S
Sanjana
I am doing my articleship.I am not able to get proper exposure or guidance.Can you help me
S
Sandhya
I had working with a company till October and again I am going to join it but they are asking me that they will give 26000 with 10% TDS deduction. I am not understanding why they want to deduct TDS (free lancing job)
Facebook
Twitter
Linkedin
Dear Sandhya,
Amount paid to freelancer may be covered under 2 heads
1) Professional Fees U/s 194J in that case TDS deduction is 10% (Threshold limit for the year is 30K )
2) Commission/Brokerage/Rebate in that case TDS rate is 5% (Threshold limit for the year is 15K).
So they are showing payment made to you as professional fee & deducting TDS @ 10%.
You will get the refund of TDS deducted when you file the ITR.
For Further consultation you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
A smentioned by you they will be deducting TDS @ 10% on your frrlancing job. They might be deducting the TDS u/s 194J for Professional Fees.
Please look into your contract whether tehre will be employer employee relationship or it will be consulting assignment?
U
Umesh Melkani
Can We Claim Stamp Duty And Registration Fees In 80c for Residential plots?
Dear Umesh,
Yes you can claim subject to limit of Rs. 1.50L.
For further assistance you can consult with us at ca.rahuldwivedi@gmail.com or 9004485377
No since such plot wouldn't be covered under house property and hence you can't claim it under 80C.
For further assistance you can also book consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
In my opinion, the stamp duty paid for plot of land will not be allowed as deduction u/ 80C.
For a more detailed discussion, you can connect with us at ca.pujasharma@outlook.com
N
Nagarajan M
Can husband give loan to his wife to start a business at reasonable interest rates? If so, is any formal loan agreement required for that ?
Yes husband can give loan to wife at nominal interest and as such there is no requirement of formal agreement but if there is one it'll be great especially between two related parties.
Nagarajan M 28 Mar 2022Thank you
CA Rahul Dwivedi 28 Mar 2022Dear Nagarajan,
Loan to Spouse is permissible and there is no issue in income tax act. It is always advisable to charge interest on that however no need of formal agreement.
For Further consultation you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
Thank you
T&C applyR
Rajkumar
What are the formalities required for salaried person to show business income in ITR filing?
An Individual will need to select Form ITR-3 for reporting of salary and business income. However, if the person is availing any presumptive scheme of taxation u/s 44AD, 44ADA, etc. for business income, then the person should select Form ITR-4 for reporting these incomes. For more info reach us @www.tarunguptaca.com.
Dear Rajkumar,
For business income you have to choose correct correct return form eitther ITR-3 OR ITR-4 depending on nature of business. Please be careful to fill the requisite details in the ITR . In case you need further assistance you can reach us on ca.rahuldwivedi@gmail.com or 9004485377
No such formalities are requuired other than filing of Form ITR 3 or ITR 4 as applicable.
T&C apply
