jayesh khokhariya
21 February 2024 at 14:55

GIFT from relative from abroad

How much gift a brother can receive in india from his brother reside abroad via bank transfer in Yearly basis.


Javed Memon
21 February 2024 at 13:27

Income Tax Cash Purchase Limit

Respected Sir

The Cash Expenses Limit in Income tax is Rs.10,000

My first question is - is this limit Include Purchase of goods
If we Purchase goods for sale more than 10,000 then we have to pay this amount other than Cash ???

And the Second question is if we declare our income under presumptive u/s 44ad than also this rules are applicable ???


praveen Nautiyal

Sir,

Please Tell us bearer Cheque limit as per income tax.


Ashok
20 February 2024 at 23:07

Which amount TDS liability

Sir, we made advance payment of Rs. 1 crore on 03.12.23 to buy a machine worth Rs. 2 crore, but no TDS was deducted, now today invoice received, so which TDS and late payment penalty will arise, and which amount. Kindly advice.
Thanks


rahul jackson

A company is planning to strike off as it is not willing to continue its business operations. They are considering conducting a share buyback during this phase while filing nil returns. Would a share buyback impact the strike-off process, considering there are transactions involved in this action?


Prema Govindarajan

I'm final year student. I've received only 1st semester marksheet. So can I submit the attested copy of marksheet for the rest 4 semesters for registering ca intermediate through direct entry.


MALAY DAS
20 February 2024 at 20:33

CRUSHER MACHINE

RESPECTED SIR
BOUGHT 4808 SECONDARY STONE CRUSHER MACHINE COST RS 1015000 AND IGST 182700 IS ELIGIBLE FOR ITC ? IT IS FOR BUSINESS PURPOSE. PLEASE ADVICE THANKS.......


rmalhotra
20 February 2024 at 20:28

How to present Indian Income of NRI

Sir,
An individual NRI who is tax resident in US, is required to report his Indian income while filing his return in USA.
The income generated in India is mainly from of Bank Interest and Interest accrued in PPF in a case .Now since this is not much amount , and therefore no use of availing benefit of double taxation as it involves various compliances also. So better to pay tax in India in a normal procedure/ and rates . But in India TDS is deducted by bankers at prescribed rates and while filing of tax return some refund is generated as actual tax liability after exemptions/deductions in India will be less than TDS deducted by bankers here.. In foreign country this gross interest is added ( after conversion in their currency ) as part of income statement there.
Hence following queries:-

1.While filing return in USA ' Tax Paid ,is required to be reported. Now what should be reported . Is it actual TDS on gross total interest income or is it net taxpaid in India on Total Income .i.e liability calculated after exemptions deductions. ?
2. If in any case Tax payable on Total Income is less than TDS , then refund arises. In this case also Is it TDS to be reported or NIL tax is to be reported. But here it is not possible to report nil as TDS already appears in Bank Statements and amount of tax liability on Total Income differs from that amount of TDS.
In US financial year is calendar year whereas in India it is April -March so it is also not possible to proportionate the tax paid if any. So how it can be correlated / appropriated /reported there.

3. Financial year is. Calendar Year ;at that place whereas in India it is from April-March. Therefore it necessitates to adjust India income for one quarter each year to make is as per Calendar Year . What is appropriate in such situation. Is it good to report as per IT return in India i.e. as per Financial/Assessment year OR to adjust figures as per calendar year and and make it usable figure for reporting purposes there

4. Is there any specific guidelines on these issues ?

Pls guide.


Venkateshwarlu Pulluri

Good evening Sir/s,

what is the applicable surcharge for AY2022-23 for the gross total income 74,10,814/- CPC levied Rs.16,87,570/- surcharge in their proceedings, where as tax on such income is Rs.19,00,285/- kindly guide me in this regard


Nitesh kumar
20 February 2024 at 20:02

PAN AADHAR LINK PAYMENT

TODAY I MADE A PAYMENT OF 1000 FOR LINKING AADHAR WITH PAN BUT UNFORTUNATELLY I MADE A MISTAKE IN CHOOSING MINOR HEAD BY MISTAKE I CHOOKE MINOR HEAD 400 IN PLACE OF 500, KNOW WHILE I WENT TO CORRECT IT THOUGH INCOMETAXEFILLING CORRECTING MINOR HEAD TO 500, IS NOT SHOWING .
WHAT OPTION I HAVE TO CORRECT IT





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