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  • Asked by Sheetal on June 17, 2019, 6:48 p.m.

    Answered byChiranjibi Chapagain  June 17, 2019, 6:50 p.m.

    0 Upvote | 11 View | 1 Reply | Asked to: EveryOne

    My sister wishes to remit some money as a gift to my spouse. Please explain whether this gift income would be taxed in my hands.

    Any gift received from a blood ‘relative’ is exempt even beyond the limit of Rs 50,000 (‘relative’ in this case is defined as spouse, brother or sister, spouse’s brother or sister, parents and lineal ascendants of individual or his spouse, siblings of parents of individual or his spouse) Since the gift giver is your sister and defined as a relative, you would not be required to pay any tax on such gift received by your spouse.In a nutshell, as an NRI, if you make gifts to people in India, the onus of paying tax in India would be on the recipients. Recipients in India who are ‘relatives’ would not have to pay any tax while non-relatives would have to pay tax on gifts in excess of Rs 50,000.

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  • Asked by Sheetal on April 2, 2019, 6:52 p.m.

    Answered by Chiranjibi Chapagain  April 2, 2019, 6:57 p.m.

    0 Upvote | 75 View | 2 Reply | Asked to: Expert Chiranjibi Chapagain

    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.Click Here for more news

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  • Asked by Sheetal on April 2, 2019, 1:47 p.m.

    Answered byChiranjibi Chapagain  April 2, 2019, 3:05 p.m.

    0 Upvote | 56 View | 1 Reply | Asked to: Expert Chiranjibi Chapagain

    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

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  • Asked by Sheetal on March 30, 2019, 6:16 p.m.

    Answered by Chiranjibi Chapagain  March 30, 2019, 6:21 p.m.

    0 Upvote | 51 View | 1 Reply | Asked to: Expert Chiranjibi Chapagain

    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

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