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Royalty fees tax implication

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17 May 2017 If a Propitiatory Firm receives royalty fees for Mines from the Partnership Firm in India, If the Royalty receives firm incur the expenditures, Can the expenditure can be adjusted against the Royalty fees Received amount for the purpose of the Income Tax. Na How to account for it in books of A/cs. Please Request you good-selves to clarify> Please tell me the Tax implication of both Income Tax & Service Tax/
Hoping get an early reply from you Sir,
With regards
L.Keshav ,

17 May 2017 Service tax applicable on royalty receipts collect also service tax payments from the firm. Income tax payable on royalty treating it as income. If the expenses relate to earning royalty income then it can be deducted from royalty income.

18 May 2017 Sir, Thank you very much for your kind Answer. Service Tax on Royalty recipient is also applicable. Then he has to registered for the Service Tax Registration on which Services head Sir, Please clarify. Thank you very much for your immediate and prompt and immediate reply for my query. With regards L.Keshav




18 May 2017 Yes the recipient has to register under service tax if annual such receipts exceed 10 lacs and collect and pay service tax under renting of immovable property head as there is no specific ac code for royalty.

18 May 2017 Thank you very much for your prompt reply sir,

18 May 2017 Sir, If the Indian Stay in abroad and getting Income in India by way of Pension & Rent. If the representative assess can file a Income Tax Return, What is the procedure. Representative assess is required to obtain Power of Attorney. How to file the ITR. Whose PAN No,. should registered for online filing of ITR. Please I request you to clarify doubt. . With regards

19 May 2017 No need of representative assessee. Register for on line filing and file the return online take print out of ITR V and send it to him and obtain sign and send it to CPC. E verification option also available.

19 May 2017 Sir , thank you very much for kind reply
With regards, keshav




20 May 2017 Sir, Please clarify weather I have file the ITR -I as Resident Or No-Resident for The person Stay in abroad More than a year. With regards L keshav

21 May 2017 Pl reply mt query Sir

21 May 2017 File it in his name as non resident with foreign address.

21 May 2017 Sir,
Thanking you very much your immediate reply Sir,




21 May 2017 Sir,
If Chit fund Partnership firm received Chit Commission & Co.Chit Dividend . It if is less than Rs.10.00 lakhs. the service Tax applicable or not. Please clarify.
With regards
L.Keshav

23 May 2017 Please​ reply my query Sir, with regards keshav

23 May 2017 No service tax payable if chit commission received for the whole financial year is less than 10 lacs.




23 May 2017 Sir, thank you for your kind reply Regards, Keshav

23 May 2017 Sir, thank you for your kind reply Regards, Keshav

27 May 2017 Sir, If the TDS Deducted and not deposit in TDS A/c. what will be the consequences on the TDS Deductor
Please clarify
With regards
Keshav

28 May 2017 Notice will be issued interest and penalty will be levied.

28 May 2017 Sir. Thank you very much for your kind clarification. With regards Keshav

21 June 2017 Sir,
I need calrification of ITR Filling. I a person leaves in aboard more than 182 days in year and he earns Pension Income & Income on House property in F.y 2016-17. How to file his Income Tax return. 1. Which address we have to give 2) Can we register for his PAN for his login in Income Tax. 3) If we file under representative assesses what is the procedure and how to file the Income Tax return. I request you to suggest the best way to file the return. Can we file as Non resident by giving his abroad address in his PAN No. or if We file as representative we have login Representative assessee or Orginal Pan holder. Please suggest the best way of filling the return. Hoping to get an early reply from you Sir,
With regards & thanks

Keshav

21 June 2017 1 Give foreign address.
2 Yes register his PAN.
3 File return in his name as non resident giving foreign address.
4 Let him take print out ITR V abroad sign it and send it to CPC.

01 July 2017 Sir,
Thank you very much for the reply. I apologies for late acknowledging your reply, Pl excuse me. Please clarify which ITR, I have to file for more than 5 commercial properties income & Pension Income . He his having a Bank A/c. Joint A/c. He says that the Rent received by him will be shared by his son and wife. So he wants the Rent should be divided in 3 parts and one part of his rent will be added to his income. The property is in his Name. Can we divide the Rental Income and his portion of Income will be added to his Income while computing the Income Tax. Since one year he stays at Us. Please clarify at the earliest.
With regards and thanks
Keshav

01 July 2017 File ITR 2 rental income/ITR 3 treating commercial property as business income. The property is in his Name he Can't divide the Rental Income.


