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Syed Akram

Category : GST..,
Solved
May 14, 2019 6:26 pm
  • GST
Hi Amlan, Having another question regarding the GST. Is it mandatory to register for the GST even if the income is below 40 lacs. The service providing is advertising and marketing (Affiliate Marketing). All the companies which I work for are outside of India!Thanks!
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Amlan Dutta
For service providers , the threshold continues to remain 20 lakhs i.e if the aggregate annual turnover exceeds 20 lakhs ,then the service provider is required to register under GST ...as per Notification No. 10/2019-Central Tax dated 7th March, 2019 dated 7th March, 2019 the threshold limit for re...
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  • May 16, 2019
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Avin Rai

Category : Rectific..,
Solved
May 13, 2019 9:33 pm
  • Rectification
Sir, my father had filed his income tax last year. Everything was ok, the file got processed and we some amount of refund issued 30 days ago. But a few days ago we got a mail that ** Name of Pan and Name in the bank account** is not matching and refund rejected. On proper checking, I found that the ...
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Amlan Dutta
You need to take it up with the assessing officer in person ...maybe they can do something ..else rectify the return with correct details ...havent faced a situation like this with my subscribers or clients
  • May 16, 2019
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Pradeep

Category : Compulso..,
Solved
May 13, 2019 11:36 am
  • Compulsory land acquisition
Sir my mother has received land compensation approx 2000000 from acquisition of land in Haryana but they have also deducted income 200000. Is it a exempt income and how can I fill this ITR??
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Amlan Dutta
If it was done compulsory acquisition then Yes, it is exempt .....however the department may have done TDS under section 194 LA....You may take with the assessing officer the case bringing to his knowledge CBDT CIRCULAR NO-36/2016, Dated: October 25, 2016( refer attached image) ... ...
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If it was done compulsory acquisition then Yes, it is exempt .....however the department may have done TDS under section 194 LA....You may take with the assessing officer the case bringing to his knowledge CBDT CIRCULAR NO-36/2016, Dated: October 25, 2016( refer attached image) ... <br /> The RFCTLARR Act which came into effect from 1st January, 2014 which in section 96, provides that income-tax shall not be levied on any award or agreement made [except those made under section 46) under the RFCTLARR Act Therefore, compensation received for compulsory acquisition of land under the RFCTLARR Act (except those made under section 46 of RFCTLARR Act), is exempted from the levy of income-tax. Resultantly, no distinction has been made between compensation received for compulsory acquisition of agricultural land and non-agricultural land in the matter of providing exemption from income-tax under the RFCTLARR Act. Exemption provided under section 96 of the RFCTLARR Act is wider in scope than the tax-exemption provided under the existing provisions of Income-tax Act, 1961. The uncertainty in the matter of taxability of compensation received on compulsory acquisition of land, especially those relating to acquisition of non-agricultural land is clarified by the Board vide CBDT CIRCULAR NO-36/2016, Dated: October 25, 2016 that compensation received in respect of award or agreement which has been exempted from levy of income-tax vide section 96 of the RFCTLARR Act shall also not be taxable under the provisions of income-tax Act, 1961<br />even if there is no specific provision of exemption for such compensation in the Income-tax Act, 1961.......
  • May 16, 2019
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KISHOR KUMAR

Category : INCOME S..,
Solved
May 6, 2019 3:16 pm
  • INCOME SCHEDULE - CAPITAL GAINS
Dear Sir,I had an ancestral agricultural land whose purchase value is not know because the old land is coming from Dada-Parada, it is in my name. On August 28, 2018, I sold it for 611700.00. Sir now tell me how to calculate the capital gains ???
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Amlan Dutta
In case of inherited property , period of holding in your hands doesn't matter ...the period of holding since the first owner has to be considered ....this appears to be a very old land .....If land purchased before 2001 , then first figure out value as on 01.01.2001 with the help of a registered va...
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In case of inherited property , period of holding in your hands doesn't matter ...the period of holding since the first owner has to be considered ....this appears to be a very old land .....If land purchased before 2001 , then first figure out value as on 01.01.2001 with the help of a registered valuer...then index cost as on FY 2018 19 ...use attached index chart i.e cost = cost as on 2001 x (280/100).... <br /> Capital gains = sale value - indexed cost + (any improvement cost (indexed) ---if any )
  • May 16, 2019
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