Answers On Topic: business income
Regularly, I follow your website’s “Questions & Answers” blog and benefitted a lot which is knowledge-enhancing. I am a salaried person. If I do also freelance work in Animation & Graphic Designing for 2-3 months only during a FY not as a “Professional” but as an Amateur and earn around 1,00,000/-. If my client also deducts TDS from my Fees payments u/s. 194J and remitted to the IT deptt. Kindly clarify the following points :- Whether my receipts from freelancing comes under “Specified Professions” u/s. 44AA ? Which ITR form should I file, ITR-3 or ITR-4 ? What will be…
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Can an individual claim interest income and expenses u/s 44AD ? Is money Lending licence necessary to do so ?
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Assessee is private limited co , engaged in the business of construction and development of real estate project. the co hold two lands one is considered as stock in trade and another land is shown as investment which was purchased eight years bank. Now assessee co has decided to sold both the lands and accordingly executed the conveyance deed against the consideration to be received in form of constructed area after 24 months. The assesee co has also hand over the possession of the said land to the buyer of the land. consultant of the Purchaser is saying the tax…
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An Indian company has engaged a foreign company to keep some employees selected by Indian Company to keep on its ( foreign company ) pay rolls . The foreign company shall take payment from Indian company towards salary and other out of pocket expenses of employee and pay to employees, it shall also take care of local labour laws compliances and shall get % of the the total payments as its fees. What shall be treatment of this payment in hands of Indian Company - whether it shall FTS or payment of business profits for determining if withholding tax to…
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If the person carrying the whole sale business of any product and, during the year of tax computation, if the same person invested the surplus money in share capital market where the transactions done in all format including cash segment, derivative segment and commodity segment on regular basis. So, how to treat the above transaction in books of account and how to make computation for the same.
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Income tax clarification under “Profits & Gains from Business and Professions”