I am an Afghan Student residing in Rohini Delhi
I am an Afghan Student residing in Rohini Delhi
Hello, I am an Afghan Student residing in Rohini, Delhi. I am a student of Delhi Technological University. I was trying to do some freelance online jobs on a platform called Upwork then, I was asked t
8 months ago
A. Dear Client,
Consult Upwork Support: Reach out to Upwork's customer support and explain your situation as a foreign freelancer from Afghanistan residing in India. They might be able to provide guidance on alternative options or exceptions for your case.
Obtain a PAN Card: As a foreigner conducting freelance work in India, you may be required to obtain a Permanent Account Number (PAN) card. The PAN card is a ten-digit alphanumeric number issued by the Indian Income Tax Department. It is essentia ...ReadMore
Advice re ITO Notice
Dear Sir During FY 2017-18, I used to withdraw bank FDRs (instead of auto renew) opened in earlier FY and then open fresh FDRs. In between, there were few to & fro transfers between my & my mother ac
8 months ago
A. Dear Sir,
The question involves financial matter and also relating to tax matters. Better contact any auditor or chartered accountant.
Tax notice u s 148
Fy2017-18, I withdrew FDRs from previous years & then reinvested in FDRs. It happened many times during year. In between few times, some money was transferred to & from my mother account. ITO
8 months ago
A. Dear Client,
Section 147 of the Income Tax Act provides that “If the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153, assess or reassess such income of the assessee and also any other income chargeable to tax. Sec 147 empowers the Assessing Officer (AO) with the power to reopen the assessment proceedings whenever the AO finds that the income of an assessee has esc ...ReadMore
Tax on LTCG on House Sale
I own a House and I co-own another House with my spouse. I also own an Open Plot. If I sell my house ( exclusively owned by me) and Plot and purchase another house with coownership with my son and D
8 months ago
A. Dear Client,
Exemption under section 54 of the IT Act, 1961 can be claimed in respect of capital gains arising on the transfer of a capital asset, being long-term residential house property. To claim an exemption under section 54, another house should be purchased (a) within a period of one year before or two years after the date of transfer of house or (b) constructs one residential house within three years after the date of transfer. If the new property is sold within a period of 3 years fro ...ReadMore
Income Tax on Property sold with multiyear interest free payment plan
This is related to Sale of an Apartment between two Parties: First Party is Father & Mother (Seller), and Second Party is Daughter & Son-in-law (Buyer). I have following questions: 1. After initial lu
8 months ago
A. Dear client,
At the time of sale of property, buyer is required to deduct TDS on property and deposit the same with the government. But, the seller is allowed to avail credit of the same or claim TDS refund by filing his ITR.
Within 30 days after the end of the month in which the tax deduction is made, the buyer must submit Form 26QB.
Take this illustration to help you understand: Vikas sold the property to Shaam. On December 15, 2020, a sales consideration of Rs. 54,00,000 was paid. Here Form ...ReadMore
Deduction u/s 80 D eligibility on term plan premium with critical illness rider
I paid max life term insurance premium of Rs 38000 (including 4000 for critical illness rider), I want to know the amount of eligibility of deduction us 80 D is it 38000 or 4000.
8 months ago
A. Dear Client,
If the term insurance policy offers a health rider and you have opted for the rider, then the premium on such a rider can be claimed for deduction from taxable income under Section 80D of the Income Tax Act 1961. However, the premium amount of the term insurance would need to be claimed under Section 80C of the Act. The premium payable against a Term Insurance plan comes under the purview of Section 80C of the Income Tax Act. Under Sec. 80D, Health Insurance, and Critical illness pl ...ReadMore
Tax on side hustles
I have a job with 5.5L per annum . Along with that I have few side hustles. Should I pay tax for my side hustles ?
8 months ago
A. Dear client,
The Income Tax Act of India considers all sources of income, including income from a regular job and income from side hustles, for the purpose of taxation.
If your total income, including your salary from your primary job and the earnings from your side hustles, exceeds the basic exemption limit (which may vary based on your age and other factors), you may be liable to pay income tax on the amount exceeding that limit.
It is essential to report all your income accurately while fi ...ReadMore
80D Deduction
Sir,my wife is the propser in her health insurance policy,but I pay the premium for her medical insurance. So can I claim 80D deduction as it's said that "80D deduction can be taken for insurance take
8 months ago
A. Dear client,
In your case, you, as the husband, are paying the health insurance premium for your wife's medical insurance. The deduction under Section 80D can indeed be claimed when the premium is paid for the health insurance of your spouse.
As per Section 80D, an individual can claim a deduction for the premium paid for health insurance policies covering the taxpayer, the taxpayer's spouse, children, and parents. The maximum deduction allowed varies based on the age of the insured and the pr ...ReadMore
Crypto
Hi, I wanted to ask about crypto. If i recieve my salary in crypto. And sell it at same price or in loss, still i have to pay 30% tax? Or i should file taxes in normal slab rates 1% tds also get dedu
8 months ago
A. Dear client,
In India, the taxation of cryptocurrency transactions depends on various factors, including the nature of the transaction, the holding period, and the individual's total income. If you receive your salary in cryptocurrency, it is still considered a form of income and is subject to taxation.
When you sell the cryptocurrency received as salary at the same price or at a loss, it could still be considered a taxable event. The tax implications will depend on whether it is classified as ...ReadMore
80 D Deduction
Sir,health insurance taken in the name of my wife.Wife is working as contractual in government department. Bt I pay the premium for his health insurance.Can i claim 80D deduction for this premium paid
8 months ago
A. Dear client,
as you are the principal proposer, you can claim a rebate under section 80D of the IT Act
