Team Legistify | Legistify

Team Legistify
Answered on 31 Mar 2020

You need to talk to a tax consultant in India for your requirement, who will assess your taxes and implement the necessary deductions for filing of your ITR.Read More

Posted on 16 Feb 2020 | 1 Answer

Aayushi Sang | Legistify

Aayushi Sang
Answered on 27 Feb 2020

According to the Australian Taxation Office, a capital gain is the difference between what it costs a person to acquire an asset and what they received when they sold it. Australians need to declare their capital gain when lodging a tax return and it could increase the tax you need to pay at the end of the financial year. The Australian Taxation Office said people must declare on their tax returns the value of any prizes won through a draw run by a building society, credit union, bank or other investment body.Read More

Posted on 18 Feb 2020 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 17 Feb 2020

Section 147 states that if (a) the Income-tax Officer has reason to believe that by reason of the omission or failure on the part of an assessee to make a return under section 139 for any assessment year to the Income-tax Officer or to disclose fully and truly all material facts necessary for his assessment for that year, income chargeable to tax has escaped assessment for that year, or (b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the part of the assessee, the Income-tax Officer has in consequence of information in his possession reason to believe that income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153 assess or re-assess such income or recompute the loss or the depreciation allowance, as the case may be, for the assessment year concerned. So, a notice is not compulsory in such a situation.Read More

Posted on 04 Jan 2020 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

No, As your child is the income earner it won’t be considered as your Income and is not taxable under Income Tax Read More

Posted on 18 Feb 2017 | 2 Answers

Arshi Noor | Legistify

Arshi Noor
Answered on 30 Jan 2020

In The Goa Panchayat Raj Act, 1994, the Gram Sabah has the following functions: (1) The Sarpanch shall place before the Gram Sabha for its approval the following matters:- (a) the annual statement of accounts; (b) annual administration report; (c) budget estimates; (d) the development and other programmes of the work proposed for the current financial year; 10 Sections (5) and (6) substituted by the Amendment Act 8 of 1999. Manual of Goa Laws (Vol. III) –519– Panchayat Raj Act & Rules (e) the last audit report and the replies made thereto; (f) proposal for fresh taxation or enhanced taxation; (g) proposal for organising community service, voluntary labour or mobilization of the local people for any specific work included in any programme; (h) identification of the beneficiaries under various programmes of the Government; (i) determination of the priorities of the work to be undertaken by the Panchayat; (j) utilisation certificate in respect of the developmental works undertaken by the Panchayat from the grants-in-aid or Panchayat funds. (  Read More

Posted on 29 Jan 2020 | 1 Answer

Aayushi Sang | Legistify

Aayushi Sang
Answered on 17 Jan 2020

If you receive money from winning the lottery, Online/TV game shows etc., it will be taxable under the head Income from other sources. The income will be taxable at the flat rate of 30% which after adding cess will amount to 31.2%. Incomes from following sources come under this category: Lottery Game Show or any entertainment program on television or electronic mode Crossword Puzzle Gambling or betting Races including Horse races. TDS Applicability: If the Prize money exceeds Rs 10,000, then the winner will receive the prize money after the deduction of TDS @31.2% u/s 194B.It does not matter whether the income of the winner is taxable or not. The prize distributor is liable to deduct tax at the time of payment. In the case of winnings from horse races, TDS will be applicable if the amount exceeds Rs 10,000. No Deduction/Expenditure is allowed from such Income No deduction under section 80C or 80D or any other deduction/allowance is allowed from such income. The Benefit of basic exemption limit and income tax slab rate is also not applicable to this income. The entire amount received will be taxable at a flat rate of 31.20%.Read More

Posted on 16 Jan 2020 | 2 Answers

Team Legistify | Legistify

Team Legistify
Answered on 20 Jan 2020

Consult a good tax lawyer in India to understand the tax liability on Google Adsense earnings. If you cross the income tax slab, you will be liable to pay tax on such income.Read More

Posted on 28 Aug 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 26 Oct 2019

Ask your friend to raise an invoice for the work done and claim this expense for tax purposes. It is better to consult a chartered accountant to know the right way to set this off.Read More

Posted on 30 Aug 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 27 Sep 2019

TDS @ 1% is to be deducted on all Property Transactions which are above Rs. 50 Lakhs. This TDS is to be deducted on all types of Property Transactions irrespective of whether the property in consideration is a flat or a building or a vacant plot. TDS is to be deducted irrespective of whether it is a Residential Property or Commercial or Industrial Property. TDS is to be deducted on all types of property transactions except Agricultural Land.Read More

Posted on 24 Sep 2019 | 1 Answer

Karishma Pandit | Legistify

Karishma Pandit
Answered on 07 Aug 2019

Indians can play and win international lotteries online. Indians cannot visit the foreign country, buy a lottery ticket with their foreign currency. This method is illegal under the FEMA law. If you participate in an international lottery online and win in India, you need to pay 30% income tax on the winnings plus cess. For more information, you can consult a good FEMA lawyer in India.Read More

Posted on 05 Aug 2019 | 1 Answer