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194N withdrawal of cash from bank
Direct Taxation
answered 5 hrs ago
Under 194N if withdraw more than 20L is subjected to TCS .so if an individual withdraws 10L per day for two times is TCS still applicable?
latest answer
There are 2 scenarios here: 1. if cash withdrawal amounts to more than 1cr. in PY only then TDS u/s 194N will apply. 2. In this case, the assessee has not returns for all 3 PYs then the above threshold limit of 1 cr. will come down to 20Lakhs for a PY. So even if the assessee withdraws 10L per day twice in a PY, this would still amount to 20L and hence it does not come under any of the two above conditions and TDS u/s 194N will not apply.
Gokul Nath
CA Inter
★ 0
1
43
Presumptive
Direct Taxation
answered 1 day ago
Hi sir/madam i have a query on direct tax Mr.X is following presumptive taxation last few years and for this AY his turnover is 1,00,25000 and this AY also under presumptive coz of less than 2cr and the doubt is his online receipt is 30℅ and cash receipts is 70℅ can he file his return for 8℅ of total turnover of cash receipts and 6℅ of total turnover for online receipts as per 44ad
latest answer
If turnover does not exceed 2 crore then he can go for 44AD.
kalai vani
CA Inter
★ 1K+
1
28
India Definition
Direct Taxation
answered 1 day ago
Seabed and Subsoil Underlying such Water, Continental Shelf, any Other Maritime Zone (Any Distance There)
latest answer
It means that soil under the sea is also part of India. Exclusive economic zone is upto 200 Nautical miles.
ajith kumar
CA Inter
★ 840
2
36
Old tax regime
Direct Taxation
answered 2 days ago
In 1 or 2 years if the old tax regime cease to exist then there wouldn't be a concept of Deduction,Intexation right?
latest answer
Yes, but there will be achange in laws and amendments that needs to follow
Dhakshana Dhakshana
CFA L1
★ 18K+
1
45
Cricket person
Direct Taxation
answered on 23-Jul-24 21:14
Can cricket person having professional income make use of section 44ADA (presumptive income)
latest answer
Only the professionals engaged in following professions are eligible: Interior decorations Engineering Technical consulting Accounting Medical Legal Architecture Movie artists (including producers, actors, editors, directors, art directors, dance directors, music directors, cameramen, lyricists, story writers, singers, costume designers, and dialogue or screenplay writers) Authorised representative Other professionals specified by the Central Board of Direct Taxes
GOKULA LAKSHMI
CA Final
★ 20K+
1
41
TDS
Direct Taxation
answered 1 day ago
Why non monetary perquisites is added to total salary in computation of tax liability in this sum. Is it not that employees don't need to pay tax on it and only the employers are liable to pay for it?
latest answer
If employer pays tax on non monetary perquisites then such tax amount would be exempt as per Section 10(10CC).
Niveta Rajkumar
CA Inter
★ 1K+
2
44
Chapter 2- Residence and scope of total income.
Direct Taxation
answered on 24-Jul-24 08:11
7. illustration 3 – Date of joining the ship and date of signing off , both the date to be excluded i.e. 6th June and 9th December to be excluded while computing number of days. So, we have to start counting dates from 7th and count upto 8th December. But in solving the problem both days are included. Please verify and clarify whether I am correct or not.
latest answer
For counting total number of days spent on ship both the signing in and off is included And to find out total number of days stayed in india , we will deduct above number from 365 days
NAGARAJA B.R.
CA Inter
★ 2K+
1
38
Capital asset
Direct Taxation
answered 1 day ago
In capital asset doesn't include personal effect For example Mr ramesh is a common person in his future he is a big celebrity He want to sell his car more than fare market value in this situation it considered as capital asset
latest answer
No it is not. Even though he is celebrity it is still personal effect.
siddesh N
CA Inter
★ 3K+
1
34
Professional income
Direct Taxation
answered 1 day ago
If a cricketer is receiving professional income and also not maintaining any books of accounts or expense/income tracker..under what head he is taxable ? IFOS OR PGBP
latest answer
There is penalty for non maintenance of books of accounts upto 25,000
GOKULA LAKSHMI
CA Final
★ 20K+
3
56
Letting out
Direct Taxation
answered on 22-Jul-24 19:45
If Rent from letting out of plant and machinery is in the ordinary course of business, then in which head of income does this taxed?
latest answer
If it is in the course of business then it is taxed under PGBP.
Ajaykumar Parit
CA Inter
★ 140
1
32
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