CA. Naresh Jakhotia

TAX TALK-02.10..2017-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant P roposed amendment requiring taxpayer to file estimated current income in Form No. 28AA is in straight contravention to the concept of “Ease of doing business” for which the present Government is committed. It is not going to yield any additional revenue but will surely kill the time & energy of the businesses on the unproductive work & is a pure wastage of talented human resources. An additional compliance of submitting estimated current Income & Advance tax payment   Query 1] We have read in the newspaper about filing of estimate of income tax return before 30 th September? Ours is a private limited company and so whether it is compulsory to file any such estimate? Is it applicable from FY 2017-18 or 2018-19? If yes, why is so much additional compliance burden if the advance tax payment law is already there and taxpayers are complying with it? We...

TAX TALK-02.10..2017-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant The change in the base year from 1981 to 2001 is for all classes of assets be it real estate, unlisted shares, gold and bond funds).  As a result of this amendment, the cost of all the assets acquired prior to 01.04.2001 would be replaced by the fair market value of the assets as on 01.04.2001. Change in the base year from 1981 to 2001 is for all classes of assets Query 1] I am senior citizen. My present means of livelihood is my pension and bank FD interest. It amounts to around rupees six and half lakh. In the present FY, the tax for income till five lakhs is 5% and above that is 20%. Most of my income falls into the 5% tax bracket the bank however cuts TDS at 10%. I will get refund no doubt but why should people like me or others who earn five lakhs a year suffer an excess tax deduction and loss of monthly income till the month of refund. Please advice whom t...

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TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Amendment so as to not allow the deduction towards interest/remuneration to partners from 8% (or 6%) of turnover would defeat the very purpose of providing ease of business option to small firms. It is sure to hamper & carry adverse tax impact for the firms having small turnover/receipts. Smaller size firms would be left with no other options but to get its books of accounts audited if its income is less than 8% (or 6%) of the turnover. Even small size firm are to get its accounts audited if income offered for taxation is less than 8% Query 1] We have 2 small Partnership Firms, one doing trading and other doing profession. Turnover in both the firms is far less than audit limit. Whether for A.Y. 2017-18 audits of all partnerships having even small turnover is compulsory? [Shreyas V. Moghe- shreyasmoghe45@gmail.com ] Opinion : There are numerous instances where an attempt to simplify the tax laws ...

TAX TALK-11.10.2017-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant The tax treatment for the short-term and long-term capital gain on mutual fund is same for Residents and Non Resident Indians (NRIs). NRI & taxation of mutual fund investments Query 1] My daughter purchased shares of Persistent Systems Ltd in 2009. She became NRI since FY 2011-12. The shares continue to be held in same Dmat a/c till date. She now wishes to gift her shares to her mother/father out of natural love. What are the tax implications/other complications, if any? She had invested in lump-sum in few mutual funds while serving in India and also in SIP. If she sells them now, what are the implications? She has no other income in India.(SIP were continued for 2/3 years but installments were paid by mother/father). Please guide. [ Arvind Deshpande- arvisneha2000@gmail.com ] Opinion : 1.       Gift of shares by your daughter to her m...