Home |Subin VR Subin VR Chartered Accountant,FCA, DISA (ICAI) 303 Answers, 3695 Claps, 177306 Views Share × Feeds Questions Answers I was born in the UK. Both my parents were born in India, then became East Pakistan. At the time of their departure to come to the UK it was East Pakistan, several years later became Bangladesh. 90% of my mum and dad's extended family reside in India. Will I be granted a OCI? What documents will I need, my father is the only one alive and has sylhet on his passport for place of birth, no birth certificate. The Overseas Citizen of India (OCI) scheme is available to individuals who were Indian citizens, or whose parents or grandparents were Indian citizens, at any time. However, the OCI eligibility criteria… 1 10 257 What are the government schemes for women entrepreneur in Kerala? Will there be any subsidies or grant or loan at low interest rates? Planning to start a Wellness business. Not purely IT. There will be initial capital investments of 60 lakhs. The Government of Kerala has launched several schemes to support and promote women entrepreneurs in the state. Some of the schemes that you may consider for your wellness business include: Mahila Coir… 1 0 53 What is the documents required for getting a new Aadhaar? To get a new Aadhaar card in India, you need to provide the following documents:Proof of Identity: Any of the following documents can be submitted as proof of identity:PassportPAN cardRation/ PDS cardVoter… 1 0 46 I have sold house property in Gujrat and the buyer has taken bank loan.Bank has given two cheques one for sale deed value and other for extra work in house. How it will be shown in ITR? If you have sold a house property in Gujarat and the buyer has taken a bank loan, and the bank has given you two cheques - one for the sale deed value and the other for extra work in the house, the transaction… 1 0 101 Is it any legal problem to sell through Instagram and Facebook without GST Registration below 20 lakhs turnover? According to Indian GST laws, businesses with an annual turnover of less than 20 lakhs are exempted from registering for GST. However, if a business's turnover exceeds the threshold limit, it becomes… 1 0 38 I'm a returning NRI. Will be Resident but Not Ordinary Resident (RNOR). My company asked me to work as an independent consultant (not employee, they don't have Indian entity). What is the best payment method available and also the tax implications? As a returning NRI who will be classified as Resident but Not Ordinary Resident (RNOR), if you are working as an independent consultant in India, you may be eligible to file your taxes under the presumptive… 1 0 39 What is composition scheme under GST with example? The composition scheme under GST is a simple and easy-to-comply taxation system designed for small businesses with a turnover of up to Rs. 1.5 crore. Under this scheme, businesses can pay tax at a fixed… 1 0 2 If I start the auto finance lending company on February. There is only 1 month to end of financial year. In this situation, auditing accounts submission is essential or not? Not mandatory even it is a private company. Please see the relevant provisions from the Act.As per the Companies Act, a company can hold its first AGM within a period of 9 months from the end of the financial… 1 0 4 Can I open savings account in bank without adhar card? Yes 1 0 72 Can I open an online bank account without a PAN and an Aadhaar card? Not possible 1 0 27 What is the GST rate on sale of used bikes? If the seller is a registered GST dealer or a dealer in second-hand goods, then GST is applicable on the margin of profit earned on the sale of the used bike. The applicable GST rate is 18% on the margin… 1 0 313 What is the GST percentage? In India, there are different GST (Goods and Services Tax) rates applicable depending on the type of goods or services being supplied. The GST rates in India are broadly categorized into four slabs:0%… 1 0 13 What are the ways for the rich to not pay taxes in India without going to Dubai? Very complex question. But there are many way outs. One of the solution is investment in equity for long term investment. Taxability arise only when you sell the holdings. Tax rate is also as low… 1 0 28 How to file a late ITR? I missed filing for assessment year 2021-22, the final deadline for which was Mar 31 2022. I need to file as an individual. I had tax outstanding which I paid but did not file after paying. You can file an updated return using ITR form U. you have to pay additional tax amount. 1 0 22 How can business owners save tax in India? There are many options with wonderful tax planning. from the base level of routing of expenses and to splitting of business / investment. it all depends on the size of your business. 