Tax Filing

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Question Category : Tax Filing

    • I'm a Distributor of FMCG products and I want to return

      I’m a Distributor of FMCG products and I want to returned the goods to the SD( Super Distributor) but he I.e SD says we can’t take it back dude to gst problem, even though you want to take it we will take but we will deduct the tax amount and we will take… I want to ask if goods once sold don’t we have a process of returns of that products.

      Profile photo of Athnoor Murugesh Patil Asked By: Athnoor 0 replies 0 helpful answers Last Updated: 5 days, 5 hours ago
    • Haven't received refund. What should I do?

      I have been living in Finland for more than a year now. I am filing my income tax here on my global income though I have my Indian employment. It is an on-site assignment. I had filed a refund request in India as both the countries have single tax treaty. I submitted my ITR as an NRI in August and it has been acknowledged. But I have not received my return yet or any information regarding the same. What should I do? Also, I have heard that now NRIs will have to close their PPF account but what if someone is about to come back in few months?

      Profile photo of bathiya Asked By: bathiya 0 replies 0 helpful answers Last Updated: 5 days, 21 hours ago
    • ITR – income tax return 2016-17 filing for NRI

      I have following queries Kindly clarify

      1. The cost – i have a referal coupon from Axis bank, but the cost increases if i apply the coupon.
      2. What all documents are needed to file ITR for NRI customer. I have already uploaded the documents and details i have.
      3. I do not have Form 16
      4. Do you need information on tax filed in Germany like my Tax ID?

      Profile photo of Ankit Gupta Asked By: Ankit 9 replies 3 helpful answers Last Updated: 1 week, 2 days ago
    • Surrender of LIC Pension Policy – Income Computation

      Dear Sir/Madam,

      My PAN is AAYPS5928H.

      Recently I surrendered my LIC Pension policy and I received a lump sum amount if Rs.2,44,000/-. This policy was for 15 years terms and annual premium was Rs.10,0000/-.
      I would like to know how much amount should I add in my current year earning from other sources? Should I add RS.2,44,000/- or RS.2,44,000/- + Rs. 1,50,000/-(deduction claimed u/s 80 in previous years).
      Please inform as I need to work out my Computation.

      Profile photo of Ketan Shah Asked By: Ketan 2 replies 0 helpful answers Last Updated: 1 week, 6 days ago
    • Received Income Tax Notice for Mismatch in Income with Form

      I have received the Intimation U/S 143(1) for my ITRV and it mentioned that I have to pay some of the amounts to TAX. which was already detected from my company and it’s not reflecting on My ITR.I have some amount mismatch as per my form-16 submission. I have done my IT return through HR block. can you please clarify me on this

      Profile photo of Lakshmana Prasad Asked By: Lakshmana 0 replies 0 helpful answers Last Updated: 2 weeks, 1 day ago
    • Notice u/s 139 for professional with presumptive income (44A

      I’ve filed ITR-3 as a professional and have opted for presumptive tax scheme (50% of gross receipts). I’ve received the following notice u/s 139 i.e. defective return.

      Error :
      a) The Gross receipts is not mentioned in the Profit & Loss A/c, OR b) The profit shown is less than 50% of the gross receipts as prescribed u/s 44ADA but has not mentioned the maintenance of the books of accounts and audit report u/s 44AB in Part A-General and the total income exceeds the maximum amount not chargeable to income tax.

      Probable Resolution:
      a) Gross receipts to be entered in the Profit and loss A/c. b) Declaring profit of 50% or more of gross receipts as per Section 44ADA c) Filling the Part A of Schedule Balance Sheet, Part A of schedule Profit & Loss and details of audit report in Schedule Part A-General if your total income exceeds the maximum amount not chargeable to income tax.

      Below is a link to a screenshot of the relevant section of my ITR-3 (Section : Profit and Loss Account). According to my understanding, Point 1 to 52 are blank because I’m not required to maintain a regular book of account or get audited (as per 44 ADA).

      So,
      1) I’ve mentioned the gross receipts in Profit & Loss A/C, point 53 (ii) (for professionals)
      2) Profit is 50% of gross receipt
      3) Not required to maintain book of accounts or get audited as per 44-ADA
      I’m wondering what’s the mistake for which I got a defective return notice ?
      https://i.imgur.com/z5tBbed.png

      Profile photo of K Asked By: K 1 replies 0 helpful answers Last Updated: 3 weeks, 4 days ago
    • Outstanding Tax Demand – Wrong Chalan Number

      I got Outstanding Tax Demand for AY 2014-15, I thought there is some mistake from IT dept. so I Disagree with Demand, however I noticed this year that the Chalan Number date was wrong in the original ITR. I tried to correct it by rectification but when I enter the CPC number its says incorrect details, please let me know how I can correct it?

      Profile photo of Kapil Asked By: Kapil 2 replies 0 helpful answers Last Updated: 4 weeks ago
    • TDS mismatch due to missing Advance Tax deduction in Form 26

      I filed my tax for FY 2014-2015 and received a letter of TDS mismatch. The mismatch is due to the advance tax paid which was deducted by the seller before making the final payment.  Seller has provided the receipt of the challan (Form 280) with BSR details but that transaction is not reflected in my (seller) Form 26AS. As a result, I owe that much amount of tax even though it was paid by the buyer before making me final payment. So my question is following- How do I trace this transaction so I that I can claim the proper credit? Buyer provided the copy of challan.

