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10 August 2020 at 19:54

I.t . return filed manadatory

One of I.t. return non filing female person cash gift received from father Rs: 6 lacs through on bank mode in f.y 2019-2020
Assess some intraday share transactions income Rs:2,30,000/- in f.y.2019-2020
Assess I.t return filed manadatory in f.y.2019-2020.

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10 August 2020 at 14:49

Tax Refund in case of Salary Recovery

As per last F.Y rule any prerequisite over and above the limit of 1.5 lakh is taxable. My employer paid excess superannuation fund based on provisional rate of contribution (% of Basic + DA). The fund crossed the limit of 1.5 lakh and tax has been deducted as per tax slab. Later in this F.Y when the rate of contribution to superannuation fund is finalized, the percentage has been decreased and excess amount paid as part of perquisite in last F.Y is being recovered in this F.Y.
Now the problem is that if I calculate superannuation fund for last F.Y based on final rate of contribution, my total perquisite has not crossed 1.5 lakh ans I would not have been taxed. But as employer has already paid excess in last F.Y so deducted tax and submitted the IT department. Now recovery is being done in this financial year but tax paid in last F.Y on behalf of that recovery is no where considered and employer is giving explanation that tax id deducted in the year salary is paid. As perquisite paid in last F.Y so tax deducted and recovery is done in this F.Y so that recovery will become part of this F.Y perquisite and taxed accordingly.
As a tax payer it appears to me that as amount paid in last F.Y is recovered back in this F.Y, so I have paid tax last year on a amount which I actually never received. Can anyone of you help in understanding how I can get arrears of TDS deducted or that TDS deducted adjusted in this F.Y

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10 August 2020 at 09:22


DIVIDEND SHOWS BUT NOT RECEIPT MOSTLY IT WAS RE-INVESTED. Will it include in my total income in balance sheet and show it as exempted income in ITR? I am confused and please clear.

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10 August 2020 at 00:21


a party
b party
c party (labour worker)

1) a party given gold 99.99 to b party .
ex: a=100 grm given b party= 100 grm
2) b party receive gold from a party
b= 100 grm balance gold b given gold
c for jewellery
making 50 grm = Sunil Worker
50 grm = manoj worker
sir, what is tds liability of “B” for “C” labour worker ?

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10 August 2020 at 00:03

Clubbing of 2 incomes

Dear Sir,

I am a Tax consultant and used to file my Income tax return U/s. 44AD under individual capacity.

I earn contract income and TDS gets deducted under section 194C which is reflected in my Form 26AS.

From this F.Y. 2020-21, I will be earning a Rent income as well from Commercial property on which TDS will be deducted under Section 194I.

My query is whether I will now be able to file return U/s. 44AD as now I have rent income as well which is considered as business income since it is from commercial property. I will be showing 2 types of Income in my Profit and Loss. Is the 20 lacs turnover limit for GST registration applicable for rent income from commercial property as I am not registered under GST.

Please help me to resolve this matter.

Divyesh Jain

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09 August 2020 at 22:38

Rectification of error

Is there any way that a erroneous capital gain relating to A.Y. 2018-19 ITR be corrected while Filing ITR of A.Y.2020-21? If not, then is there any way that the CPC could be made aware of the correct capital gains relating to A.Y.2018-19?

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Please let me know what is the last date for filing the IT return of a Co-operative Credit Society for AY2019-20. According to my understanding of section 139(1), if the books of accounts of the assessee are conducted under any other act, then the due date is 30th September and not 31st August for the relevant assessment year. But the CPC has disallowed the Deduction claimed u/s. 80P saying the return is filed beyond the due date. Please suuggest

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My son sends a certain amount every month to his mother for maintenance from the USA. Does she have to show the money under schedule EI or does she show it as her income from other sources or does she show interest received by investing the amount as her income from other sources?
what is the cap on this amount/year in India and the US ?
Does she have to keep a gift deed for these amounts?

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06 August 2020 at 17:00

TDS on Rent - Rent paid to NRI

Dear Sir,

One of my client is a Salaried person and a Resident of India. He has paid rent of Rs. 50,000/- per month in FY. 2019-20.

The owner of the property to whom my client is paying rent is an NRI person. But my client didn't deduct any tds while paying rent in F.Y. 2019-20.

Now my clients wants to pay the entire TDS amount. I want to know what is the rate at which he has to deduct tds and how much penalty he has to pay now since he has not deducted and paid tds every month.

Please help me regarding the provisions applicable incase of rent payment to an nri person.

Divyesh Jain

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