AJAYI
This Query has 1 replies

This Query has 1 replies

I am moving to India for good. I shall be a resident this year in India. I have the following accounts, income, assets in USA.

Checking account - Shall declare it in schedule FA for FY 2024-25

Income from salary - Shall declare it in schedule FA for FY 2024-25. Is this declaration needed? I have this salary amount credited to the checking account and will already declare this checking account balance. And will the period of reporting be Jan 2024-Dec 2024 or April 2024- March 2025? Have some income in January 2025 as well

No 401k, pension plans etc.

I have employer medical insurance, accident insurance, vision, dental. - Anything to declare here? Or any accounts to declare? These plans will be terminated when i leave my employer.

Social security and medicare taxes were deducted from me and also employer paid equal amount of taxes that i paid. - Is there any reporting for this? Account number or anything? As far as i read, these are not my assets and i don't hold any of these. Anything needed to do for these?


LoneWolf
This Query has 1 replies

This Query has 1 replies

I looked at my pay check and see a point in my paycheck under earnings. It reads employer contribution to insurance plan. The same amount is deducted from me as well. This amount however is not included in my gross income in the usa pay slip. As an Indian resident should this be added to my gross income when I report it in Indian ITR or should I report my gross income only and not add this since it's a benefit rather than an income.

Also, My employer contributes 50% to a group medical,accident, vision, dental plan and I pay 50%, Is that included in my taxable income in India?

Also, Social security and medicare taxes are deducted from my gross income and the employer paid the same amount from their end as well. Is the employer part of the taxes to social security and gross income considered my income in India?


Yogesh Shah
This Query has 1 replies

This Query has 1 replies

Company is making foreign remittance towards physio therapy treatment of its director to non resident individual. The physio therapy treatment will be given in India. Please let us know the tax implications regarding TDS or withholding tax and whether the perquisits will be taxable in the hands of director.

Please advise


Nutan Mali
This Query has 1 replies

This Query has 1 replies

16 November 2024 at 08:17

Income tax site not working properly

from last 4-5 days income tax site not working properly


Suresh S. Tejwani
This Query has 3 replies

This Query has 3 replies

15 November 2024 at 19:30

Regarding Form 15CA & CB

- Assesses is Non Resident
- It having Two Fixed Deposit in India, & Interest on same of 3 years (of each Fixed Deposit) Accrued together but not having Bank account in India. Now it want to Redeemed his Fixed Deposit. Full Amt of Fixed Deposit i.e. (Principal plus Interest) Directly credited to Foreign Bank Account from fixed deposit.
- Total Interest Amt is 596035 & Fixed Deposit Maturity Value is 3178706.
- Sender & Receipt both are Non-Resident.
- Whether Form 15CA or 15CB or Both or any Other Form is applicable ?
- Any Provision of TDS is applicable in such case ? If yes, then on which Amt & at which Rate Provision of TDS Applicable.


Chandra Kala
This Query has 1 replies

This Query has 1 replies

15 November 2024 at 16:43

Section 194LBB

Whether income in respect of units of investment is a capital gain or business income


Pramod Sharma
This Query has 1 replies

This Query has 1 replies

Will we charge TDS on ocean freight or not, because the ocean freight invoice we have received has been given by an agent whose Tax Residency Certificate is from UAE

sir, please reply


Sameer Kumar
This Query has 1 replies

This Query has 1 replies

15 November 2024 at 11:55

Tds deduction to icai

Is it required to deduct TDS by a company for advertisement expenses paid to ICAI? if yes, under which section.


THOMAS JOHNpro badge
This Query has 1 replies

This Query has 1 replies

15 November 2024 at 08:48

Issuing of Form 16 when no TDS

Hello

Pls help on the following

Do we need to issue Form 16 in the following cases

(1) Salary is below 3 lacs
(2) Salary is below 7 lacs ( no TDS because of Sec 87A)


Ankur Saini
This Query has 1 replies

This Query has 1 replies

14 November 2024 at 17:45

TDS applicability on Service through ECO

We as a private limited company provided service rent a car to driver or vendor for drive car on uber ECO as we have Uber Fleet. Also We recognised our Income as Total of Uber Earning And also show driver expenses as (Total of uber Earning - Rental Charges). & thereafter net rental amount recover from driver. If driver taking all cash trip then we recognised driver expenses as (Total of uber Earning - Rental Charges +/- Net of uber earning & cash trip collection).
Uber deduct TDS on Total of Uber Earning u/s 194O.

Here I want to know whether we liable to deduct TDS on driver expenses or any other amount or NOT ??