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.
Siddu S
17 July 2017 at 23:27
Dear sir, I am planning to open Sukanya Samruddhi yojana IOB my daughter and spouse name jointly and I will be remitting subscription monthly to this account. Under this scenario shall get rebetion for subscription amount under 80 C or do I need to be joint holder in order get rebate?
Thank you.
ASIM
13 July 2017 at 21:16
Sir,
While e=filling return through ITR-I is it necessary to upload any document as the proof against the claim of rebate under chapter VIA ?
Please advise .
With Regard
Asim Das
meeranaineshmehta
13 July 2017 at 15:17
Is the amount received on sale of part agriculture land taxable.
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Extension of date of e-filing beyond 31.07.2017
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