Advocate Devesh Kumar

Questions Answered by Advocate Devesh Kumar

Q: Why have I received a Income Tax Notice ?

My father deposited more then 10 lakh in my saving bank account in 2015 nd now i have IT notice for the same..what to do now?

Advocate Devesh Kumar answered
As per IT act and CG rules if in any financial year any person recevied 10 lakh rupess or more in his account in cash then bank is under obligation to disclose the details of such person to IT Dept and on basis of that IT department send showcause notice to accountholder. Same as if any person purchase property and paid 30 lakh or more in cash then registrar under obligation to disclose the details of such person to IT Dept.

Q: How much money can deposit in saving bank account

I want to deposit 1500000 in my savings account. For this, how much tax should I pay to the Indian government for one month? If I deposit these too, then I may have to face any problem while my pen card is also there.

Advocate Devesh Kumar answered
Depositing or withdrawl is not criteria. If you properly paid taxes on such amount then there is no bar regarding depositing a money in bank account. But as per incometax act bank are obliged to provide the details of those account holder who deposit equal to more than 10 lack rupees in a financial year in cash transaction

Q: Can buying a new car through cash be a problem

i have a small shop, i want to buy a car worth 4.4 lacs, will it be any problem if i buy it in cash

Advocate Devesh Kumar answered
Nothing is problem in that if you have explanation in case if taxation departement raise any query how you arrange such amount then no need to worry about. 4.4 lack is very small amount any one can arrange these from the saving of last 2 to 3 years of receipts.

Q: Procedure and significance of TIN number

Hello, I am planning to open a new Start-up and for that I would need to have TIN. I'd request you to please guide me with the procedure to have a TIN without any broker and what all documents are required for the TIN. I'd have a Sole Proprietorship. Thanks,

Advocate Devesh Kumar answered
TIN Tax Information Network is an initiative by income tax department for collection, processing, monitoring and accounting of direct taxes using information technology. it is unique eleven digit registration number that is used for identification of dealers registered under vat. procedure and documents required for TINyou can apply online or through any person deal in TIN documents requiredid proof/ address proof/ pan card of proprietor with six photographaddress proof of business premisessurety / security reference

Q: Procedure for registration of NPO for tax exemption

I would like to inquire about registration of non profit organisations with income tax department to claim tax exemptions. What is the procedure/steps followed & documents required for the same.

Advocate Devesh Kumar answered
For getting income tax benefit you must need to registered your NGO as per section 12A of Income Tax Act income of NGO is exempted if NGO has 12A registration. If NGO is registered as per section 12A then all income shall be tax free. This is one time registration. section 80G : NGO can avail income tax exemption by getting itself registered and comply with formalities of section 12A , but such registration does not provide any benefit to the persons making donation. so section 80G offer tax benefit to the donors of that NGO has obtained certification under section 80G of Income Tax Act. procedure for getting registration under section 12A and 80G of Income Tax benefit.1. Dully filled in application will be submitted to the exemption section of the income tax department2. NGO will receive notice for clarification from income tax department in 2-3 months after applying. 3. Reply will be submitted with all information and documents to the income tax department 4. Exemption certificate will be issued.