Experts Query Daily Digest :17 July 2019

Director remuneration

sir, accounting treatement of director remuneration in pvt. ltd co.

Depreciation

sir, how will be calculate depreciaton in proprietorship firm and pvt ltd co.

Accounting enties

Hi,
Company name Sign Board (Foam Sheet) for Godown outside display, under which accounting head entry will come.
pls guide
Thank You in Advance.

Computation for loss of stock by fire

How to compute loss statement of stock by fire. if have any excel format, please enclose

Mobile phone

Sir,

we have purchased one mobile for office purpose. Can we claim ITC and deprecation ?
Please advise

Incometax on indian citizen,work for foreignembassy in india

Hi
Is income tax is applicable for indian citizen who is working for foreign embassy in india. Or sec10(6) deduction can be claimed for same.

About rajpatra interest

Sir/ Maa'm
I want to know about Rajpatra
And what is tax treatment of rajpatra principal amount and interest also

Thank you!!!

Is itr mandatory for income below 2.5 lacs

Hi,
My spouse has income from home tuitions and Interest from fixed deposits. Her annual income from these sources is just below 2.5 lacs (may be around 2.35 Lacs).

Do I need to file an ITR for her?

She was working in a multinational company before 7 years and has some savings.
We plan to buy a property worth 50 Lacs on her name (Primary owner) with whatever savings (around 30 lacs) she has and I (Secondary owner if required) will be adding the remaining amount (20 lacs). Will it be an issue for buying a property if we do not have any recent ITR filed for her?

Eligibility u/s 44ada

Whether teaching professionals or teachers who are receiving. professional fees can file ITR accepting 50% of Gross Prof.fees u/s 44ada (TDS is deducted u/s 194J)..???

Caluculation of pf & esi in case of leaves

Dear Sir,

please let me know how to caluculate PF & ESI for employees in case if the employee attended only a part of a month,whether i need to consider whole month salary components or proportionate amt of salary components....?

Itr-3 for ay 2019-19

IN THIS FORM THERE IS NO COLUMN FOR REMUNERATION AND INTEREST RECEIVED ON CAPITAL FROM PARTNERSHIP FIRM. WHAT TO DO IN SUCH CASE ? PLEASE ADVISE .

Tds

I HAVE SUBMITTED FORM 15H/G . SO BANK HAS NOT DEDUCTED TDS AND ALSO SHOWN AS ZERO IN FORM 26 AS. DO I HAVE TO FILL UP SUCH BANK DETAILS IN ITR 3 TDS DEDUCTED SHEET? OR DO I FILL ALL TDS DEDUCTED AND NON DEDUCTED ENTRIES IN THE TDS DEDUCTION SHEET?

Revision of form 26q for last quarter fy 2018-19

Please let me know is it possible to revise last quarter TDS return Form 26Q, want to add new challan.

Some transaction has been missed earlier.

Kindly explain in detail at earliest, it's new for me, working first time on it.

Thanks,
Amit

Itr3 for tuition income

I have a tuition income of 15,000 per month (1.8 Lacs annually) and an interest income from fixed deposit of 70,000.
I wanted to file an ITR for this income. 2 basic questions that I have are:

1. Should I do it with ITR1 or ITR3?
2. If ITR 3 then what should be the Nature of Business declared as? Should it be "21008 - Other services n.e.c." or "17006 - Coaching centres and tuition’s"?

Tds credit and income tax refund entry in tally

I Have TDS-Credit - Rs 6313/- in FY 2018-19 shown in Current Asset in tally , while filing return my Tax Payable settled Rs 2313/- & Rs. 4000/- as refund kindly
help me entries in FY 2018- 19 & FY 2019-20 in Tally software

Ay 19-20 - self occupied house benefits

I have a flat each in Delhi and Chennai. My second house is not rented out during last financial year.
I understand there's some amendment wrt to income from second house.
Can I claim self occupied for both houses for AY19-20, while filing my return?
PL clarify.
Thanks

Form 16

HELLO,
NEW FORMAT FOR FORM 16 HAS BEEN ISSUED. IN CASE I DO NOT HAVE TAXABLE INCOME AND MY EMPLOYER ISSUES ME FORM 16 IN ANY FORMAT OTHER THAN THE NEW FORMAT ( WHICH IS DIRECTLY DOWNLOADED FROM THE TRACES SITE) IS THE FORM STILL VALID.

Depreciation rate

what should be the depreciation rate for medical instrument which is used by doctor for his personal use

I t return 2019-20

The excel utility released on 11th & 12th for form 2 & 3 has an issue so far as long term capital gain on equity and equity oriented mutual funds is concerned.

