H
Hiren Suresh Lakhani
(1) i am a full time professional intraday trader in National Stock Exchange .
(2) all source of (taxable) income is zero .
(3) share market ( business income head ) intraday turnover is less than 1 crore and the LOSS is 5 lakhs .
do audit is required if want to declare the loss and carryforward the loss ?
A
Arshdeep Singh
Is it compulsory to claim input tax credit in gst?
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No, it is not compulsory to claim ITC in GST. If you do not want to claim the ITC ten you can account for the GST component in case of purchase of goods or services under respective expense head itself. In case of capital goods you can accounts for the GST component under the particular fixed asset itself and then claim depreciation on it,
CA Rahul Dwivedi 2 Apr 2022Dear Arshdeep,
It is not compulsory to claim ITC under GST , however it is beneficial for assessee to Claim ITC. In case if you don't wish to claim ITC you can book entire amount including GST as expense.
For Further consultation you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
A
Aman
I am a freelancer/individual businessman. I buy videos from freelancers and sell them to another party with some margin. Let's say I buy a video at 90 rupees and sell it for 100. Now the party I am selling, paid me rup 100 and I paid 90 rup back to the person I bought from. Yet the company showed in my files that 100 rup is my payment but my real profit is rup 10. What is my taxable income here?
In this case, Gross Receipts will be 100, and all calculation under gst and income tax will be made considering 100/- as gross receipts, and taxable profit will be 10/-
CA Rahul Dwivedi 31 Mar 2022Dear Aman,
There are diferrece between sales/receipt and profit. In your case Rs. 100 is your sales value against that you can claim exepses and balance will be treated as your income for the purpose of income tax. For further consultation and advice you can reach us at ca.rahuldwivedi@gmail.com or 9004486477
Your taxable income will be Rs. 10 in Income Tax Act, For more details you can connect with me at ca.pujasharma@outlook.com
T&C applyS
Saravanakumar
Hi CAs,
I have received High Value Transaction msg from income tax department. I have checked their e-campaign and AIS portal. Three section are shown. My Salary, Dividend and Interest on FD. Under these sections, transactions are marked as option and expected. Not sure what need to do. Can someone enlighten me reg this?
Ecampaign List Msg :
Pending Feedback on Information in AIS Pending
Note: The information on which feedback is required, is marked as "Expected" in the AIS view. Please click "Provide feedback in AIS" to navigate to AIS and provide feedback.
M
Magshwaran
Hi Team,
After post COVID ear, possibilities are open to work (remote job) for foreign company (not registered in India, ex - it is in Sweden only) from India. Have few questions. please kindly help me.
1. what is the best way to get the salary?
2. How to pay taxes for that salary?
3. If we are paying taxes in India, would they allow exemption like HRA, LTA, 80C, 80D, etc
You have to take your salary in your Indian bank account because you are working remotely.
Tax to be paid in India based on the slab rate applicable. If any tax is deducted by the Sweden employer you can take the credit for it using DTAA provisions.
You cannot claim HRA and LTA becuase the salary structure of Sweden will not include these components. However, you can claim other deductions.
For more assistance, you can connect with me at ca.pujasharma@outlook.com for consultation.
