Dear Sir,
This is for my friend's itr filing of fy 17-18.
He has salary income of 2,93,000 and 80C is 53,000. So taxable income is 2,40,000.
He also has traded in stcg and intra day on small scale basis.
Turnover is 195000 apprx.of both and stcg gain is Rs. 493 , whereas intra day he has made a loss of 383.. So net gain is rs. 110..
Since he is a PSU employee, he shouldnt be trading in intra day as per employment rules. Hence i have suggested him to stop intra day from fy 18-19.
I have suggested to file itr 2 declaring 240,000 as salary and stcg as 110... This is to avoid filing itr 3/4, since his office people will understand that itr 3/4 is only for business class and he may face issues therein.
Alternatively, since if we file itr 2, then that would mean hiding of intra day loss and i-t notice might come.
Please guide me Sir, whether,
Option 1- Stick to itr 2 and file with only salary n stcg
Option 2- File itr 4 declaring intra day turnover with 6% (though losses) with salary n stcg
Option 3- File itr 3 with tax audit Please take into perspective the employment terms also and income tax angle too.
Thank You Sir.

I have one query regarding refund of Withholding tax. One Company in dubai done some shooting and recording works and transfered hard disk to India. Dubai company raised full value on invoice.Indian company deducted 20% Withholding tax on invoice value.
So how foreign company get that refund ? kindly mention the procedures to apply for the refund?

Sir,
Kindly clarify that if we missed one invoice of previous year , then is it necessary to amend GSTR1 as well as GSTR3B of current month so as to incorporate old invoice and pay the tax with interest in following month return.

My friend, aged 70 years, he is 100% blind as per the disability certificate issued by National Medical College and L.V.Prasad, Hyderabad. He is staying in a rented house paying annually INR 84, 000/-as rent.The rented house is in the name of his married daughter. He is drawing pension amounting to INR 2,74,130/- p.a. Moreover, his income from other sources (interest income from non-tax saving fixed deposits – as per 26 AS) is INR 3,05,347/- p.a. Therefore, gross total income is INR 5, 79,477/- .
Is the rent paid by him eligible for deduction from income? He does not draw any HRA and he does not have his own house and no income from house property.

Computation of income tax liabilities for the F.Y. 2017-18 relating to A.Y. 2018-19
Particulars Amount (Rs.)
01. Pension income 274,130.00
02. Income from other sources 305,347.00
Gross Total Income 579,477.00
Less, Deduction as per section 80U (Severe Disability) 125,000.00
454,477.00
Less, Deduction as per section 80GG (Rent Paid)
Least of the following
1. Rs. 60, 000 per year (5000x12)
2. Total rent paid minus 10% of the total income
(84,000-45,448) = Rs. 38,552
3. 25% of total income Rs. 1,13,619 38,552.00
Total Income 415,925.00

Tax payable on total income
(4,15,925 - 3,00,000) = 1,15,925 X 0.05
5,796.25
Rebate u/s 87A -
Tax after rebate 5,796.25
Cess 173.89
Total Tax 5,970.14

Hi every one
One of my client has given a contract to a construction company for construction of storage tanks for supplying storage services.And he also purchases certain materials like Cement,steel etc for such construction.Can he avail the input paid on such goods(cement etc) and services (works contract ) as he is supplying storage services by constructing an immovable property.

Sir,

Requesting you to resolve the below query.

Nature of firm: Proprietorship

Car Purchased in the name of proprietors brother, but the loan is in the name of Proprietor & His brother( Loan taken in joint Account)

Car Loan repayment is routing through proprietors SB A/c.

Please suggest can we take the car in to books of accounts & also can we take the loans in the books of accounts.
If no, How to treat the repayment made through SB A/c.

Thank you

Sir, As per my understanding on the GST Act, whatever eligible inputs are missed out upto 31-03-2018 from 01-07-2017, can be availed from June, July, August, or september 2018 GSTR 3B returns ,for which GST returns yet to be filed, whenever you found such omission on account of annual audit. However, eligible input related bills shall be accounted during the financial year 2017-2018 only. Whether my understanding is correct?

Hi,

Where to show Loss from Sale of Debt Oriented Mutual Fund in ITR

Also can this loss set off against Short term Profit from Sale of Equity Shares (STT paid at time of sale) or Equity oriented mutual funds

How to get my AO, Delhi changed because of my settling down in Kolkata? While in Delhi, my AO was 54(2). But my residence in Kolkata (the new address got changed in my PAN too) is under AO 50(4). How can I apply for a change of my AO online or otherwise?

Filed ITR2 around 15th of this month. TDS as per return e-filed was same as reported in 26AS. Yet, while tapping the tax-credit mismatch button of My Account of my efiling account I found a message mismatch of the TDS between what is filed and what is reported in 26AS. Rechecked more than once and everything was same. Wondering why such anomaly? Is it that the Bank had not credited the TDS to IT but it is showing in 26AS? Or, is there any glitch? Or, should I wait for another month to see the anomalies getting cleared of its own?