Check your phone. I have messaged an OTP. It is a 5 digit number. Feed it in the box belowDo you want me to resend the OTP? Yes resend it
Two companies are incorporated with the same set of shareholders, are they the same or distinct under the companies act 2013?
They are distinctive, that is, they will be treated as different persons by the law, and they will be taxed separately.A company has its own legal existence, its own share capital to progress its activities. What's more, it is created by law, it can hold properties in its name, it can enter into a contract with another person in its name. This basically means that the company is above and beyond the persons operating them.So, to answer your question, if two companies are incorporated with the same set of shareholders, still, they will be treated like two distinct taxable entities by the Companies act.It is pertinent to note here that the directors have to disclose their interest in other companies while signing up for a new company. Thus the Registrar of Companies shall know that both the companies are operated by the same people, but they will be treated as different persons taxwise nonetheless
My father has paid a good amount of tax for the Assessment Year 2017-18. How do I file his returns so that he could get his refunds?
First of all you need to figure out which ITR form you should use while preparing the returns of your father. This image should be a good reference for you to choose.You can download these forms from here.The next step is to fill the return. Here, you need to report all the income your father has earned during the year. You should also fill in the details of Advance taxes paid and TDS in the return.Now, your father’s taxable income would be calculated, and the tax liability is determined. If your father has paid more in taxes than this amount, he would receive a refund of the excess amount of taxes paid in his bank account.Thank YouEdit: If you are filing after 31 December 2018, you will have to pay a fee of Rs 10,000. Also to note that the time limit for filing a return late for FY 2017-18 expires on 31 March 2019.Since this period has already passed for you, you can file your returns as per the provisions of section 192. You need to file your returns with your Assessing Officer personally, with a hard copy of the return. This type of return can be submitted for a period of up to six years, but you should have a genuine reason for not filing the return on time.If you want any assistance in the above matter, you can contact me here
Which income is to be filled in an ITR form, annual or monthly? If I were to file my returns right now, from which month would my income calculation begin?
You should report your annual income for the relevant financial year in your return of Income.That would basically mean you would report your income of 12 months, starting the 1st of April of any year and ending the 31st day of March of the following year.If you were to file your returns right now, you would report your income starting the 1st of April, 2018 to the 31st of March, 2019.Thank You
In which month do ITR forms be available? And where can we find these ITR forms?
ITR forms are available throughout the year 24*7 at the income tax website.Just click on the link above, and select Income tax preparation Utility. You should find the return of your choice here.If you have any queries please feel free to comment, or ask a question from the left panel of your screen.Thank you