The basic exemption of upto Rs. 1 lakh from such capital gain is not being taken into account by the excel utility in the both revised forms.

Any suggestions experts?

Income tax on accrued interest on inoperative pf account

There is no contribution to my PF account ( retired but not yet withdrawn )
during last financial year I.e. AY19-20, there's no contribution to my PF account. But interest has been paid in accumulated balance.
I understand interest accrued on inoperative, inactive PF account are taxable.
I didn't get the interest rate on PF (mine was maintained by a trust) till recently. Though my last employer has confirmed interest rate he hasn't yet given me the certificate of interest accrued in my account.
Though they say it will take some time but interest would be provided for last year.
However, I have calculated the amount. I have paid only half income tax due, as advance tax, being not sure whether I will be receiving it or not.
Now my query is
1) Should I include the likely amount ( I will receive in my PF account as accrued interest) in my ITR?
2) If so, under which head?
3) Where & how do I account for the interest accrued? In form itr2. Would I still be charged penalty for not paying whole if tax due as advance tax. ( Since I'm not employed)
4) since I have still not got the certificate from my employer, can I excuse myself from including it in ITR this year
5) I would be closing my PF account and withdrawing the amount soon , i.e. FY20, can I then include the interest received in next year ITR, would I be charged any penalty, if I show it .
Kindly advise
Thanks in advance

Hra exemption

House rent allowance is available in salary but the assessee has forgotten to deposit the receipt of the rent, so the rent was not accounted by the employer in Form 16.

If we are claiming through section 80gg then Rs. 60000 / - deduction is coming. Whereas the total rent of Rs. 134000 was paid by the assessee.

please suggest, how can we claim ?

Ltcg

I bought sun pharma shares for around RS 840 during March 2016 Sold them for RS.616 during Aug 2018. I incurred a loss of RS. 224 per share.
Should I consider fair market value of 425 as on 31 Jan 2018 and show a profit of RS. 209
And adjust long term loss brought forward?
OR
Show a loss of RS.224? and carry forward
Which should be taken?
I'm filing ITR 2
Please advise.

Itr form

At one time the assessee is earning the below given income

Salary from a pvt ltd company
Remuneration from a partnership firm
Interest on capital invested with a partnership firm

Three types of income are there at a time. Which ITR shall be filed ?

Itr form

The assessee is drawing salary from a pvt ltd company as a director

The assessee is drawing remuneration from a partnership firm as a partner

The assessee is drawing interest on capital with partnership firm as a partner

Which ITR shall be filed ?

ITR - 3
OR

ITR-2

PLEASE GUIDE ME AND OBLIGE.

Itr 2 for ay 2019-20

SIR,
MY QUERY IS " WHETHER DETAILS OF SHARE HOLDINGS OF UNQUOTED SHARES IN CASE OF
HUF ASSESSEE IS TO BE GIVEN IN ITRETURN. WHAT WILL BE CONSEQUENCE IF PAN OF A COMPANY
IS NOT AVAILABLE" PLEASE SATISFY MY QUERY.

SOMNATH GUPTA

Exemption of pension from defence due to disability

If an employee receiving pension from defense due to his disability during work. whether this pension is exempt or taxable? If exempt under which section?

Filing of itax

Good Day Sir,

Please advise which ITR form will be applicable:

1. I worked in company from 1Apr to 31Jul19 until I became 60 years & was on payroll of company. My tax was deducted in FY 2018-19 & Form 16 has been given to me.

Now from, 1Aug18 , same company has taken me as Technical Consultant & paying me consultancy fees every month, for which I had been paying GST every month.

Please advise which ITR form will be applicable ?And do I have to show both my Salary for Apr to July19 & consultancy fees for 8 months under Business Income or there is some other way to show.

Best Regards Bharat

Itr4

SIR F.Y.2013-2014 TO 2016-2017 HAS FILED ITR4(44AD) BUT F.Y.2017-2018 HAS FILED ITR3 FILED, MY QUESTION IS NOW F.Y. 2018-2019 IS FILE IT4(44AD) NOW FILE OR NOT ?

2. HOW MANY TIMES(YEAR) FILE ITR4 FILE?

Ex-gratia payment & leave salary

Dear Sir,

My Friend working in one private companies. His per month Salary for FY 2018-19 is 27000/-.
During the year he has got the Ex-Gratia Payment--25000/- and Leave Salary Rs.27000/-.
This Ex-Gratia (Bonus) and Leave Salary is Taxable or Exempted.
In ITR How to show this amount if taxable.

