Example:

Foreign income: Rs.66000
Foreign tax paid: Rs.1320
tax as per India tax rules: Rs.800
tax as DTAA: Rs.1500

It seems the tax relief amount auto calculated in Form 67 is Rs.1500. My understanding was that the relief amount should be Rs. 1320 (the smaller of foreign tax paid and tax payable as per DTAA in India).

Would appreciate some explanation.

Thanks.

Hi Experts,

Company has received loan from director sum of around 8L in FY 2017-18, Now I got to know that cash loan from director more than 20K is disallowed. I request to provide us suggestions about how to account this in alternative way.

Thank you.

MY FATHER IS A GOVT PENSIONER

HIS GROSS PENSION IS 366000
HIS INCOME FROM SB ACCOUNT IS 1912

THE GOVT TREASURY HAS DEDUCTED TDS OF 3549 FROM MY FATHER
ACCOUNT.

I HAD FILED RETURN ONLINE AND A REFUND OF INR 140 IS EXPECTED,

BUT MY DOUBT IS THAT
THAT SB INTEREST OF 1912 I SHOWED IN INCOME FROM OTHER SOURCES.
THE DEDUCTION OF 80TTA HAS NOT GOT EFFECT.

THAT IS THE REFUND AMOUNT MUST BE INR 140 OR (3549-1912) OR 1637

PLS CLARIFY

THANK AND REGARDS
SURESH

Hi Experts,

Company has received loan from director sum of around 8L in FY 2017-18, Now I got to know that cash loan from director more than 20K is disallowed.

I request to provide us suggestions about how to account this in alternative way.

Thank you.

My Son have opened Joint bank account with his wife having wife 1st holder & Son as Joint Holder.
Both are earning and transferring money to this Joint account for making common expenses like rent & other household exp. How will this Account be treated in I.Tax Return. In whose file will this account be shown or can this account be shared with both of them showing their share of contribution and expenses ?
Further they also have started SIP & made mutual fund investments from this Joint account. Also SON have shown rent paid to claim HRA Deduction in his company.

Ravi Modi.

Hello Everyone ,

I am Non Resident Indian and US tax resident .

I draw my yearly salary from US and pay taxes here to IRS .

I have to file for a refund with Indian Income Tax dept thru ITR 2 for claiming my refund of taxes levied on interest earned on NRO account. I have below questions :

1) Do I have to submit ITR 2 and not ITR 1 ?

2) In the ITR2 , do I need to furnish details of income earned outside of India ? If yes , then what will be the relevant article of DTAA (Schedule FSI column f ) between India and USA that will help me avoid double taxation since I am a US resident.

3) Do I have to furnish my US bank account and related details in Schedule TR-FA of ITR-2 ?

Please help me by answering these questions.

Thanks in advance !
Shashwat

I have to file IT return shortly I have some capital gains through selling old house and invested in a new flat. Which IT form to be used to represent baith capital gain and related investment in it.? Kindly clarify soon to file my returns before due date.
Thanks.

One of my friend is a salaried employee in a Private Ltd. Company. He withdraw some amount from his GPF account. But TDS is done by GPF Authorities, but the amount of TDS is not shown in his 26AS Statement / Form 16. Can my friend take refund this TDS amount from his GPF account through filing Income Tax Return. Please tell me, how can we verify our TDS statement, and Form 16 / 26AS Statement. Please also tell me how can we take refund above mentioned TDS amount from GPF Account?

Read more at: https://www.caclubindia.com/experts/tds-deducted-from-cash-withdrawn-from-gpf-account-2670214.asp

Example:
ABC associates, a partnership firm goes to dissolution as on 11/05/2018, with the permission of all partners.All assets are disposed and all liabilities are paid except partners capital.Partners got some amount as per their ratio, only pending is very small amount.Partners have no issue.
But my question is:
Accounts filed upto 31/03/2017? Upto which period, we wants to file?
How to convince ,Income tax authority our firm is closed,Dissolution deed is made, can file it?
Partners accounts closing is mandatory?
Thanks in advance...for helping me with a proper reply..

1) One of my friend is providing wiring/electrician service to customers on individual basis. Does he can file A.Y. 2018-19 tax return on Presumptive basis under Profession (50% profit)?

If yes, then whether "Technical service" criteria requires any degree on hand or all technical services can be included under this criteria.?

2) His wife is engaged in Beauty Parlor service, so does she can file tax return on Presumptive basis, if yes then as profession (50%) or business(8%)?

Thanks in advance.