Hello,  Please let me know Income Tax treatment for following scenario;  1. The Person has won Lottery of Rs. 10,00,00,000 /- in United States of America, and they have deducted federal tax @ 30% and decided to remitt Rs. 7,00,00,000 /- to that person...  2. The person is Ordinary Resident and he has gone there on Tourist Visa..So he don't have NRE or NRO account as he is not NRI..he was there for 1 month only..  Now below are my questions  A) Can he deposit his foreign currency cheque to his normal Indian saving bank account ?? and if yes then how much days it will take to credit the money in his account ?????  B) What will be the tax treatment.. will he get benefit of Federal tax Deducted at Source by US..as If he shows Income of Rs. 10,00,00,000/- the Indian Income Tax will be around Rs. 3,50,00,000/- and US has already deducted Rs. 3,00,00,000/- so what will be his tax liability??? (Rs.3,50,00,000 - Rs. 3,00,00,000= Rs. 50,00,000/-) OR (Rs.3,50,00,000 + Rs. 3,00,00,000= Rs. 6,50,00,000/-)  C) OR Is he has to pay tax on 7,00,00,000/- i.e 2,48,50,000/- So his total Tax will be Rs. Rs. 3,00,00,000 + Rs. 2,48,50,000 = Rs. 5,48,50,000/-  D) If he gets benefit of Federal tax deduction then how to show in Income Tax return and where is column in Excel file of return to fill the details??  Kindly clarify ASAP..awaiting reply....quick response is expected from you guys.. 

dear sir,

one of my relative is having gross recipt of near 60 lakhs from security business providing manpower.
can i file return by showing 8% profit without maintaining books of accounts under sectgion 44ad of income tax act 1961

Sir,

Can medicine wholeseller take composite scheme.If yes he can charge tax on bill ,when he sell to retailer how retailer will charge tax.Please make clear.

PAN applied and PAN issued for AOP in May'2017..But we have Partnership Deed.PAN issued on the basis of this deed.
There is no such option to change/correct the PAN Category in the PAN correction Form.
Please advise me what to do now.

Sec. 80iac of income tax Act gives tax benefits to startups for 3 years. Suppose for PY 2017 T/o is 20 crores. For PY 2018 T/o is 23 crores. Hence this entity has claimed exemption under sec. 80iac and still one more year to go. Now suppose for PY 2019 T/o is 30 crores (i.e. exceeding the limit of 25 crores given in the section) then it will not get exemption u/s 80iac for PY 2019, but what about PY 2017 and 2018? Will the exemptions claimed earlier get reversed

I have not recd my refund for AY 2016-17 in spite of my outstanding demand for AY
2009-10 being cleared as no demand in CPCAO portal. I Have been asked to contact
Local ward office Mumbai to cancel the demand since the outstanding demand is still
Reflecting in the official CPC Portal. hence my refund is still kept on hold till outstanding demand is deleted by Concerned AO although he has given order no demand in his portal
Also Cpc Bangalore has sent letter to the concerned officer to confirm the outstanding dues failing which refund will be issued without setting off dues
Kindly help me to get refund .

Hello,

I have a question. It is very clear that being a proprietor if my business income is more than or equal to 8%/6%, I can simply go for presumptive taxation and no tax audit is reuired

But my question is if my income if less than specified % or in case of loss, if I am filing ITR 3 along with financial statements means Balance Sheet and P&Laccount, even than am I required to have tax audit?

Dear

Assesee sold a old house property in FY 2016-17, which was bought 10 years back. Land cost can be obtained from the land document. However no records are available for cost of construction and cost of imprvoment .

How to calculate the cost of improvement and construction when no data is available

I have income from FD and home tuition fees. Income is below 2,50,000 rs. P.a. is it income from profession OR business?
So which income head is applicable? Is presumtive basis applicable as i dont want to prepare records? Which itr form to be used?

A foreign company (X Inc ) sold goods to a Indian company (y Ltd). income arises by these transaction, to foreign company is taxable in India? 1.foreign company has no business connection India. 2. There is no DTAA between above countries many people said that business income of non resident only taxable in India if he is having any business connection India. but where it is specifically provided in section 9, sec 9 says that any income, whether directly or indirectly, through or from a business connection in India is deemed to be accrue or arise in India. in the given case the foreign company accrued above income in India. as per section 5 any income accrued in India is taxable.