TCS ON LRS SCHEME
TCS ON LRS SCHEME
Sir my account has negative balance due to tcs on LRS which is applicable on my international withdrawal. In my case bank haven't collected any tax at withdrawal which is supposed to collect my friend
1 year ago
A. Hello Sir,
I didn't understand your question. Please make it more clear and let us know.
Thank you
HRA exemption
I didn't updated rent agreement and details to my employer, employer has shown minimum HRA under salary slip which results least amount to be exempted in the form 16. Is there any way to claim complet
1 year ago
A. when filing your return you can claim the entire amount whatever actually paid, the employer whatever amount left over that you can mention in the return and get refund
taxes for non-residents - I came from Russia on a tourist visa
Hello, I came from Russia on a tourist visa. I plan to stay in India for a long time. Please tell me what taxes I have to pay on my salary. I am an individual and the employer is from Cyprus.
1 year ago
A. Dear Client,
NRIs have to pay income tax on income earned in India. NRIs have to pay tax on income that accrues or arises in India. NRIs also need to pay tax on income which is deemed to accrue or arise in India. Money received or deemed to be received in India is taxable.
TDS query - I have not worked
Hi Sir, i have not worked from April'22 to Aug'22. However i will get a job offer by next week sep 15 2022. How will the last 5 months tax calculation happen as i have no other income for the last 5 m
1 year ago
A. Income tax is calculated on the net salary. A net salary is the gross salary minus the allowances and deductions for the financial year. It absolutely depends upon what is your total monthly taxable income (The total monthly taxable income is the total taxable income for the financial year divided by 12 months)
Tax on Payment received in Crypto
Hello, I am a Business Consultant based in India. I get my consultancy fee (gross revenue) from my Hong Kong client via USDT. Its gross revenue received as Consultancy Fee(professional income) and no
2 years ago
A. Dear Sir,
Please consult an expert on the above issue or approach Auditor or chartered accountant and claim benefits accordingly. Lawyers are unable to answer your questions.
income tax - i have 1 lakh rupee in my account
sir i have 1 lakh rupee in my account if i send this amount to my friend he will return it as 1 lakh and 4 thousand rupee as interest and i have done like this for 100 times so finally in my account t
2 years ago
A. Dear Sir,
The Income Tax will be calculated only on your profit and not on total transaction. You may approach chartered accountant for more clarification since it is financial transaction and you must take legal advise from him.
advance tax penalty- , zero tax from salary
Hi TEam, zero tax from salary after all investment and deductions, second 10%TDS from FD in every financial year. But at the time of filing ITR in July-Aug-Dec, both salary and TDS clubbed and tax co
2 years ago
A. Dear Client,
As per the facts mentioned, I’d suggest you to contact a CA who can give you better advise.
Capital gains income tax
We are landowners for a site and we entered in to JDA . As part of that JD., we got 6 flats which was sold in FY19-20. Each flats costs 50L average and commision and furniture also cost 8Laksh per eac
2 years ago
A. Dear Sir,
Long-term capital gains are taxed at 20%. For a net capital gain of Rs 63, 00,000, the total tax outgo will be Rs 12,97,800. This is a significant amount of money to be paid out in taxes.17-Feb-2022
Debt Funds: At tax slab rates of the individual
Equity Funds: 15%
Funds: Effective 11 July 2014
Income Tax - company is providing Voluntary Separation Scheme
My company is providing Voluntary Separation Scheme for those employee who want to take it. In exchange of it, they are offering a lumpsum amount. In my case the lumpsum amount is 20Lacs. This is bef
2 years ago
A. Dear Client,
Any amount received / receivable by a specified category of an employee under the voluntary retirement scheme or under the voluntary separation scheme is exempted under section 10(10C) of the Income Tax Act.
Hope this clarifies your query and requirement.
Thank you.
Disciplinary action initiate against Assessing officer
Disciplinary action initiated against Assessing officer for F Form approved, purchase not declare in the return. Hence I request to any high court order for favour of set a side the disciplinary actio
2 years ago
A. Dear Sir,
The High Court may pass orders on merits.
