Answer for Taxation Queries

[ayush2020]

if we earn 1lakh rupees in a financial year along with job of around 5 lakh per annum then how much tax we need to pay for that year and which forms we need to submit?

 

[canikhil]

depends on the source of income.

 

[firekid2014]

even if you are making money through google Adsense, the answers won't change much. except that proving the turnover is much easier in absence. If your CA is unable to assist you properly, find a better one.

thank you for the reply, i have one more doubt. as an example
1. 20 lakh turn over.
2. tax for 1.6 lakh
3. actual profit 10 lakh.


in that case tax is 0. now how thats justify if i invest 10 lakh, like PPF/NSC/STOCK? will not tax department raise any question from where money came?

 

[ayush2020]

depends on the source of income.

hii.. if it is f&o??

 

[canikhil]

hii.. if it is f&o??

No. no tax below the exempted limit

 

[canikhil]

thank you for the reply, i have one more doubt. as an example
1. 20 lakh turn over.
2. tax for 1.6 lakh
3. actual profit 10 lakh.


in that case tax is 0. now how thats justify if i invest 10 lakh, like PPF/NSC/STOCK? will not tax department raise any question from where money came?

You should ask your CA how to properly file return for this case.

 

[firekid2014]

is digital signature mandatory for filing 44AD?

 

[FnOtrader80]

is digital signature mandatory for filing 44AD?

No not mandatory for filing return under sec 44AD.

 

[traderniftybull]

Mr X, a senior citizen. has a mediclaim policy for himself, his wife, also a sr, citizen and his 2 daughters. Mr X was paying ins. premium so far, but as finances are not good now, he is not in a position, to pay premium now. (and will be paid by one of his daughter)

Now, the query is,
if any of his daughter pays this premium (of the policy in her fathers name), will she get exemption benefit in IT. If yes, then how much (full amount or part of it). If no, then what are the alternatives/solution. BTW, the premium payment is due, next week.

Thanks

 

[Riskyman]

Mr X, a senior citizen. has a mediclaim policy for himself, his wife, also a sr, citizen and his 2 daughters. Mr X was paying ins. premium so far, but as finances are not good now, he is not in a position, to pay premium now. (and will be paid by one of his daughter)

Now, the query is,
if any of his daughter pays this premium (of the policy in her fathers name), will she get exemption benefit in IT. If yes, then how much (full amount or part of it). If no, then what are the alternatives/solution. BTW, the premium payment is due, next week.

Thanks

Yes. Mediclaim premium can be paid by the daughter for her parents. A deduction of 25,000/- is allowed. If parents are senior citizens then deductions upto 30,000 is allowed.