Tax Filing

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Question Category : Tax Filing

    • 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 days 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 3 replies 0 helpful answers Last Updated: 2 days 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 days 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: 3 weeks, 1 day ago
    • Incorrect filling was done by H& R block and Got rejecte

      I have filed My tax with H&R block and its been 1 month back, I am following up with H&R block associates but no reply for My email/call IT dept has rejected the filling, now the question is how to resolve the issue? We are coming to Tax consultants to avoid mistakes and to take-care of our tax filing till the refund process. It was PAID service , even though H& R block people plays like anything.

      Profile photo of Baiju Asked By: Baiju 1 replies 0 helpful answers Last Updated: 1 month, 1 week ago
    • Revision filing for case where intimation received under 143

      Hello, thanks for your precise response on my last question , now if I have to ‘agree’ with 143a intimation where IT dept says your return does not match with your form16 please advise how it would be if I agree with IT Dept ? One more thing whether 31july deadline applicable to my case too as I already files my ITR on June 30,2017?thanks, imtiyaz

      Profile photo of Imtiyaz ansari Asked By: Imtiyaz ansari 1 replies 0 helpful answers Last Updated: 1 month, 1 week ago
    • NRI – TDS refund and Dual Tax avoid for US

      Hi,

      I have a NRI status as I live and work in USA (On H1B). I have a question with regard to TDS and availing tax credit.

      1. I have a rental income as well few NRO fixed deposits/savings accounts in India for which respective bank deducts TDS automatically (~30%).
      2. I file my income tax return in India for my Indian income and I get a refund of the TDS deducted as my Indian income is usually less than the tax bracket.
      3. I file my US tax returns in US where as per the US tax laws I have to declare and pay tax on my Global income. Therefore I declare my Indian income as well. When the tax gets calculated, I deduct the equivalent dollar amount as foreign tax credit of the TDS paid in India from the US tax to avoid dual taxation (Treaty between India and US).

      To explain this with example, Say in India I earn INR 200. I pay TDS of INR 60 on it. I file Indian income tax and INR 60 is refunded.
      I then file my US tax and show US income of say USD 200. I add $ equivalent of INR 200 to it. Suppose US tax comes out to be USD 50. I then subtract $equivalent of INR 60 from it and finally pay the balance tax (say USD 48) in US.

      Few questions:
      1. Is this how it should be done?
      2. Should I be claiming foreign tax credit in US for the TDS paid in India when the same TDS amount has been refunded to me based on my Indian Tax return?
      3. When I declare my resident status as NRI while filing the income tax return in India, shouldn’t there be no TDS refund automatically?

      Regards,
      Rohit Kamboj

      Profile photo of Rohit Kamboj Asked By: Rohit Kamboj 1 replies 0 helpful answers Last Updated: 1 month, 2 weeks ago
    • ITR filing for salaried and freelancer

      I have a regular salary income and also a freelancer working for a US client since last year. Now while filing tax return is it beneficial to file salary income under ITR 1 and Freelance income under ITR 4s section 44ADA. The reason I am asking it is because “presumptive income scheme u/s 44ADA if the gross receipts do not exceed Rs 50 lakhs then one can declare 50% of gross receipts as his income.”

      Profile photo of Arup K Majumdar Asked By: Arup K Majumdar 1 replies 0 helpful answers Last Updated: 1 month, 2 weeks ago
    • I want to know the documents required to file ITR as per my

      For FY 2016-17, I have two form 16 and I purchased one property in March 2017. I want to know if I have any tax liability or if I can get my some money back which I paid as tax. I have purchased my first home and I have paid Stamp duty and registration around 1.5 lakhs. Only 466 rs paid as interest for FY 2016-17. HRA exemptions already availed in form 16. Apart from this any other way to save our money like I brought new car on cash, my own petrol expenditures, any other expenditure

      Profile photo of Chetan Asked By: Chetan 3 replies 1 helpful answers Last Updated: 1 month, 3 weeks ago
    • Self filed itr, Received notice from income tax dept

      I’ve been filing returns by self. Today I got notice stating discrepancy in income from other sources. On checking I found that amount stated as difference is equal to amount released to builder of my under construction flat from hdfc loans. And builder has payed the tds for that. Why Is that home loan disbursement from loan provider is considered as my income. What can I do in this case. Please suggest.

      Profile photo of Pooja Saxena Asked By: Pooja 1 replies 0 helpful answers Last Updated: 1 month, 3 weeks ago