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Gauri Pandey
How can I claim my late IT return
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You can file for condonation for filing late income tax return with the Commissioner of Income Tax. For more information, please feel free to contact us at camehulagg (at) gmail (dot) com or call us 9811 89 6771
CA Deepak Kucheria 7 May 2021Please contact at +91-9911744028. Will assist you in return filing.
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Gargi Jain
Can I have two active pf accounts linked with one UAN number. Is it legal in India if I get the salary from two companies and pf deducted from both of them. Please answer my query.
Yes it is legal. And yes, you can link them with one UAN number.
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Rahul
Mr Ram is the Karta of the HUF . His wife wishes to borrow a sum of Rupees 2 Lakh from the HUF and invest the same in post office at 6 percent .As per an agreement entered between her and the husband / Karta she will return this sum of of 2 lakh with 5 % interest to the family HUF. Now , will this sum she will be repaying back to the HUF " as Interest " be allowed as a DEDUCTION from her gross total income under any section of the Income Tax Act ? If yes , which one and what is the maximum limit of deduction on offer for any such interest payments ?
The interest payment can not be claimed as deduction unless this kind of activity is a regular business carried out by her.
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Niranjan
If I use my stipend money(I'm a medical resident) to invest in shares or mutual funds, will the profit be taxable?
When you sell a share / mutual fund unit, the income tax department considers them a capital asset and treat the profit as a capital gain. Accordingly, tax will be computed. For more information, please contact us at camehulagg (at) gmail (dot) com or call us at 9811 89 6771.
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Bhavitha
What are the options to continue the business in case of Proprietor dies ?
Any legal heir may take over the business. If the proprietor was registered under GST law, then its GST has to be surrender, ITC (if any) to be transferred to the person taking over the business, stock to be transferred, if any. For detailed consultation, kindly contact at +91-9650511176
CA Mehul Aggarwal 26 Apr 2021There are legal compliances under the Income Tax Act and GST to transfer the business in the name of legal heirs so that business can be continued. To discuss further, you may reach out to us on camehul [at] gmail [dot] com or call us on 9811 89 67 71
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