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Income tax: Account audit necessary if business turnover exceeds Rs 1 crore in a fiscal
May, 26th 2015

I am a small retailer dealing in foodgrain items. I started this business last year and my turnover was around R20 lakh. This year, I expect a turnover of R80 lakh. When should I get my book of accounts audited by a chartered accountant.

As per Section 44AB of the Income Tax Act 1961, any person carrying on business is required to get his book of accounts audited if total sales, turnover or gross receipt in business for a financial year exceeds R1 crore. Therefore, you are required to get your books audited under Section 44AB by a chartered accountant if the turnover exceeds R1 crore in 2015-16.

I have opened a jewellery showroom, selling imitation jewellery and other gold and silver jewellery. A friend told me I will be liable to pay wealth tax on the stock of jewellery held by me. Do I need to pay wealth tax on the stock held by me?

As per Section 2(ea)(iii) of the Wealth Tax Act, if a person holds jewellery as stock-in-trade, such assets are not treated as ‘assets’ for calculation of net wealth under the Wealth Tax Act. As such, you would not be liable to pay wealth tax on the stock of jewellery of your business.

I recently shifted to a new business premise and entered in to an agreement for payment of a monthly rent of R20,000 and a non-refundable deposit of R1 lakh. I am deducting TDS on the rent payable to the landlord. Kindly advise me whether I have to deduct TDS on non-refundable deposit too.

In case where the tenant pays a non-refundable deposit to the landlord, the tenant has to deduct tax at source on such non-refundable deposits. Such deposit represents the consideration for the use of the land or the building and, therefore, partakes the nature of rent as defined under Section 194-I of the Act. Accordingly, you are required to deduct tax at the source on the non-refundable deposit at the prescribed rates.

I am a fresh graduate working with a private limited company. I want to start investing in PPF. What are the tax benefits available on investing in a PPF scheme?

The amount deposited qualifies for deduction under Section 80C up to a limit of R150,000. The interest accrued is exempt from income-tax and the balance lying in the PPF account is exempt from wealth tax. There is no tax liability on withdrawal from the account, which is generally after 15 years.
I have opened bank FDs in the name of my 16-year-old son. I have opened a savings account in his name, where the interests on these deposits are regularly credited. Will the same be taxable in his hands?

As per Section 64(1A), any income arising to a minor child is included in the income of that parent whose income (excluding the child’s income) is higher. However, an exemption up to R1,500, per child is allowed to the parent under Section 10(32) and balance income, if any, will be clubbed in the hands of the parent. The minor child is not required to file the returns of income, since the same will be declared by the parent.

I have a plot of land near Pune that I have been holding for more than 10 years. If I sell this plot and buy a property outside India, what are the tax and regulatory issues?

The limit on investing in property outside India by a resident is $125,000 per financial year per person according to the Liberalised Remittance Scheme (LRS). Under the Income Tax Act, the benefits on reinvesting in property outside India is no longer available due to an amendment in Section 54F by the Finance (No.2) Act, 2014, restricting investment outside India.

As such, though you are permitted to invest outside India, up to $125,000 per annum, you are not eligible for the reinvestment benefits under Section 54F. The capital gains shall be taxable as long-term capital gains at 20% (plus applicable surcharge and cess). Also, in case of resident Indians, the details of foreign assets are required to be disclosed in the Income tax returns in India.

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