NARENDRAN C
06 August 2017 at 14:40
Dear Experts,
I had paid brokerage of 2.25 lakhs by cheque to an indivigual broker for House sold . The broker did not issued any invoice. I want to deduct brokerage on Long term capital gain. As evidence for IT purposes, can i make a reciept format and get it signed from the broker in a plain paper?. please guide me to make proof for this payment. Thanks in advance.
JIGYASU: Legal Analyst
01 August 2017 at 12:36
The Income Tax Department has issued Press Release on 31.07.2017 that for the purpose of e-filing return, it would be sufficient as of now to quote Aadhaar or acknowledgement No. for having applied for Aadhaar in e-filing website. The actual linking of PAN with Aadhaar can be done subsequently, but any time before 31st August, 2017.
It has however, been made clear that the returns will not be processed until the linkage of Aadhaar with PAN is done.
JIGYASU: Legal Analyst
01 August 2017 at 12:32
Date of e-filing of Tax return has been extended up to 05.08.2017, as per the press release from the Government of India. Link posted below:
http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/647/PressReleas_Extension-of-efiling-31-7-2017.pdf
PURUSOTTAM PANDA
31 July 2017 at 13:11
Respected Sir,
Distributor 'X' purchased goods from Company 'Y'. I received goods from 'X' and sold them to retailers. I deposit all cash collected on account of sales to 'X' in the evening. I got commission on the basis of my sales. My annual commission amounts to INR 87,600.00(approx.) though my daily average sales is INR 40,000.00 and consequently average annual sales comes to INR 1,46,00,000.00. Invoice is raised by 'X' on retailers. My name appears on the invoice as Sales agent.
Is it required to get me registered in GST Act? Whether I am a seller or Service Provider?
Please advise me.
DILIP KUMAR SEN
26 July 2017 at 16:13
My Company is purchasing agricultural Land from farmers. During registration it is found that Actual transaction value is lower than Circle value and is paid stamp duty on circlet value. Now my point is that the difference of transaction value and circle value will come under Income Tax from undisclosed source and will be taxed. This quite a fictitious assumption by Income Tax authority.
My question is that 1) How this draconian rule can be avoided ? 2) How I can prove my genuine transaction at present market rate ? 3) What precautions should I adopt to prove my genuine purchase and avoid Income Tax liability?
umesh HALKAR
25 July 2017 at 23:42
1. Wages which is to be paid to workers by contractor is included CGST.or Not
2.The overhead charges and Profit of contractor is to be paid by Employer should be calculated with GST or not.
3.During consideration of work contracts or payment to contractor whether GST to be included for Wages of Mandays and Overhead and Profit of contractor exclusively.. or Overall onetime GST to be calculated for Material supplied and manpower by Contractor.
Regards
Santu Bandyopadhyay
25 July 2017 at 04:41
If I miss the due date for submitting itr file , can I open my capital gain scheme account after that and file a belated itr but before the expiry time for reinvestment of capital gain to show that account in itr?
Kishor
22 July 2017 at 09:35
I made banakhat (Agreement to sell and buy on fulfilment of agreed terms and conditions) in F.Y.16-17, to sell my residential flat for Rs. X. Buyer paid me a part amount Y in F.Y.16-17 itself.
I paid one per cent of Y as TDS. ( Note carefully : One Per cent of Y )
Final sale agreement was done in F.Y.17-18 when buyer paid me remaining amount i.e.X minus Y. I paid TDS, in 17-18, at one per cent of ( X minus Y) . I gave possession of my flat to buyer in 17-18.
Total Long Term Capital Gain I got on sale is Rs. G.
Kindly advise me what figures I should write in my both returns as regards these (1) sale proceeds and ( 2) capital gains.
anish
20 July 2017 at 14:50
SIR
As per Income Tax provisions I Tax is to be paid on House Property Income. Barring one property chosen as self occupied, on other properties even if they are not rented income tax is payable on deemed rent income.
However for vacant commercial properties (in addition to one self occupied property) there is confusion. One view is that even if such properties are earning no rental income, Income tax is payable on deemed rental income. Another view supported by Tribunal judgement says the intention to let out commercial property is to be considered. If such property is put up for let out but tenants are not found house property income in this case would be nil and no income tax on account of house property income on such cases is payable.
Experts can you please clarify whether house property income tax liability in such additional vacant commercial properties arises, assuming there is already one self occupied residential property.
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Sale proceeds of property sale - utilisation
sir,
I sold off my parental property and want to know whether I can utilise the funds till I buy another house. And also please tell me whether I can reduce my capital gains by claiming the payment made to the bank where my fathers property was under loan. I had cleared the loan alongwith my brother after the demise of my father. regards.