Taxability

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Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2018 INCOME TAX FOR TAXABILITY OF CABEL OPERATORS IN VILLAGES .
Can we apply 44AA ???

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 August 2018 Yes opt for 44AD and declare 8% profit on gross receipts excluding taxes.

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2018 cabel operator is paying fixed licence fees to VDPL for RIGHTS so i think the cabel operator is covered under agency business so that we cannot apply 44AD pleasre clarify sir

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 August 2018 Cable operators deploy their own equipment, cables and man power and pay local taxes. Hence they can't be said to be agent. They collect monthly charges and pay usage charges. They don't receive any commission.

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Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2018 Thank you so Much Sir for Spending Your Valuable time . One more last question sir In Sec. 44AD can i Offer more than 8 percent as income Eg.30 percent 40 percent of Gross receipts.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 August 2018 Yes you can do so....

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2018 Okk thank u so much Sir

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 August 2018 Welcome......................

Querist : Anonymous

Querist : Anonymous (Querist)

28 August 2018 If a Society receipts Exceeds more than One Crore is Tax audit is applicable for FY 2017-18.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 August 2018 What is the nature of receipts.

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2018 Actually that was an apartment Association registered Under Society. so the Gross receipts are Maintenance charges from the apartment members.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 August 2018 Receipts from members not taxable no tax audit applicable. Only interest earned on surplus money deposited taxable for the association.

Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2018 Sir , u are saying about mutuality concept that i too agree but while i was filing ITR-5 the Income Tax is rejecting saying that you are liable for Tax audit please read sec.44AB

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 September 2018 You have to fill only taxable items in ITR.

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2018 Sir, we should give balance sheet and Profit and Loss account in ITR -5. so how can we fill only taxable Items sir Please guide me .

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2018 1. Can we use FD interest to pay Maintenance expenses ??
2. If Loss Incurred can we set off with FD interest. ??

Please guide me sir.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 September 2018 1 only business people has to file bs and pandl.
2 No set off pay tax on FD interest.

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