r/AskIndiaTax

Reaching out to those who have filled this form. I need these clarifications -

1. Total Stamp duty value of property should have what ? CA is telling there is a market value which should go there.
2. Same like Total Sale consideration should have what? The amount on which agreement is done ?
3. Wife is co-owner for 50% so, she needs diff Form 141 to be filled ?

Context:
Op and wife are buying a property worth INR 1.85 cr in Gurgaon.
Current owners are husband-wife.
Which means there are 2 owners and 2 buyers involved.

Form 141 question:
- we paid token amount worth INR 20lakh on 9th April
- we will do registry on 14th may
- remaining 1.65 cr INR is being undertaken by taking home loan from sbi + some nominal amount from pocket

Question:
- how to raise form 141?
- we have already done form 141 filing and challan generation for both wife and I worth INR 10000 each for April

For Registry, do we need to do TDS before registry?
Bank is asking for TDS challans, but how do we complete this before registry?

Hello,

I am a mangement consultant doing freelance work for clients in UAE and Saudi.

I am planning to relocate to India and optimize my taxes using one of 44AD or 44ADA. I am trying to get advice on 3 points:

1. 44AD: I read the below mentioned case laws where the court upheld that management consultants do not fall under notified professions of 44AA, therefore can use 44AD. This seems like a huge loophole - is this really true, doable, and advisable? It seems like a huge loophole

Case laws referred:

ITA No. 1570/Mum/2023
ITA No.1683/Bang/2019
I.T.A No.782/Mum/2021

2. I receive payments in a USD bank account with a UAE bank. Can I avail these benefits still if I file as sole prop with a UAE bank account? Or do i need to setup a USD account with an Indian bank and then use that to carry out my business?

3. Are there any additional compliances to be done because ~100% of my payments will be from Int'l clients.

Thank you very much

Someone I know incorrectly reported tds amount under on demand instead of normal deduction of TDS. Is there any way to get the refund or file for correction?

Please help!