Please suggest your valuable advice in the above matter.

Thanks
NK

Cg where transferor and transferee both are non-resident

A, a non-resident , is transferring unlisted equity shares in an Indian company to B, another non-resident. what is the relevant provision of income tax for computing and taxing capital gain arise on above transfer.
My specific question is that whether provision of income tax applicable because transferor and transferee both are non resident. if yes what is relevant provision

Remuneration from compulsory acquisition-land

Dear Sir,

Is the amount of compensation received from compulsory acquisition of land by Indian Railways taxable for an Individual taxpayer (senior citizen)

Itr 4 for assessment year 2019-20

FACTS:-
INCOME HEAD- BUSINESS & PROFESSION HEAD
INCOME TYPE- CONSULTANCY INCOME 800000
TDS DEDUCTED- 10% U/S 194J RS. 80000
FILING ITR 4 UNDER PRESUMPTIVE INCOME U/S 44ADA 50% DECLARED INCOME

QUERY:-
WHILE FILLING TDS DETAILS ,IT SHOWS DEDUCTION YEAR UPTO 2017 ONLY WHEREAS TAX DEDUCTED IN YEAR 2018.
IF WE SELECT YEAR 2017 AND TDS AMOUNT IN 'TDS B/F COLUMN' & 'TDS CLAIMED COLUMN' ,THEN IT DID NOT ACCEPT SAYING COLUMN 6 SHOULD NOT BE MORE THAN COLUMN 4+5.

HOW TO DEAL WITH IT ?
I JUST WANT TO CLAIM TDS DEDUCTED FOR RS. 80000/- IN YEAR 2018.

Itr3

Daytrading income is as speculative income. Can this be declared under 44AD. In ITR3, under P&L account, whether this will be entered in row 61 or 65.

Carry forward of fd accrued interest

My salary income in the FY is high and hence all the FD accrued interest is getting taxed at 30%. The bank has already deducted 10% TDS on the accrued interest. I need to pay the remaining tax at the time of filing the returns. Can I carry forward this accrued interest to the next FY and pay the tax on the accrued FD interest for 2 FYs together? I will not show the FD accrued interest income or claim the deducted TDS this FY. Is this or any similar arrangement possible?

Form 24 q 4 qtr.

Sir,

salary paid to employee 800000 and arrear paid 100000 in f.y. 18-19,
arrear 100000 related to f.y. 1.4.15 to 31.3.19
so q. is can we have to show in form 24 q 4q ann ii
thanks

Can a self employed get a loan of 1 lakh?

hi
I am Alvina and I am working as a freelancer and earning monthly like 50 thousand. Now my question is can I get a loan for 1 lakh? And I am working as a freelancer for 5 years.

Registration of cooperative housing society in gujarat

can anyone provide form and procedure for registration of co op housing society in Gujarat ?

Huf coparceners

Hi

I wanted to know if my mother is a coparcener in HUF , will me & my wife automatically become coparceners & get added to the HUF

Alteration of moa

if increased in authorised capital and shares alloted to subscribers of MOA then while altering MOA in clause V of MOA no. of share taken by subscribers will also be increased or not?

Tds on buying property

I have bought a property and have to pay TDS as buyer 1% of the value given to seller. Form 26QB has been filled and created to make offline payment. But now I want to make the payment online.
What will happen to the 26QB already created for offline payment?

Tds rate

We have paying Handwriting practice fees in our School it is cover in professional 196J or service 196 C TDS rate 1 or 10

category/head for tax deductions be entered in it filing

Sir,
I am an NRI and my income from India is Interest income in NRO account Fixed deposit interest and NRO account savings account.Apart from this I got upon surrender of a IDBI Federal Wealth insurance ( equity linked) a gain of @ 4.0 lacs on which a TDS of @ 1.43 lacs ( 31.5% tax) was paid .I intend to make a tax return for this year. Kindly answer my following queries

1.I paid a premium @ 2.0 lacs for my wife's LIC policy and mine in 2018-19 from my NRE account.The premium paid statement from LIC says a service tax / GST of @ 3000 rupees.Now where can I show this 3000 rupees as TDS in my IT return filing.But it is not showing in my Form 26 AS.of 2018-19.

2.Form 10DB from Geojit Securities shows in NRO shares transaction - a total value of transactions as Rs 21,439.50/- and Total Securities Transaction Tax collected as Rs 21/- , Again this is not shown in my Form 26AS , can I enter it in IT return file , if yes ,pls advise where in IT return can I enter this tax collected..

