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Saurabh Bhatia
I intend to become an NRI for financial benefits. I know the definition of NRI as per the IT AND Fema but it's not clear. Text book says; Be out of the country for 182 odd days in a financial year OR CAN be in of the country for 60 days only and proceeding 4 years should have not been in india for a total of more than 360 days. Now, what does this really mean? For example; If I go to another country from 1st Apil to 1st Nov 2019 does that mean I am an NRI for FY 2019-2020? Does it mean if I start a company in the middle East and transfer some funds from the middle east company on 1st April 2020 to India to my account, it will not be taxable? Please guide.
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1) The definition you are mentioning is for deciding the residential status of an Individual as per the IT act
2) Any of the two conditions if met you will be a treated as a resident
3) In your example you will be resident under the second criteria of 60 days in India and 365 days in last 4 FY's
4) The tax ability of funds when you transfer from other country is not straight forward it depends on other factors like the DTAA treaty of that country with India also
M
Mithun
The CA firm who incorporated my company did not file (resubmit) INC22 after it was rejected. I was not aware of it. Now i am told i have to pay penalty of 2 lakhs (1 lakh - company, 1 lakh - director). What should i do
It might be that the company is incorporated using SPICE: Simplified Proforma for Incorporating Company Electronically
If that is the case Inc 22 is not required.
Do let know the date of incorporation
B
Baba
Hello sir, We are selling property worth 80Lacs in my native.Buyers are ready to register only by govt guided value which is 41lacs. Now I should I get remaining 39 lacs (cash/DD/Checque). How should deposit the same without questions on source of income. Ifact I though I will pay stamp duty for the 39 lacs so that they can register for 80 lacs. Buyers refuse and also in that town sub registrat office has issue to register higher value. Please suggest way out for me. I am ready to pay any tax and make it clean but not sure of the way. Also suggest how can I handle 39 lacs.
1) Any payment above 2 lakhs in cash is not allowed as per IT act, else there is a penalty
2) You may have to show this 39 Lakhs as your other income and then pay tax @ 30% on it
3) Otherwise If the buyer is ready to pay by cheque - Then you can show it as your STCG or LTCG and pay tax accordingly
A
Aman Bansal
Recently I have started a home loan repayment for a property which is registered in my Mothers name. I am not a co-owner of the property. All the EMIs will be deducted from my salary account. Is there any way I can exercise Income tax benefits. Even the stamp duties and Registration charges are paid through my salary accounts.
Your mom will be eligible for the IT benefits, You cannot take the benefits since you are not the owner of the property.
T&C applyK
Kukil Koushik
I am working as a contractual employee under an outsourcing agency. An amount of Rs.20,539.00 (Gst is included or excluded not mentioned earlier) was sanctioned against my post. But they are deducting 18% Gst + 1% service charge from me paying me the remaining amount. Now I want to know that whether they should deduct the Gst from the sanctioned amount aginst me mentioned above or they should include Gst on the sanctioned amount in their invoice? Please clarify my doubts.
It will be difficult to answer without looking at the contract, you may like to book a consultation to clarify your doubts !
T&C apply
