Fire your tax related queries and i would get it solved!!!

[superman]

This is absolutely fine. As long as your turnover is correct, need not bother much. Keep your turnover working handy in case a tax officer wants to verify the same during assessment.

Just one question though, how did you arrive at gross profit and expenses figures? If they are arbitrary, then better just report the same at gross profit level and ignore expenses.

Thanks Nikhil.

Gross Turnover is the one shown via Zerodha. This includes the sale of premiums. There are so many contracdicting statements in net some are using just the p/l of each option leg. I went with conservative approach

Gross Expenses are what is shown in zerodha statements. This includes the brokerage etc
yes I tweaked the gross profits to make sure my net profits are above 6%. So you suggesting better to include that in net profits and make the expenses as zero. I think its a better Idea,, will do the same thanks

I am also hearing contradictory statements for maintaining the books. Some are saying we need to give detailed balance sheet and PL even if the turnover is < 2 crores and profit > 6% . Is it true or its fine just to fill the last sections of Balance sheet and P&L

 

[john302928]

Could anyone please guide me on this scenario. Bit urgent

Stage 1: Mr B purchased a plot from Mr A for Rs 10 lacs. An agreement of sale was executed and Mr B paid the full consideration by cheque. In return, Mr A gave Power of Attorney (POA) to Mr B. Please note, the title deed was not transferred. Only POA was given. Title deed was still in the name of Mr A. Stage 2: After 5 years, Mr B sold that plot for Rs 8 lacs to Mr C. (B and C are husband and wife) Mr C paid full consideration to Mr B. Being the holder of POA, Mr B received all the sale consideration by cheque in his name and transferred title deed of plot to Mr C.

Now what will be the position of capital gain under the provisions of Income-tax Act? (For this transaction only)

a) Who will be the liable for capital gain tax?
b) Whether it is payable by Mr B (Capital gain = Rs 8 lac - Indexed cost of Rs 10 lac) ?
c) Whether it is payable by Mr A, who is the owner in records? d) If it is payable by Mr A, then what will be the treatment for the cheque received by Mr B from Mr C and cheque paid to Mr A by Mr B. capital arise which year - ? Please guide.

 

[canikhil]

no

Thanks Nikhil.

Gross Turnover is the one shown via Zerodha. This includes the sale of premiums. There are so many contracdicting statements in net some are using just the p/l of each option leg. I went with conservative approach

Gross Expenses are what is shown in zerodha statements. This includes the brokerage etc
yes I tweaked the gross profits to make sure my net profits are above 6%. So you suggesting better to include that in net profits and make the expenses as zero. I think its a better Idea,, will do the same thanks

I am also hearing contradictory statements for maintaining the books. Some are saying we need to give detailed balance sheet and PL even if the turnover is < 2 crores and profit > 6% . Is it true or its fine just to fill the last sections of Balance sheet and P&L

no need to maintain accounts. Just file the last section of the respective sheets.

 

[john302928]

Hi
Son is filing ITR for his mom via online.
1.In mom's online account under"My account" section do we need to register Son as a representative? Is it mandatory? What are the consequences if we dont register anybody's name and still file it via online

2.In the my profile section, there are 2 sections, Primary contact details and secondary contact details.
Primary contact details of mom are entered and in the secondary contact details do we need to enter son's details ? is it mandatory?

 

[john302928]

If we have paid 1 lakh as advance tax and at the end of the year while filing the ITR, if the income comes below the NIL tax slab(Due to various reasons, didnt get the expected income, saved income via 80C etc) we can claim the refund of 1Lakh. But Will there be any inquiry or issue since we paid 1 lakh as advance tax and getting the whole amount as refund since its 1 lakh. Please advise.Thanks

 

[Satya.]

If we have paid 1 lakh as advance tax and at the end of the year while filing the ITR, if the income comes below the NIL tax slab(Due to various reasons, didnt get the expected income, saved income via 80C etc) we can claim the refund of 1Lakh. But Will there be any inquiry or issue since we paid 1 lakh as advance tax and getting the whole amount as refund since its 1 lakh. Please advise.Thanks

u may face scrutiny,bcuz u paying 1L as a tax means ur income is 10-12L n suddenly u fall under NIL tax..luks suspicious right?

 

[john302928]

Can mom and son give gifts to each other as cash via check for more than 5 lakh? can all those amount be considered as gifted income with 100% tax exemption? Please advise. thanks
Or is it better to show them as money borrowed from son or vice versa as liability?Please advise. thanks

 

[Satya.]

Can mom and son give gifts to each other as cash via check for more than 5 lakh? can all those amount be considered as gifted income with 100% tax exemption? Please advise. thanks

u can Xchange ny number of amnt(among mom-son) as a gift n its 100% tax free
bt all shud be in cheque or digital form..
hope u havent received it in cash form which is mor dan 2L else u'll b penalise(new rule FY 2017)

 

[john302928]

Will there be any issue if we used the wrong form say instead of ITR-3 we used ITR-2?

 

[john302928]

u can Xchange ny number of amnt(among mom-son) as a gift n its 100% tax free
bt all shud be in cheque or digital form..
hope u havent received it in cash form which is mor dan 2L else u'll b penalise(new rule FY 2017)

No cash. Only cheque transaction/ online fund transfer. For digital transactions, is it mandatory to have Gift deeds or not necessary?