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Param
I am paying a HRA of more than 50,000 and paying rent to land word on quarterly basis. As per the IT department rules, I have to deduct TDS on the rent paid. I have below queries:
1. How much TDS I should deduct ?
2. When should I pay the TDS to the IT department? Is it only once in year in the month of March or every quarter as I pay rent every quarter?
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Pay Tds and file TDs return on Quaterly basis. Deduct tds @10% on the rent amount (Excluding GST, if any).
For more details please call me on 99295-11888 or email me on jrcojaipur1@gmail.com
You are paying rent to landlord exceeding Rs. 50,000,/- in that case you have to deduct TDS U/s 194-IB @ 5%. & it needs to be deposited once in a year.
If you are liable for tax audit in that case TDS rate would be 10% and TDS needs to be deposited on monthly basis.
For further assistance you can reach us at ca.rahuldwivedi@gmail.com or 9004485377
TDS is 5 percent of the total rent. Tds should be deposited by march or the last month of tenancy which ever comes first.
T&C applyM
Manik
Hi! I've not posted my IT since more than 5 years now since my income was mostly from interests in FD's which was much below 1.5 lakhs/year. Last financial year however I did some F&O trading with no profits but as I understand F&O is considered as business, I would like to file IT return. Question: Do I need to file the IT return for all the past years or should I only post the return for last Financial year?
Hello,
You would be required to file return for last F.Y. i.e. 2020-21 only.
Regarding F&O trading, you can declare loss under the business head and set off from your other source income.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
In any case you needs to file ITR for previous financial year i.e. FY 2020-21.
As regarding F&O , it is considered as business income & needs to file ITR. You can also refer my published article in Tax Guru "F&O Turnover, Taxation, Audit & More"
For any assistance or consultation you can reach me at ca.rahuldwivedi@gmail.com or 9004485377
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Miichael
Hey, I'm a indian and i opened a llc in us thorugh working in india and now that i have started earing money in us, how d i send that money in india and do i need to pay taxes for those funds, and will be able to open an indian business bank account with my llc documents? right now i have been sending my profits to one of my employee and thenn he sends it to me, will be getting into any trouble for doing this? I mean will be asked to pay the tax since the money is coming into his bank account
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Sha
Hi,
I am a Tarot Card reader, astrologer
I want to file an income tax return....I am not sure under which tab I need to file it as I don't have any balance sheet or any documents because I haven't registered it.
Please advise if I should file it under Business section or Professions section in ITR 4
Thank You
File ITR declaring income under the head Business & profession
CA Rohit Jain 1 Sep 2021for more details contact 9929511888
Hello,
You can declare this income under the head business head using Sec. 44AD.
Your profession is not in the list of professionals eligible for Sec. 44ADA Professional Presumptive Taxation.
I hope that this answer satisfies your requirements. For any query, feel free to write to me at badlaniassociates at Gmail.
Regards,
CA Hunny Badlani
Badlani & Associates
Astrologer can file ITR-3 or declare income U/s 44AD at & file ITR-4. However please note Astrologer can't opt 44ADA as not covered under specified profession U/s 44ADA.
For further assistance you can reach me at ca.rahuldwivedi@gmail.com or 9004485377
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Nabil
My 1.5 lacs tax limit under 80C is already reaching under from salary. If I invest in ELSS fund how can i get tax benifit
elss fund is also covered under the limit of Rs. 1.5lacs
ELSS is cover U/s 80C so no further deduction will be available. For additional deduction you can invest in NPS (50k) and mediclaim premium U/s 80D.
For further assistance you can reach me at ca.rahuldwivedi@gmail.com or 9004485377
