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Shantanu Bisht
I need GST registration for my e-commerce business. Do I need to register myself as a tax collector or does any other wip work?
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You would have to take 2 registrations.
One for service invoice which you will be raising, and another for Tax collection at source, however do check whether the service your portal would provide is covered under TCS or not under Section 9(5), for more details do email at cayashchopra@gmail.com
Dear Shantanu,
There may be two cases :
1)If you wish to sale goods through e-commerce operator like Amazon get registration as Tax Payer
2) You wish to register yourself as E-commerce operator then have to take 2 registration subject to certain condition.
For further consultation you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
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Nikhilendra Atheti
Hi, I declared a new tax regime with my employer. i received my Form-16 accordingly. But I failed to submit the ITR before 31ist December with new tax regime. Now income tax portal is not accepting Belated ITR with new regime under 115BAC Section. Is there any way i can file ITR with new tax regime. please guide me.
Dear Nikhilendra,
You can file belated return but late filing penalty will apply in your case.
For further consultation you can reach us on ca.rahuldwivedi@gmail.com or 9004485377
IT Portal not accepting Belated ITR with new regime but you can file belated return with old regime . For more info visit our website @www.tarunguptaca.com and book appointment.
Now you can file with penalty under old regime
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Amit Rajain
My father owns a property which rents to Rs. 1,50,000 per month (Rs. 18 lakhs per year). For the purpose of saving the tax, he is thinking to divide the rent agreement among 3 people (my father, my mother, my brother), which makes an income of Rs. 6 lakh to each of them, which would reduce the income tax heavily.
But I asked one of my friend about this, and he said that the rental income can only be counted in the owner's income and no one else. It would be illegal to divide this income among family members, if the property is in the name of only one person, no matter even if the rent agreement is made with all 3 of them.
Could someone please confirm if is it illegal to do so? If yes, what could be the other way to save tax here? (My friend suggested to share the ownership of property with all 3 of them and there is no other way.)
Your friend have suggested in right way. Rental income earned is taxable in the hands of each co-owner, in proportion to the share owned.
A person acquiring property by satisfying the conditions of section 53A of the Transfer of Property Act, will be treated as deemed owner (although he may not be the registered owner). Section 53A of said Act prescribes following conditions: (a) There must be an agreement in writing. (b) The purchase consideration is paid or the purchaser is willing to pay it. (c) Purchaser has taken the possession of the property in pursuance of the agreement. For more info visit our website @www.tarunguptaca.com and book appointment.
Thank you so much for you reply. Really helpful and I appreciate it.
CA Roomi Gupta 9 Feb 2022Your welcome Amit ji
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Aashu Raj
If I invest my 70 percent of salary in stock it is taxable
Salary received will be taxable but investment in stock is not taxable . For more info visit our website @ www.tarunguptaca.com and book appointment.
Dear Aashu,
Investment is not taxable however if you earn from sale of shares it will be taxable as LTCG/STCG depending on holding period. As far as salary is concern it will be taxable as per SLab. For further consultation you can reach us on ca.rahuldwivedi@gmail.com or 9004485377
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Selwyn Pires
Hi,
I recently purchased a third house property in Mumbai. While the first was purchased in my sole name, the 2nd and 3rd are with my family members. My name is first in all 3 properties.
I understand that only 2 properties are allowed to be self occupied and the 3rd will be treated as deemed let out and taxed. Please confirm.
How can I reduce my tax liability?
If I sell one and invest in another under construction property, would I still pay taxes?
With effect from Assessment Year 2020-21, a person can claim two properties, if not let out, as self-occupied and offer tax on the remaining houses declaring as deemed to be let out. For more visit our website @ www.tarunguptaca.com and book appointment.
CA Deepika Boyina 19 Feb 2022Yes
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