01 July 2017 Sir,
Thank you very much for the reply
Regards
Keshav

01 July 2017 Sir,
If I treat Commercial Rental Income as Business Income then How to file the ITR and in which head I have to file this Commercial Rental Income. Please advice.
REgards & thanks
Keshav

01 July 2017 Sir,
for registering the PAN can we give foreign Mobile No. and email id of the person for Non Resident. Please clarify the detail y., With regards. Keshav

15 July 2017 Sir, 1) If Chit fund Firm Earns commission & Dividend earns below Rs.20.00 lakhs it it necessary to register under GST Services. Is Chit fund firm coming under GST or Not. 2. Chit fund firm earn Interest on Fixed deposits it is business Income or Income from other sources. It will be show as a Interest earned or It should clubed with Business Income in ITR 5.
3. Which ITR should filed for the Partners with LIC Commission, Pension Income and Partner's Renuermation. Please clarify the above at the earliest.
4.LIC Commission onn which head I have to show in ITR full commission or what is the percentage of commission as Income.

With regards
Keshav


16 July 2017 1 Commercial Rental Income file it under service receipts.
2 Give his foreign Mobile No. and email id
3
1 No gst required.
2 It is business income.
3 File ITR 3.
4 Full commission as income under service income head.



17 July 2017 Sir,
Thank you very much for your kind reply.

With regards
Keshav

17 October 2017 Sir
Please clarify How to Calculate the Capital Gain for the following:
1. Open plot purchased from General Administration. Dept. Govt of Orissa on lease dated 07/09/1989.
2. Cost of Land Rs.20662/- + Stamp Paper & Registration Charges is Rs.3098/- Total is Rs.23760/=
3.Amount paid for Lease free Registered Deed to Govt of Orissa on 28/03/2012 RS.309918/
4. Agreement made with Builder for 33% Share on 25/01/2011 for 2 Flats/ out 2 Flats one flat sold for RS.45,00,000/-
5. Out of Rs.45,00,000/0 Purchased one Flat a for DEc,2016
Semi finished Deed for Rs.17,52,000/-
Agreement for Consutruction Rs.8,98,000/-
Registration amount Rs. 106820/- total Flat Purchase cost is Rs. 27,56,820/-
Please tell me how to calculate Capital Gain on above for considering the Index.
Thanking you and hoping to get an early positive reply from you sir,
With regards
Keshav


30 August 2018 Sir,
Please clarify the following doubts.
1. April,17 to Jun,17 If a person is employed and got salary and TDS deducted by he Employer and issued the Form 16. After June he resigned and gone aboard. He his having refund. Can We file ITR-1 as Resident or Non Resident. How ti file It Return before 31.08.18.
Please advise.
Thanking you in advance and expecting your early reply.
With regards
Keshav

30 August 2018 File ITR 2 as nonresident, resident only can file ITR 1. Claim refund of TDS.

30 August 2018 Sir,
Thank you very much for your prompt reply.
1. They have already Registered in Income Tax because previously they have filed Income Tax Returns.
2. In same login I Can I file ITR2 as non-resident and showing Bank A/c in India for refund. Which Address & Mobile no. I have to give.
3. In form No. 26AS it show Infosys Employeed superanuation Fund Trust of Rs. 234752/- and 10 % TDS Deducted. But while downloading prefilled form income Tax Efiling Sight The Superanuation Fund is not showing in TDS Column. Please how to show this amount in ITR as salary or other Income.
4. If the employee has for one month salary of Rs.180000/-. and he left the job gone to aboroad. Can he file Income Tax Return. If it shows in Form No.26AS. Since it is BElow the Income Tax Salb.
5. For showing non resident I have register separately.
Please advice
Thanking you in advance and expecting your early reply.
With regards
Keshav


30 August 2018 1 File return as already registered
2 same login file as nonresident give foreign address and mobile.
3 show it as salary claim TDS as per 26AS
4 yes
5 Use existing registration.

30 August 2018 Sir,
Thank you very much for the prompt reply in spite of your busy schedule you are clarifying.
1.. If the employee has for one month salary of Rs.180000/-. and he left the job gone to aboroad. Can he file Income Tax Return. If it shows in Form No.26AS. Since it is BElow the Income Tax Salb.
2. I have file Return or not.
Please advice
Thanking you in advance and expecting your early reply.
With regards
Keshav

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30 August 2018 File ITR claim refund of TDS. Show income as per 26AS

30 August 2018 Sir,
Thank you very much for your immediate reply.
TDS not deducted wheather i have file or not for below the Income of Rs.250000/-
Please advice
Thanking you in advance and expecting your early reply.
With regards
Keshav


30 August 2018 Superanuation fund has deducted TDS so file ITR



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