 2023-24 because your stay was less than 182 days during the previous year.
There is an exception to the rule of stay for 60 days or more, in case yoyu leave the country for employement purpose.

T&C apply


D

Diksha

14 Apr 2024

My current package has 28lakh fixed amount. I have a home loan of around 83 lakhs for 30 years. Can you please suggest which should be better for me old regime or new regime?

Replies (2)                          

CA Roomi Gupta       18 Apr 2024

If you are eligible to claim full deduction u/s 80C and u/s 24 B than old regime is better otherwise go for new regime. For any kind of professional help , reach us @ www.tarunguptaca.com or call at 9216216819.

CA Puja Sharma       24 May 2024

The choice of regime depend upon your salary structure also like it contains HRA, Children Education Allowance etc ehich can reduce your taxes along with home loan interest component under the old tax regime.

T&C apply


G

Giresh P

30 Mar 2024

Hello, i am a student who doesn't have any income from any source. If i profit something from crypto below 2.5 in a year is it necessary do i have to file itr ?

Replies (1)                          

CA Roomi Gupta       18 Apr 2024

If your Gross Total Income is below from minimum exemption limit of income tax, only than you are not required to file ITR. But as professional i will suggest, it is always better to file ITR to declare your income. For any kind of professional help , reach us @ www.tarunguptaca.com or call at 9216216819.

T&C apply


V

Vinod

16 Dec 2023

Is credit advice sufficient as a proof while claiming the gst refund for category: refund of ITC on export of goods and services without payment of tax ?

if yes, which number (UTR or reference number present in credit advice) should we mention in the "BRC/FIRC" column of the excel utility which needs to be uploaded while filling refund form

Replies (2)                          

CA Shubham Goyal       16 Dec 2023

Based on the details provided, here are a few points regarding claiming GST refund on export of goods and services without payment of tax using a credit advice:

- A credit advice by itself may not be considered as sufficient proof for claiming refund. Typically, documentary evidence like export invoices, shipping bills, bank realizations, etc are required.

- However, the credit advice would contain details like advice/reference number, invoice numbers, invoice amounts, tax amounts, etc. These details would need to be provided in the refund excel utility.

- The advice/reference number of the credit advice should be mentioned in the "BRC/FIRC No." column of the utility. This links the tax payment details with the export invoices.

- Along with the credit advice details, other documents like export invoices, shipping bills, bank statements showing realization of export proceeds, reconcilation statements, etc. would also need to be provided to establish the validity of the refund claim.

So in summary, while the credit advice alone may not suffice, the details in it would need to be provided in the refund claim utility. The advice/reference number acts as a link between the tax credits and exports. Additional documents would further substantiate the refund eligibility.

CA K Narasimha Prakash       16 Dec 2023

If a company exports goods and services under bond/LUT without payment of IGST, the credit available at the time of procuring of goods and services remains unutilized and idle in their Electronic Credit Ledger account. In such a case, the company can file a refund claim of goods and services exported under LUT without payment of IGST 1. The formula for calculating the refund amount is as follows:

Refund Amount = (Turnover of zero-rated supply of goods + Turnover of zero-rated supply of services) x Net ITC ÷ Adjusted Total Turnover 2.

It should be noted that no refund of unutilized Input Tax Credit is allowed in cases where the goods exported out of India are subjected to export duty .
All the details relating to GST on export is clearly mention in the shipping bills and it will populate in GST portal under refund.(BRC/FIRC column of excel utility).

I hope this helps!

T&C apply


S

Sravan

6 Nov 2023

I bought an under construction house which is still under construction . I paid 80% of the amount through home loan ,another 10% by personal funds and need to pay another 10% now in 1 month. I have 2 options on how to pay for it and need your help to identify the right one:

1) Take a gold loan and pay off the amount. Pay off the gold loan by selling another plot I have in 3 months.
2) Take a hand loan from my sister an pay back her money by selling of another plot in next 3 months

( am in 30% tax bracket)

Replies (1)                          

CA K Narasimha Prakash       7 Nov 2023

You can go for option 2 provided the plot was purchased 3 Years back and another advantage since you are borrowing from your sister without interest. The gold loan Interest is not allowed as expenses under income tax act.
If you require further assistance check with CA's or contact with us 7338838605/kna3350@gmail.com.

T&C apply