Dear Sir,
for the purpose of filing the income tax return u/s 44AD or 44ADA , the turnover is whether inclusive of GST or exclusive of GST ? kindly advise.

IN ITR 4 TURNOVER AS PER GSTR IS TO BE REORTED. FOR THIS PURPOSE, TURNOVER FOR WHAT PERIOD IS TO BE FILLED i.e. 1.4.2017 to 31.3.2018 OR 1.7.2017 to 31.3.2018?
since VAT was applicable for 1.4.2017 to 30.6.2017 ,whether turnover under VAT era id also to be filled there?

Dear Sir, Depreciation is more in an professional engineer books.he getting Net profit more than 50% (for 44ADA) but after Depreciation getting 38%. shall we file accordingly without shown 50% as per 44ADA. (NO Audit required because of Gross Receipts 22Lakhs only)

Sir/Madam,
The son Mr A, who lives in london, regularly transfers amount of around 60000rs every month in his mother's bank account.
Amount is transfered to pay housing loan emi.
Housing loan is in their joint name.
But emi is deducted from mother's account.
And the property for which it is taken is lent out on rent.
How would the amount received from son every month be treated under income tax act?
What precautions to be taken while filing mothers tax return, considering she receives rent of that property being let out property?
Please guide.

Dear All,
What is the business code to be given to a partner of a partnership firm in his personal IT return in the revised scheme of Business Codes for the AY 2018-19. Please provide me with the official references so as to convey to clients
Please do the helpful.
Regards,
Kiran.

Hello experts,

I want to file a condonation request to principal commissioner of income tax in respect of non filing of return for the FY 2016-17. Can I send application by Post or I need to go to Income tax Deptt.

Thanks

Dear Sir,

How to show the total investment in Balance Sheet for AY 2018-19.
Total Investment is 2.35 Crore as on 31.3.2018.
Opening balance of Investment is 1.95 Crore. (MF & Equity Share)
During the year purchase & sold transaction net of amount 40 Lacs.
How to show current investment & non Current investment in balance sheet of Pvt Ltd Company.
Current Investment means transaction during year. Non-Current Investment means no transaction during year or op balance of investment (No Movement in Investment).

Please advise the same in above matter.

Thanks & Regards

NK

Case: A loan is obtained to construct a house property of 4 floors, one floor occupied by the assessee, other three are let out.
can assessee claim deduction under section 24 under both self occupied upto two lakh and balance on let out property?

Hi I am selling a land, the actual consideration is Rs 20 lakhs. The stamp duty value is however Rs 25 lakhs. Can i compute capital gain for Rs 20 lakhs.


Please Guide

Sub: Taxability of USA Lump sum Pension received in India (As Ordinary resident of India).
Facts:
·         Received Lump sum Pension (No Gratuity) from USA ($44,190 = INR 28,33,153) on 03/11/2017. USA did not impose any tax on the lump sum.
·         Was working in USA for Private companies since Aug 2003 – Feb 2015.
·         Came back from USA to India in Feb 2015. Currently I am resident of India (996 days as on Nov 03 2017). I am not a Citizen of USA or a Green card holder. Present age = 41Yrs.
Tax interpretation on Lump sum Pension income.                   
·         As I am Indian citizen, Indian Pension laws are applicable for paying taxes on Global income.
·         Per Indian tax laws, for Non Govt. Employee, the computation of commutation value of pension is as follows:
·         Basic pension per US pension plan = $814 per month for rest of life (After Oct 1 2042..retirement age 65)
·         Date of Birth – Sep 25, 1977
·         Date of VRS – 11 March, 2015. Pension received on 03/11/2017.
·         Commutation factor: 9.145 (35 Years) per Commutation table.
·         Hence given above: Commutation value of pension, if 100 % pension is commuted is $814 * 100% *12 months*9.145 =$89,328 (INR = 58 Lakhs.)
·         Per Indian Tax laws 50% of Commutation value of pension is exempt. Which is equal to 29 Lakhs Rs
·         As I have received 28.3 Lakhs only, hence Entire Amt. is Exempt from Tax.

Please advice if my above logic is correct.. Thx much for help!