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Vinay Gumja

Category : Income t..,

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January 12, 2019 2:38 pm

Hello Sir,
I'm Freelance Web Developer, My question related to GST and ITR.
Current year txn above 20 lakhs and upto 90% txn from outside india. kindly let me know what i need to do ?

thanks

Vinay Gumja

Vinay Gumja

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Amlan Dutta

If turnover exceeds 20 lakhs , you need to go for GST registration ...here since business turnover exceeds 20 lakhs so you need to go for GST registration ....note as far as income tax is concerned , you can benefit of presumptive section 44AD and declare only 8 % of turnover as income ...say you ge...

January 13, 2019

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Vinay Gumja

Hello Sir
Thank you so much for detail answer.
Would like to clear...
Q1 - New change GST exemption limit doubled to Rs 40 lakh - also apply to IT ( Information Technology - Web Development & Support) sector or Not ?
Q2 - Declare only 8 % of turnover as income - Is 8% or more for IT ( Information Techno...

January 15, 2019

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Amlan Dutta

Q1 - New change GST exemption limit doubled to Rs 40 lakh - also apply to IT ( Information Technology - Web Development & Support) sector or Not ?
The new limit is just for goods ( not for services ) and also it is not applicable for people making interstate supplies
So , for you since it is IT relat...

January 18, 2019

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Amlan Dutta

January 13, 2019

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RAVINDER SINGH

Category : Exempt I..,

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January 12, 2019 8:05 am

Hello Amlan,

I have to Start at Business for that I received 10 Lac cash from My Mother (Senior Citizen + Tax Payer) in this FY year in July which I deposited to My Bank Saving Account. Now after talking to one of my friend I Came to know for such GIFT from Parent also there are some rules from Incom...

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Amlan Dutta

1) Can I take 10 Lac cash as Gift from my Mother...? is this Okay or its illegal
To any such question there are two parts - accountability and the gifting
If it is cheque /EFT , it is automatically accounted since it lies in the bank
Same is not with cash and therefore cash often attracts scrutiny

Cash is always a problem and something that will attract scrutiny .....just ensure that the money ( cash of 10 lakhs ) can be accounted i.e source of funds (savings , income etc etc ) and taxes paid on it ...document this so that if asssessing officer picks up case for scrutiny and asks questions regarding source of funds for 10 lakhs , it can be easily accounted ...

As regarding gifting portion, you can surely take gift from your mother.as far as legality of gift is concerned , it is absolutely legal...since this relationship falls under the definition of relative under section 56(2), it is tax free in your hand ...Also, in this case there won't be any clubbing i.e income generated from application of funds shall remain yours and not get clubbed to your mother

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2) Will it be worth to have Gift Deed..? Please advice with format if possible.

It is advisable to have the gift deed executed ...simply visit any lawyer and get the deed executed and notarized . It simply mentions that so and so is gifting so and so amount vide instrument cheque / EFT ...i won't be able to share format etc for lack of time/interest....a simple google search may help

3) Should I need to Mention it in my ITR as ..?

-If it is taken in form of gift , you need to reflect this in your ITR under exempt income reporting section ...check my youtube video ( i wont be able to provide link etc )

4) What other precautions I should take in this situation where I have deposited cash in my account. ( I Know this is Problem, but I have taken cash because I need to in cash as per our Small town Indian economy, but when whole project get delayed, I decided its not safe to keep so much cash at home & deposited in Bank)

-As long as everything can be accounted , there should be no problem

You may take a second opinion.

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January 12, 2019

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Amlan Dutta

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January 12, 2019

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Shrawan kumar

Category : Processi..,

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January 11, 2019 6:22 pm

itr ko revise kr dene se problem solve ho sakti hai kya ? Abhi itr status successfully e verified aa rha hai , processed nhi hua hai .Ya next year ay 2019-20 ke itr ke sath process ho jayega .

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Amlan Dutta

This is a common problem this year ...it is required that you raise the matter up with the assessing officer first through E Nivaran mode and if that doesn't work , then meet him personally to request for expedited processing .....even my return hasn't been processed so far ...really not sure why t...

January 11, 2019

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Shrawan kumar

Category : Processi..,

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January 11, 2019 5:13 pm

Hi amlan sir ,sir my itr for AY 2018-19 1 is sumited on 22july2018 and everified on 27july 2018 but itr is not process aaj tak . I am. Sumit E grievance request on 10 october 2018 . Then resolve answer is under progress . But aak tak process nhi hua . AO ko email bhi kr diya . Plz suggest ab kya ...

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This is very surprising to note ( though it reflects my case as well) ....there is no option but to meet the assessing officer to take recourse ....

January 11, 2019

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