Regarding tax
I am planing to open 10 lakh FD on my mother's name. She is house wife. will she get taxed? or will it be considered her income ? & will she need to pay tax for it. please explain
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A.
if your mother's total income for year which includes the interest from the FD is less than 5 lakhs then it will not be taxable.
Bank will also ask form 15H for senior citizen.
Better invest in tax saving instruments.
Vidhikarya
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Tax
Details of private companies
Can tax returns or revenue details of a private limited company be disclosed by the government on an online platform. What is the mechanism to check if tax has been filed or not by a private company.
A.
you can check master data of company as well as public documents such as balance sheet can be obtained from MCA website on payment of requisite fees.
Vidhikarya
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Tax
TAX
What is TRN( tax registration number) that my payoneer bank account wants me to provide? Is it simply the PAN number, GStin or something else?
A.
Hi,
Tax registration number is issued to businesses on the basis of types of business. There are several types of ID numbers for taxation like Tax ID number, Employer ID number, PTIN.
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Vidhikarya
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Clarification on income tax liability
Dear Sir, I am AVM M K Guleria (Retd) writing to you to get some clarification on income tax. 1. Our family home is coming in a highway project and we are likely to get compensation from the govt ...
A.
Hi,
In both cases you are liable to pay taxes. For a detailed breakup please contact a chartered accountant.
Vidhikarya
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education loan query
My education loan started in 2010 and ended in 2014 and my repayment started in 2016. During the course 2010- 2014 my parents paid interest to the education loan amount disbursed every year for tax pu ...
A.
Dear sir,
Please consult Chartered Accountant.
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Tax
RNOR: Resident but but ordinarily resident
Hello, I´m an expatriate who came to India in July 2018. Since then, I have spent the following days in India: Apr. 18 - Mar. 19: 254 days Apr. 19 - Mar. 20: 300 days Apr. 20 - Mar. 21: 365 days I ...
A.
Hi,
Yes, you will be considered as a resident but not ordinarily resident.
Thank You
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Vidhikarya
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MR
Every month I send INR 25000/- to my sibling from my income, can I claim exempt on ITR as a GIFT.
A.
Hi,
yes, the following transaction is exempted from the payment of Income Tax as it is considered a Gift given to your brother. Thank You
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Vidhikarya
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Tax
Tax on Life Insurance Policy Amount
I had subscribed to IDBI Federal Incomesurance Endowment and Money Back Plan, which commenced from 30.09.2013. I paid premium for 5 years @ Rs. 48501 (total of Rs. 242505/-) as per the policy terms an ...
A.
Dear tax payer,
1.the surrender of the policy will be considered as income under section of 10(10D) . So the tds will be levied .
TDS cannot be considered as the tax paid . we can file the income tax return and claim refund.
2. we can declare the loss in the income from other sources while filing the return and can claim refund of the TDS.
#tax#crime#civil#
Vidhikarya
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Tax
Taxes on Cryto currency
Hello Sir/Madam I have assets in crypto and since the limit has exceeded my exchange which operates in southkorea and China is telling me to withdraw funds .For withdrawal they are asking me to pay ta ...
A.
Hi,
If you want to withdraw your cryptocurrency in the form of fiat currency, you would first need to convert it. You convert it in the same manner that you exchange other cryptocurrencies.
However, more information is required the facts of the case, so ass to advice you properly.
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Vidhikarya
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Work from home data entry job fraud regarding
Sir, i applied for work from home job in naukri. Through this , a company "tcgfinancial services pvt ltd", gave SBI related outsourcing work they gave. After completion, they suddenly ask me to pay GS ...
A.
Hi,
This would depend on the terms of your employment agreement. However, I'd advise you to not make any unnecessary payments, as this is a well known trick used by scammers on job applicants.
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Vidhikarya
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