Dear Sir/Mam,

I have salary greater than 5 lakhs rupees per year and apart from this salary I am earning 20000 rupees per year by Google admob which is paid by Google through wire transfer in USD and I earn around 10000 rupees per year by in-app purchases which is paid by Google by bank transfer in INR after deducting TDS. Now I am having very difficult time understanding how to fill tax return and what to do. The extra earning is not that big but still I do this as part time activity, I do not want to take any risk please help, any help is appreciated.

personal expenses and withdrawal while preparing books of accounts of individual, should be made under DRAWING.
Please reply

I have joined with an infrastructure company recently. This company is engaged in developing of land after development of basic facilities like installation of Water Tank, Sewerage, making roads and parks etc.
My queries are as follows: -
1. Our final product Land Sale are leviable of GST or not?
2. For development works we are procuring materials like – Sand, Bajri, Stones, Cement, Saria, Paints etc by payment of GST.
3. These above materials input can be claimed or not (i.e., GST Refund can be claimed)?
4. Sometimes, we are procuring materials from unregistered dealers- Reverse Charge to be paid or not. (Presently Reverse Charge are payable on Freight & Professional Charges).

Please settle the above queries’ as soon as possible.
Regards,
M.K.Mandal

Dear Team,

I enjoyed browsing through the website and reading through the responses to the questions asked. - Thank you for this great initiative for 'amateur' tax payers.

Salaried (Income Under 20lacs)

Question:
1. Previously completed and submitted Income Tax Filings can be subject / liable to an audit by Income Tax Department.? If yes, what is the ageing of the returns that can be selected for audit. (example : IT Filings older than 02 years OR >5years)
2. Please help / guide with an effective way to save taxes. If there is an article please share the URL.

" If a HUF contributes to one of the minor’s PPF account, does the contribution amount gets added to the guardian’s PPF contribution whose PAN is present in the minor’s PPF account?

HUF is not allowed to open a PPF account under its name. But, it is allowed to contribute to the PPF account for any of its members and claim the deduction under section 80C of the income tax law.

If the contribution is made towards a minor member, it will be considered as the contribution of the parent who is the guardian in the minor’s PPF account."

The above point was found on internet. I wanted to open a PPF A/c of my minor kids and the contribution amount to be made by my HUF account . If suppose I invested Rs:-150000 in my personal PPF account from my personal SB A/c & Rs:- 150000 from HUF account to minor kids PPF a/c of whom I am the guardian ( Since HUF cannot be a guardian) and my PAN number is mentioned in minor A/c. In the above case can HUF claim deduction u/s 80C of Rs:-150000 and myself claim deduction of Rs:- 150000 Totally Rs:- 300000 ? or I can totally claim and get interest for only Rs:-150000 in both accounts. Kindly guide

Above RPU ie Ver 4.5 is not working with fvu 7.8 . The unzipped list of files for TPU 4.5 include file fvu 8.0. Latest downloadable version is 7.9 .
Some issue with Java version as well .
It appears downloadable RPU 4.5 from traces site is corrupted .
It should be clearly stated - version of fvu needed . Version of JAVA needed .
Hope Govt looks into the matter .

Many new features have been introduced by the Income Tax Department for uploading TDS/TCS returns through the RPU_4.5 and after passing validation through the FVU version 8.0. One of the new features in the said FVU is “TDS/TCS Input File Name With Path”. Kindly let me know what would be the “TDS/TCS Input File Name” and from where to get it OR to be created. Please let me know on a priority basis. Excuse me for the trouble caused. Regards, Limpa Chakraborty

Assessee, a purchaser of land, paid advance to seller Rs.10 lacs. As the land title was not clear, purchaser demanded his advance money. Seller refused to give advance. Purchaser filed suit in court and court ordered to seller to pay 16 lacs to purchaser within stipulated time. Seller filed appeal in higher court & in ultimate compromise seller paid Rs.21 lacs in all. What will be treatment for income tax purpose of additional money received Rs.11 lacs.

Hi

can anyone share specified format of ca/cma for gst 3b and 2b difffernce as per recent notification by cbic.

Regards
Sachin Alwadhi

Dear Sir,

As banks are now offering fd interest rates at around 8%, is it advisable to redeem existing fd's and make a new fd with higher rates after taking into effect premature withdrawal rate deduction and the tax to be paid on interest earned on fd redeemed.

I had booked the FD previously at 5.5% interest rate.

Please suggest.

Regards,
Divyesh Jain