Hi

I had been filing returns as a resident. From last fiscal year, I became NRI and since there was no indian income, I didnt file returns. I have been getting automated reminders from IT department to file returns. Should I contact them to tell them that I have no indian income, hence not filing returns? what is the process?

Dear Sir,

I had an employee with 1500000/- per Annum in which 50% HRA included. He pay Rent of rs 45000/- Pm .He joined us on 01-07-2021 and resigns on 28-10-2021. in his tax saving declarations he claimed deductions U/S 80C Rs 150000/- but no proofs provided as he leaved earlier and we collect investment proofs last cut off date 15-02-2022. so we show salary in form 16B whether to consider 80C deductions and HRA Exemptions or not??

Please provide asap

Thanks in advance

Mr. X and Mrs. Y are husband & wife and they are taxable assessees in income tax
they jointly taken home loan and purchased building

both are applicants in home loan but EMI is deduction from one person only (EMI per annum 4,20,000)

now can both claim deduction in income tax? (home loan interest and prinicipal)

Form 26AS shows TDS deduction US 194A while my client is small transporter and having income from 2 Trucks only. Even last year same DEDUCTOR did not deduct TDS and treat it US 194C
what should we do in this case

One of my client is a NRI who owns a flat at Bengaluru at present my client is located at Singapore and Bengaluru flat is vacant. my query is whether he can claim deduction for interest paid on loan taken for purchase of house property u/s 24 ??? if yes whether the property is to be shown as SOP ???

Dear Sir / Madam,

During FY 2021-22,Mr A was earning professional income. Besides this, he was also trading in shares.

The sales value of shares trading is as follows:
Speculation - Rs. 18,46,034/-
Short Term - Rs. 1,97,70,738/-
Long Term - Rs. 1,71,863/-
============================
Total Sales value / Turnover - Rs. 2,17,88,634/-

Will he be liable for Tax audit in this case?

Secondly, what if Sale value of Short term trading alone exceeds Rs. 2 Crore, will the tax audit be applicable then?

Kindly guide.
Thanks & Regards,
Suraj

Sir,

I have filed my Income tax return for the FY 2016 - 17 and 2017 - 18 tru ITR 1 since I was
employed. Later on, I came out of my employment and currently I am free lance Insurance agent and I am doing it on Commission / Incentive basis. Not a regular employee.

For the past 3 years, I did not file ITR since my income was within the threshold limit. But this year ( FY 21 22), my income has crossed basic exemption limit and also, there is TDS amount deducted from me, which I have to get refund.
Since I am not a regular employee now, can I switch over from ITR 1 to ITR 4 ? Is this form acceptable for those who get Commission / Incentive income ?

Pls. Advice.

Please give taxability of below situation.

there is a receipt of rs.5,87,252 from life insurance company which is received after the term of 5 years. premium paid till now is 5,05,000. My doubt is whether total 5,87,252 taxable or only 82,252 is taxable.
Sum assured is 7,07,000.
Premium is 1,01,000 PY.

Hi,

I have done agreement to sell with the seller for a property in noida (for 58,50,000 rupees) on 24 May, 2022. I paid 10% (58,500) on the same day via cheque. Then I paid another amount of 9% to seller on 18 June,2022. I have applied for home loan and disbursement will take time so we will be doing registry in first week on July. Now my question is:

1. The circle rate of property is 61 lakhs more than the agreement value. So, 1% TDS will be on circle rate or the agreement value?
2. How should I deduct and pay TDS in my case?
3. Do I need to fill 3 26QB form (2 for previous payment and one that will be done a day before registry)?
4. What should I fill in form 26QB for fields for each of the 3 forms: "Date of Payment/Credit", "Date of Tax Deduction" and "AMOUNT PAID/CREDITED "?

Sir ,
While looking at TIS/AIS . I find one figure say Rs 4 lacs under head of ' Receipt of Foreign Remittances'. Now further same figures are also shown under ' Interest form Deposits' and TDS is deducted u/s 195 of ITax, in NRO a/c as it is a case of NRI Thus same figures are shown and treated under two different places in TIS . This income cannot be treated twice as income & its source of income is same. So why same figures are separately repeated under two different classifications.
What can be the reason and how to treat these same figures shown under two different heads whereas interest income is from same SFT. Can it be marked as 'Duplicate' as Feed back OR what else need to be done. OR simply to ignore the figures under " Remittances from foreign receipts. ' as informative only and treat only interest income ? TDS figures in required way.

Please guide on this issue.