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Nileshkumar
Hi I am planning for car lease foreclosure, my question is do I need to pay GST on the car lease foreclosure outstanding loan amount?
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Dear Sir,
In reference to your query, please note that interest on loan is an exempt supply and no GST would be chargeable on that.
However any associated charges levied would be the subject matter of GST. In your case, if any foreclosure charges are levied, then GST may be charged on the same.
Please advise in case of any other clarification.
Thanks & Regards,
CA Aditya Dhanuka.
+91 983 654 3836
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Uday Singh
Can I get itr acknowledgement before paying itr for its subsequent year
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Subramanian L
My father had invested his pension money on my mother's name (housewife-sr.citizen) thru' FD for 11 lakhs in single bank. The bank had raised a SFT-005 for this amount and it get reflected in Form 26AS of my mother. What we have to do for this SFT-005, whether have we to show in ITR1 or else can we leave it as such. If so, under which head have we to declare this in ITR1? Kindly advice.
Hi, you may declare the said amount as "Gift from relatives" under the head "Income from Other Sources" which are exempt under section 56 of the Income Tax Act.
T&C applyS
Subramanian L
My father had invested his pension money on my mother's name (housewife-sr.citizen) thru' FD for 11 lakhs in single bank. The bank had raised a SFT-005 for this amount and it get reflected in Form 26AS of my mother. What we have to do for this SFT-005, whether have we to show in ITR1 or else can we leave it as such. If so, under which head have we to declare this in ITR1? Kindly advice.
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Srinjoy Das
Dear Sir/ Madam,
I am an architect with a Master in Construction Management degree. Recently I got a job in an Australian firm located in Sydney and they have employed me as a BIM Engineer. However, on paper, they have appointed me as an "international self-sufficient contractor" as they cannot directly show me as their employee since I am not an Australian citizen. My salary is 6 lacs per annum. They have asked me to send them an invoice at the end of every month against which they will pay me my salary. The same amount needs to be quoted every month in a bill. I need advice on my tax returns and whether it is necessary for me to set up a business unit.
Hi,
Since this is essentially an export of service, there will be GST implications and accordingly, you will need to apply for the same. Your residential address can be used as your professional address, so no need to set up a separate business unit.
For your ITRs, you will need to disclose the same as professional income under the head "Income from Business and Profession".
For more information, please feel free to contact us at camehul@jmkp.in or call at +91-9811896771
Please call me at 9007576685
CA Naman Maloo 17 Oct 2021You can have a phone consultation with tax experts to ask any query related to invoice or income tax return: https://www.taxontips.com/tax-notice-personal-consultation/
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