3.Form 10DB from Geojit Securities shows in NRE shares transaction - a total value of transactions as Rs 14,209.50/- and Total Securities Transaction Tax collected as Rs 21/- , Again this is not shown in my Form 26AS , can I enter it in IT return file , if yes ,pls advise where in IT return can I enter this tax collected.

4.My Federal Bank Capital Gain statement in NRE shows as Capital loss of Rs 1133.32/- on sale of shares , where in IT return can I show this loss.


thanks and regards
Augustine Kachiramattam

Supporting - "30 or any other" for list-1 item

Friends

Pharma Related for LIST1 - 5 % concession to Finished Formulation ( 30 ) and also API (29 )

for concessional rate of GST at 5% under SI. No. 180 of Schedule-I of the rate schedule under
Notification No. 01/2017 Central Tax (Rate) dated 28.06.2017 read with the corrigendum dated 30.06. 2017
which was extended in scope as "30 or any chapter" from earlier for only "30"
implying covering API of chapter 29 , if any one has any govt. background note on this corrigendum expanding
benefit , this will help to drive point easily

there is one AAR of M/s Laurus Labs (AAR Andhra Pradesh)
Appeal Number : AAR/AP/01(GST)/2018 , date of order 28/03/2018
http://gstcouncil.gov.in/sites/default/files/Advance-rulings/AP%2003-2018%2028-03-18%20LAURUS%20LABS.pdf
covering this point but any clarification or discussion on council meeting note on this regards , if shared
will help all to have ample clarity on this bit complicated issue
as chapter 29 is gain trapped at 18 % in sr.40

Gst under reverse charge on car lease

Invoice issued by XYZ to PQR Ltd. towards Car Lease charges. The car is taken on lease by PQR and is used by the employee. Other expenses like petrol and maintenance are included in the amount charged towards lease. The car is owned by Wife of employee. Is PQR required to pay GST under reverse charge on the amount paid to XYZ?

Export of service

XYZ exporting the goods without payment of GST under LUT. Testing is carried out on these goods before export. Two separate invoices are prepared, one for export of goods and another for Testing charges recovered from the foreign buyer in relation to goods exported to them and GST not paid on it testing charges recovered. Is GST required to be paid on testing charges recovered? If yes, under which provisions?

Gstr 4 for april-june,19

Whether GSTR 4 for the quarter April-June,19 has not been populated in GST portal. I have to file the same, but cannot find the same in the portal.

Gst on commission received from foreign importer

DEAR SIR,
MY CLIENT HAS WORKED FOR COMMISSION THE SCENARIO IS AS FOLLOWS:
M/S XYZ & CO. EXPORTS GOODS FROM INDIA TO M/S XYZ OF AMERICA
MR A IS AN AGENT WHO RECEIVED COMMISSION ON ABOVE TRANSACTIONS FROM M/S XYZ IN FOREIGN CURRENCY IN HIS INDIAN BANK ACCOUNT .
WHETHER MR A IS LIABLE TO PAY GST OR NOT???
PLEASE CLARIFY WITH SUPPORTING GST ACT AND RULES REFERENCE.

THANKS IN ADVANCE

Other income

hello, Some miscellaneous income or income from miscellaneous receipts other than gifts shown in ITR under Income from other sources head. on this income tax liability in GST due or not. kindly clear.

Inverted structure refund

Sir,

My Client is a manufacturer of Agarbathi and has sales @ 5%, and exports under LUT.
The Purchases are at 5%, 12%,18%.

How to calculate the Refund under inverted structure. Kindly give the format with example.

How to treat export turnover for turn over and adjusted turnover

Gst credit on textiles.

CAN CREDIT BE CLAIMED ON TEXTILE ITEMS LIKE MATTRESSES,COTTON BEDSHEET,PILLOW COTTON,SHOWER CURTAIN,BATH MAT,BATH TOWEL ETC PURCHASED FOR HOTEL?.

Transportation service provided by bussiness

Respected sir,
I just want to know that if a provision store owner provides services of transportation to customers, for example if we sell goods then goods will be delivered by us to customers location and respective charges will be received. whether GST will be applicable on such transportation services. if yes what will be tax rate, and if we purchase four wheeler for such transportation itc of that can be claimed??

Wrong e way bill

Ship to party was wrongly entered in E waybill. Now, what is the solution?

Construction service provided to smshan

Respected sir,
Whether GST will be applicable to construction services provided to smshan and/or temple or darghah. if gst will be applicable what will be tax rate for the same.