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Usha Bhakuni
I am a freelancer and work with an international client, getting paid in USD but the amount comes in my account from an EOR platform called Deel. I provide consultancy services in the field of legal compliance in relation to employment laws, income tax laws, social security laws, and such. I develop content for my client in the form of a summary of these laws, which is put in a country profile on the client’s website. I work on their proprietary tool. I am not a lawyer. Last year (FY 2021-22, AY 2022-23), I filed an ITR-3 to take benefit of presumptive taxation u/s 44ADA (under the code 16013-Business and management consultancy Activities) as advised by an online platform, I showed 70% of my income as presumptive income. I do not maintain account books, my income is less than 20lacs p.a. I had paid around 2.30 lacs as advance tax for the year. So, my return came out to be around Rs. 1 lac after filing ITR. I also had capital gains from selling equity and mutual funds. I filed my ITR in July 2022, but my ITR has not been processed yet as of June 2023. Upon filing a grievance, I got the response that my ITR has been caught under Seek for Clarification and a notice for the same will be sent on my email ID. However, it has been more than 15 days since the response and I have not received any email. I checked on the online income tax portal under the e-proceedings also, there is nothing. So now I have two questions – 1. What should I do further with my last year’s ITR to get it processed? 2. How should I file my current ITR – with presumptive income or not? I am confused as to why the previous ITR got caught and if it will be repeated if I file the same this year as well?
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Hi. Can you please send me the ITR that you have filed to ca.aishwariya@outlook.com. I will take a look and respond to this. Also please wait before filing your return for this year. Usually, the returns are held under Seek for clarification if the department is not satisfied with the information provided or if there is any inadequate information , or it may also be for clarification of claims. Also, keep checking your email and log in to income tax portal for any updates under e-proceeding
CA Aishwariya Rajagopal 14 Jun 2023Please reach out to me at +9642355275. We can sort this out.
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Aryan Rai
Hi this question is regarding Foreign Assets. I work at a company in India which is listed in US and I have some company shares. Till now I have listed all the shares I have in FA section of the form. This year I sold an ESPP lot as soon as it got vested(Quick Sell Option).
My first question is, do I show this in FA section and if yes how would that entry look like?
Example I have 10 shares and total purchase price was 85 and total selling price was 100. How would this entry look like in the FA Section under these columns.
Initial value of the investment Peak Balance During the Year Closing balance Total gross amount paid/credited with respect to the holding Total gross proceeds from sale or redemption of investment
Secondly, the tax for the 15% discount I got in ESPP purchase as an employee was already deducted from my salary. Do i need to show this in capital gains and if yes how do I show that tax is already paid?
On sale, the resident individuals are liable to pay capital gains tax. The difference between the sale price and fair market value on the exercise date is taxed as capital gains. Such gains would be taxed based on the holding period, short-term (24 months or less) or long-term (more than 24 months), calculated from the date of exercise to the date of sale.
Short-term gains are taxed at income tax slab rates, while long-term gains are taxed at 20% with indexation benefit (revising the acquisition cost after considering inflation).
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Prakash
I am trying to download COmpany incorporation certificate and the system keeps shows error in MCA portal.
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Jyyjf Gdgfd
My mother sold a house for 50 Lacs. She has filed tax on the capital gain. I am an NRI and living in Australia. Now she wants to transfer the money to my Australian bank account through net banking. Is there any document/gift deed required for her to prepare? Or will she get any query from the income tax dept/Fema for the same?
Hello SIr. As per the Income tax act, gift received from relative (In this case your mother) is fully exempt from tax. It is advised to draft a gift deed and make the online transfer to the NRO account with your bank. If you have any more queries, please reach out to ca.aishwariya@outlook.com
CA Aishwariya Rajagopal 7 Jun 2023FEMA does not apply if it is a non-business transaction
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Siddharth
Hello Sir/Mam,
I actually want to buy a laptop for my firm which is registered with govt. let's say that laptop costs me 2 lakh so after calculating depreciation @40% what will be the actual cost after 3 years
How to I save? Like will I deduct the depreciation amount from my entire tax or what will I do?
Hello sir. If your laptop is being used for the purpose of your business, the depreciation for the year can be deducted as business expense.
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