      Profile photo of SK Asked By: SK 4 replies 0 helpful answers Last Updated: 4 weeks, 1 day ago
    • ITR return not yet proceed year 2017-18.

      I am new taxpayer filled ITR for first time. Expected ITR refund value is around 1.75 lakh. I filled itr and e-verified it on june 2017. Status saying EVC accepts. When can I expect ITR to get processed and initiate refund? Could I get query as return amount is pretty high?

      Profile photo of Swapnil Dabhade Asked By: Swapnil 2 replies 1 helpful answers Last Updated: 4 weeks, 1 day ago
    • Income Below than taxable limit, should I file return

      Dear Sir/Madam,

      I am a housewife. My PAN is BDBPS3355M.
      I do not have any Salary Income.
      But I have Interest Income of about Rs.1.30 Lac for Fixed Deposit.
      I have never filed returns earlier. I do not have Income above Taxable Limit but to be more transparent and use this information as and when required for some purpose I would like to file the IT returns for FY 2016-17.
      Would you please advise whether it is advisable to file returns.

      Also in the FY 2015-16 I had earned Interest Income of around same amount, but Corporation Bank where I have my saving account and where I have FD , they had deducted Rs.186/- as TDS erroneously though it was not applicable. I would like to file return for FY 2015-16 also, not that I am worried of Rs.186/- but just to avoid any future queries from IT dept if any.

      Kindly advise whether I should file returns. Your opinion will be of great assistance to me.

      Profile photo of Aruna Shah Asked By: Aruna 1 replies 0 helpful answers Last Updated: 4 weeks, 1 day ago
    • Awaited response from H&R Block since 5 days

      Hello ! My PAN is AAYPS5928H. I had received email from H&R Block that the necessary revisions has been done and I should see the revised Computation for FY 2016-17, and if I find it comfortable, I should revert to same mail stating my acceptance to take up the next action. I have sent the acceptance 3 times in last 4 days but I have not received any advise regarding subsequent action. Can anyone look into it. …. Regards, Ketan Shah

      Profile photo of Ketan Shah Asked By: Ketan 2 replies 0 helpful answers Last Updated: 1 month ago
    • Declaring House Property Purchase of 17 Lakhs in my mother n

      My father bought house in my mother’s name where she is an home maker and does not have any mode of income.Property was purchased on July 2016 worth 17 Lakh and my mother gifted to on April 2017.Should my mother has to show this property in an it filing or I can show this property as rental in 2018 it filing.Source of income for this property is mixture of my father’s income plus my salary income and cash gift from my mother’s mom.

      Profile photo of Srinivasan Asked By: Srinivasan 1 replies 0 helpful answers Last Updated: 1 month, 2 weeks ago
    • Tax Returns from previous year outside of India has been pai

      From my previous employer I had travelled to UK in 2004. Company had withheld the Total Tax Deducted at source and I was entitled to get refund under the British law and the company did not give the money back.

      After several reminders and legal notice they paid amount with interest in 2016. In the form 16 it has been shown as 2016-2017 income and again tax is deducted on that income.

      My Question is – Since I have already paid tax in UK for my income in 2004 can I claim back the TDS paid by my previous organizaton as it seems to be double tax for my case.

      Profile photo of Debkumar Chakraverty Asked By: Debkumar 3 replies 0 helpful answers Last Updated: 2 months ago
    • Please help me to find the companies offering tax filing ser

      Hi,

      I am in a trouble now. Please help me to get out of this. Actually, it’s all because of my mistake.

      I am self-employed, running a shop here. Last year, my income was taxed at a higher rate. So, I was in search of some ways to lower the tax. I sought advice from many of my friends and relatives. Some of them suggested me that a tax avoidance would help in minimizing the income tax liability.

      And some others told me to do a tax deferral or a tax evasion. I knowingly under-reported my income, for a tax evasion. But, my plans went horribly wrong!

      Now, I got a notice from the CRA and they are going to move legally against me. I am afraid of the further procedures and penalty. Can you please help me to get a solution? In my search, I came across companies providing tax filing services in Toronto (http://www.taxmechanic.ca/late-tax-filings/ ).

      Do they offer any services related to my situation? Does anyone know more about them? Or do you have any other suggestions? Kindly share your suggestions here. If you have any previous experience, please feel free to share with me.

      It not only help me to choose the best service but also would be an emotional support for me. Replies awaited.

      Thank you for your time!

      Profile photo of Robert E. Baker Asked By: Robert E. Baker 1 replies 0 helpful answers Last Updated: 2 months ago
    • F&O Losses and Capital Gains and REC Bonds

      Hi,
      I have sold some residential site and have Long Term Capital Gain on it. Part of the above Capital Gain, I have placed in REC CapGain Bonds. But, I l also have losses in Futures & Options Trading.

      Can I do the following while filing my IT Return???
      1) Claim tax benefit from my investment in REC CapGain Bonds
      2) Set-off the F&O losses (treating as Business Loss) against remaining Gain from property sale …Any quick advice is appreciated, since I will perhaps have to get auditing done, if above is possible.

      Thanks,
      Nagaraja

      Profile photo of Nagaraja K S Asked By: Nagaraja K S 1 replies 0 helpful answers Last Updated: 2 months, 2 weeks ago