1 0 20 I am a student from Nepal currently pursuing my post graduation in India. Can I get Pan card in India? Yes, as a foreign student pursuing post-graduation in India, you are eligible to apply for a PAN (Permanent Account Number) card in India. PAN card is a ten-digit alphanumeric number issued by the Income… 1 0 13 How an NRI does repatriation of funds? For repatriation of funds mostly you have to file 15CA/CB forms through a CA, if your income is taxable in India. Else you can file a form 15CA part D through Income tax login, and submit these forms… 1 0 16 Can i reapply my pan card online if I have not received an acknowledgment number after successful submission online? Yes. But please ensure that your previous application has not been completed. 1 0 104 Is AO approval not reqd if amount in cg acct. is less than 5 lakhs (interest only ) while closing it? Required if you are not utllising for the concerned purpose. 1 0 39 Is there any problem if I share my pan card, aadhar card, voter card xerox with anybody? Yes, there are potential problems if you share your PAN card, Aadhaar card, voter ID card or any other identification documents with anyone, especially with unauthorized or unknown persons. These documents… 1 0 147 Which bank will allow me to open bank account without pan card? You can open bank account without PAN by submitting Form 60 in the bank. For opening bank account by online mode almost all banks asks for PAN. You can get Instant E PAN if you adhar is linked to your… 1 782 19671 What is the Goods and Service Tax (GST) refund process for exporters? You can file RFD 01 through GST Portal for getting refund of Input Tax Credit. 1 0 19 Am I elegible for major pan card as I have attained 18 years ? Yes 1 0 56 My pan card is missing and I don't remember my pan number too. What can I do for getting again my pan number? The only possible solution is to check with your Banks, Stock Brokers etc; if they had linked PAN with your account you will get you PAN number. 1 0 34 Can I still open my SBI account as I am below 18 and I don't have pan card? Yes, you can open a savings bank account with State Bank of India (SBI) even if you are below 18 years of age and do not have a PAN card. SBI offers a special savings bank account for minors, known as… 1 0 21 Owners not providing rental agreement. Can we have GST with only property tax receipt? No 1 0 408 We are purchasing 2 adjacent lands registered in name of husband and wife. We are 3 buyers and SR value of site#1 is 40L and site#2 is 35L. Should we deduct TDS while paying to the seller? If it is done through one document TDS will be applicable 1 0 57 What is the income tax on a salary of Rs. 13.5 lakhs per annum? How to distribute/salary structure for a 13.5 lakhs salary for a maximum tax benefit in India ? The standard deduction for salaried individuals for the financial year 2022-23 is Rs. 50,000. The standard deduction can be claimed by an individual irrespective of the expenses incurred.So, if we consider… 1 0 105 What is the income tax on a salary of Rs.15 lakhs per annum? Nearly 2.62 lakhs as per old regime. 1 0 90 If my salary is paid in crypto, how can I report this tax filing in India since the price of crypto fluctuates? You can consider the value of crypto on the date of receipt. 1 0 581 What kind of taxes are cryptocurrencies subjected to in India? Income Tax 1 0 12 Is it necessary that I file taxes for my cryptocurrency? Yes 1 0 4 I have sold my plot of 500 sq yds in April 2021 for Rs 37.50 lakhs and I am a senior citizen. Do I have to pay income tax as I have no income except from GST sales in business as manufacturers? To know your tax liability more details about your property is required, viz date of purchase, amount of purchase etc. If your capital gain and business income for the FY 2021-22 is more than Rs.2.50… 1 0 60 Do you have to pay income tax on CSIS subsidy of education loan? How much subsidy you receive in a financial year ?More than Rs.2.50 lakhs ? 1 0 103 I have received SCN for gst registration stating profession tax details required. What should I reply to the SCN? Professional tax registration is the matter of your local authority. The registration condition of PT differs from state to state. If you are not liable for PT registration, you can give a response like… 1 0 611 If i register gst with my home address for online business purpose will local muncipal authority charge property tax chargeble for commercial buildings? Depends on your business types. Normally you provide service from your home address without change in your building tax pattern. If you are dealing in goods; there is a possibility for a commercial rate;… 1 0 1269 For an NRI, what are the documents required to apply for PAN card ? Can it be done online ? You can do it with the copies of your Passport. It can be done online. 1 0 40 While transferring money from NRE to savings account online, will the recipient have to pay tax ? There is no tax liability for transferring fund from NRE to local account. 1 0 23 Is it possible to change my savings account to NRE account? What are the documents required? Not possible. You have to open new NRE Account with a bank by providing your Visa details. 