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Rahul Gaikwad
I had a net negative income for the FY 2023-24 and, therefore, did not file an income tax return for that year. My trading activity during FY 2023-24 included a short-term profit of ₹38,773.9, a long-term loss of ₹5,609.4 in equities, and a realized loss of ₹47,036.75 in options trading, with an options turnover of ₹6,34,243.25. I did not have any other source of income during the year. Since I traded in options but did not file an income tax return, could this lead to any issues or trouble for me?
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Hari
If I have 7 lakhs salary per annum and if I deposit 40 lakhs in current account will income tax send a notice for me and as limit for current account is 50 lakhs, I Don't need to worry right and I am talking about residential current account
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Yes, you may receive a notice from Income Tax department if you deposit Rs. 40 Laks as cash as Banks report such transactions to Income Tax Department as SFT transactions. For more information or detail, you may connect with us at deepakkucheria@gmail.com or +91-9911744028.
T&C applyM
Mamta
I have sold a property held for 20 years at 22 lacs, I beleive I am liable to pay 12.5% long term capital gain tax.
Suppose I invest in a new property and buy residential plot of 22 lacs so I beleive I don't have to pay abovesaid 12.5% . If I sell again new property at 23 lacs within a month will it fall under short term capital gains? Do I just need to pay tax only for 1 lacs ? Please suggest my tax implications
If you would sell the new property within 1 month then the whole exempted amount of LTCG will become taxable. For more information or detail, you may connect with us at deepakkucheria@gmail.com or +91-9911744028
T&C applyS
Sampad Sarangi
Here is the situation
I am a contractor with a contract to deliver service to a company.
I have sub contracted the work to a sub contractor who will deliver the service to the company on my behalf.
My commission is 13%.
For a work done by sub contractor of Rs 100. I send B2B to company of 100 + 18% GST.
The sub contractor sends me B2B of Rs 87 + 18% GST
Does the sub contractor needs to be paid any GST tax refund?
No, the sub-contractor does not need to be paid any GST refund in this case. Here’s why:
How GST Works in Your Scenario
Sub-contractor to You
The sub-contractor does work worth ₹87.
Charges GST @18% on ₹87 → ₹15.66
Total invoice to you = ₹102.66
You pay ₹102.66 and claim an ITC of ₹15.66.
You to the Company
You bill the company for ₹100.
Charge GST @18% on ₹100 → ₹18
Total invoice to company = ₹118
The company pays you ₹118 and claims ITC of ₹18.
Your GST Liability Calculation
You collected ₹18 GST from the company.
You already paid ₹15.66 GST to the sub-contractor (claimed as ITC).
Your final GST payable to the government = ₹18 - ₹15.66 = ₹2.34.
Why No Refund for the Sub-Contractor?
The sub-contractor charges GST from you (₹15.66) and pays it to the government after adjusting any ITC they might have. Since they are not paying excess tax, there’s nothing to refund. Refunds typically happen when the input tax is higher than the output tax (like in an inverted duty structure), which is not the case here.
Everything flows correctly in the GST system:
The sub-contractor gets paid with GST and remits it to the government.
You claim ITC and pay the remaining GST.
The company claims ITC for the full amount.
So, no extra tax burden and no refund required! Hope this makes sense—let me know if you need any clarification.
A
Abhishek Singh Bhilware
Regarding Issuance of a Corporate Bond.
Background:
I, as a Corporate Body ( Private Limited Company), would like to issue NCD with a Fixed coupon through Private Placement route.
The NCD is going to be subscribed by my angle network (US Based Retail Individuals).
The issue size is 3Cr for 5Y period.
My Question:
1. Can I add additional coupon (Interest) payment clause whereby if my firm hits a revenue growth of 20% then I will roll out a bonus coupon of 1%. If revenue growth is 15% then bonus coupon of 0.5% would be paid to the debenture holder.
