Dear All,

Today I heard in the budget if you are an Indian passport holder and living in other countries that are not having income tax of the tax-free country whose income will be taxable. I am living in UAE for the last one and a half years on residence visa so from 1st April 2020 I have to pay income tax as per new rule or no?

Please advise.

HRA exemption, life insurance premium, LTA, Employee contribution to PF, voluntary PF, NPS, PPF whether these are removed or retained

Sir
As per budget 2020 if I choose new slabs then can i claim deduction of HRA u/s 10. And the deductions u/s 80c.
Pl confirm.
Regards

My client is an BE professional. His gross receipts for the year 2017-18 was Rs.75 Lakh. He has Regular GSTIN . Whether GSTR 9C audit report applicable for the professional for 2017-18.
Please Clarify.
CA HS RAMGOPAL

Hello Sir/Madam,

I have a followup query related to below queries.
1. How do we show the amount received while selling company leased vehicle to a third party to make the amount legal. Which section should we file this in ITR? Is it that we need not pay any tax while selling the car?

2. For Company Leased Vehicles which are leased for 2 or 3 years an additional GST amount is charged by the leasing vendor since last 1 year claiming that government is not returning back the input credit tax fully. As per the leasing vendors, every quarter government gives back only 5% of GST as input credit, so by end of 2 years, only 40% GST is received back + 20% GST paid as part of residual value payment, so in all only 60% received - means the person who has taken the lease needs to pay remaining 40% GST. Is there no way to get back the complete input credit tax in case of 2 years lease? Paying an additional 40% seems like a huge loss. Kindly clarify.

-------------------------previous query in your site--------------------------------
I have a query related to Car leasing. In my company we have car lease policy, where employee can lease a car which is registered in the name of my organization. I pay EMI for the car and claim income tax exemption on the EMI being paid. After the completion of car lease, i have to pay 20% of residual value to finish the lease. Post that, i can sell car directly to anyone. Sale proceed will come to my bank account. What will be the income tax implication on the money received from the car sale. I am asking this question because it is different than the car sale. In this case, the car is not registered in my name but it is registered in my company's name. I have NOC from company to sell it after paying residual amount of 20%. Can you please help with this ? Thank you,

Read more at: https://www.caclubindia.com/experts/income-tax-on-selling-a-leased-car-to-a-3rd-party-2745434.asp

Respected Sir,
I have made NRO FD and now i want to transfer the same to NRE account so kindly suggest me weather it is taxable or not. further suggest that in which part of 15CA i have to report and certificate from CA is required or not.

we are organize award function and award money is Rs. 1 Lakh.
Which head we are deposit TDS 94B or 94G

Thanks & Regards
Mritunjay Kumar

one of my client not paid RCM on freight by GSTR3B for the whole FY2017-18. GSTR9 filed and mentioned this non payment issue by GSTR9C. Now, what is the procedure to pay RCM tax along with interest and also procedure for claim ITC on that RCM amount. Is there any provisions specified : no ITC is available for RCM paid by GSTR 9. Any of experts please suggest to claim ITC on the above RCM.

As per notice from IT Dept, return has been marked as defective return due to income shown being lower than that is in Form-26AS. Assessee received interest on compensation of compulsory acquisition of Rs. 5 lac, of which 50% is exempt u/s 57. Therefore, net Rs.2.5 lac was shown in other sources, whereas full amount of Rs.5 lac is shown in Form-26AS, on which TDS has been deducted. IT dept is giving suggested solution of filing revised return. How to show Rs.5 lac in revised ITR and get 50% exemption u/s 57. Please guide.

Whether after showing full amount of Rs.5 lac in other sources and exemption of Rs.2.50 lac under deduction in other sources would be sufficient compliance as only net amount is shown in total income sheet in ITR-2?

Whether only a reply would be sufficient explaining the above situation? Please guide.

Sir if monthly gross income of a salaried person is 100000 and monthly tax deducted and paid by the employer of the person concerned is Rs 3000.Will he be liable to pay advance tax ?