1 0 25 My GST application has been to the assigned center. It is a week now but the Gst is not approved yet.Why? Normally it will take 1-2 weeks to get an approval from GST Dept. 1 0 2528 Received this query for GST registration - Promoters/Partners - Document Upload - Others (Please specify) - upload ownership proof of the document residence. But i think residence proof not require. What should i reply to it? You can upload proof of ownership such as Building Tax paid challan, BSNL Bill, Electricity Bills etc which is addressed to you as a proof of your ownership to the building. 1 0 2185 I worked in UK from Feb 1st 2020 till Jan 30th 2021, moved back to India on 31st Jan 2021. After moving to India my employer deducted the taxes for whole year again in India. Which means I have paid taxes in UK and even though I'm not in India, taxes were deducted. Would like to know whether I claim refund on tax deducted in India while filing? Whether your employer in India & UK is same person ?Even though keeping the NRI status you will be taxed in India from Feb & March 2021.If extra Tax deducted; you can claim as refund. 1 0 157 Sales data was missed in GSTR1. Can we show those sales in in 3B directly without entering in gstr1? Yes; you can. Later on you can alter the GSTR1 while filing next month GSTR1 1 0 40 I want to do a franchise dealership with other companies. Can I get gst registration even though I'm a student? You can get GST registration even though you are a student.PAN is mandatory. 1 0 182 സ്വന്തം പേരിലും കമ്പനിയുടെ എം.ഡി. എന്ന നിലക്കും രണ്ട് ആധാര പ്രകാരം രണ്ട് ഭൂമി ഉണ്ടെങ്കിൽ അവക്ക് വേറെ വേറെ തണ്ടപ്പേർ നമ്പർ ലഭിക്കുമോ? Yes. 1 0 71 Do we need to link Aadhar card to mobile number to get Pan card? For getting PAN card through online route (E PAN) you have to mandatorily link your Adhar card with mobile. E PAN is generating based on the Adhar OTP you will be receiving at your Aadhar linked mobile… 1 58 3881 Do we get cheque book or atm card with capital gain account type A. How we transfer money to contractor? Do we need bills for that? Most probably cheque book/ATM will not be available with Capital Gain Account Schemes. Your bank manager will transfer fund to contractor upon verifying the authenticity of transactions. A contract agreement… 1 0 145 What is GST? Goods & Service Tax is a tax on supply of goods/services by one person to another. It is the major Indirect Tax Revenue of India. 1 0 17 How to delink my Aadhar card from my PAN card and surrender the pan card? A person can not surrender his PAN card; it is valid for his life time. Only entities other than natural person can surrender PAN, that too on on its non existence viz dissolution, amalgamation, business… 1 94 15671 By mistake, I link my pancard to my wife Aadharcard. How can I change? Don't worry. It will not get linked. For linking PAN to Adhar many parameters have to match viz your name, year of birth etc. 1 0 744 ബാങ്കിൽ 10 ലക്ഷത്തിൽ കൂടുതൽ രൂപ പണമായി നിക്ഷേപിച്ചു എന്ന് കാണിച്ചു ഇൻകം ടാക്സിൽ നിന്നും നോട്ടീസ് വന്നു. ഏതൊക്കെ സാഹചര്യങ്ങളിലാണ് ഒരാൾക്ക് ഇൻകം ടാക്സ് നോട്ടീസ് വരുന്നത് ? ഇൻകം ടാക്സ് ഡിപ്പാർട്മെന്റ് ഓരോരുത്തരുടെയും പണമിടപാടുകൾ മോണിറ്റർ ചെയ്യുന്നുണ്ട്. ഒരുപാടു തരത്തിലുള്ള ഇടപാടുകൾ ഉദാ: ബാങ്കിൽ 10 ലക്ഷത്തിൽ കൂടുതൽ രൂപ പണമായി നിക്ഷേപിക്കൽ, ഷെയർ ട്രേഡിങ്ങ് ഇടപാടുകൾ,… 1 0 211 പലിശ ഇല്ലാതെ പണം ലഭിക്കുന്ന വഴികൾ ഉണ്ടോ ? ഉണ്ട്. മുടക്ക ചിട്ടികളിൽ വളരെ ശ്രദ്ധാപൂർവം നിക്ഷേപിച്ചാൽ പലിശ ഇല്ലാതെ പണം ലഭിക്കാനുള്ള വഴികൾ ഉണ്ട്. കൂടുതൽ അറിയാനായി കാണുക. 1 20 408 If I start the auto finance lending company on February. There is only 1 month to end of financial year. In this situation, auditing accounts submission is essential or not? Not mandatory even it is a private company. Please see the relevant provisions from the Act.As per the Companies Act, a company can hold its first AGM within a period of 9 months from the end of the financial… 1 0 4 Can I still open my SBI account as I am below 18 and I don't have pan card? Yes, you can open a savings bank account with State Bank of India (SBI) even if you are below 18 years of age and do not have a PAN card. SBI offers a special savings bank account for minors, known as… 1 0 21 I am a student from Nepal currently pursuing my post graduation in India. Can I get Pan card in India? Yes, as a foreign student pursuing post-graduation in India, you are eligible to apply for a PAN (Permanent Account Number) card in India. PAN card is a ten-digit alphanumeric number issued by the Income… 1 0 13 Is there any problem if I share my pan card, aadhar card, voter card xerox with anybody? Yes, there are potential problems if you share your PAN card, Aadhaar card, voter ID card or any other identification documents with anyone, especially with unauthorized or unknown persons. These documents… 1 0 147 What is the income tax on a salary of Rs. 13.5 lakhs per annum? How to distribute/salary structure for a 13.5 lakhs salary for a maximum tax benefit in India ? The standard deduction for salaried individuals for the financial year 2022-23 is Rs. 50,000. The standard deduction can be claimed by an individual irrespective of the expenses incurred.So, if we consider… 1 0 105
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