Will it be a problem if a friend deposits 30 lakhs in my savings bank account and I don't have a source of income to show?
Here are the list of things will happen :The deposit will be in the server of Income Tax Department , courtesy provision of Annual Information Report mandatory for banks to submit every year and report among other things aggregate cash deposits in excess of Rs 10 Lakhs in a savings account.Once it is there , there is almost 99% chance that your tax return will be selected for scrutiny , and if you do not file any tax return , you will get notice for filing one from assessing officer even if you have no apparent income Income if not loan : The reason for asking you a tax return is that under section 56(2) , the cash deposit in your account shall be treated as income , if you do not claim that it is a loan. For enquiry into this , the A.O may reopen your case.If loan, you are more in problem. Why ? Because there is section 269SS of the Income Tax Act that says that no one can receive loan or deposit in excess of Rs 20,000 in a year, if you receive by contravening the sec. 269SS , a penalty of 100 % ( in your case 30 lakhs) will be imposed . Read the section below : 269SS. No person shall take or accept from any other person (herein referred to as the depositor), any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, if,—(a) the amount of such loan or deposit or specified sum or the aggregate amount of such loan, deposit and specified sum; or(b) on the date of taking or accepting such loan or deposit or specified sum, any loan or deposit or specified sum taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid; or(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b),is twenty thousand rupees or more:What happens to your friend ?Tax department may also open his case and try to find out the source of CASH he deposited in your account.He will have botheration on his own for the cash deposit.I hope you understood that it is better to get either loan or gift through account payee cheque or draft or only methods. It helps all the people and govt. too !
Selling Avon to friends out of state?
If you have your own website then anyone in any state can order directly from you so that you get the credit for it. There are always coupon codes you can offer your customers free shipping. When you join Avon it is your business so you do what you choose to do with it as you please. Personally for me it has been worth while. I am able to make $250 every 2 weeks in addition to my full time income. Not sure if you are aware but now you can sign up to become a representative online plus it is only $10 to get started and you could sign up now online. Plus, with all the support that is available out there you should be able to make a great income. If you do happen to be interested and are ready to get started just go to my website and click my name so that I could email you online application website information. Hope that helped answer your question!
Is there a way of avoiding sales tax on a diamond purchase?
The location of delivery of the goods (in this case your diamond) determines the requirement of state sales tax. According to a quick internet search these states have no sales tax: Alaska Oregon Montana Delaware New Hampshire Items purchased in those states as well as items shipped to those states are sold without sales tax added. I know of someone who purchased VERY expensive diamond earrings. She lived and purchased the earrings in Washington State. In order to avoid the almost 9% sales tax she had the jewelry shipped to someone she knew in the state of Oregon. They, in turn, shipped them to her. There was no sales tax paid. You might feel uneasy about shipping such an expensive item but rest assured that the jewelry store receives diamonds this way all the time and properly shipped they are insured and accounted for every step of the shipping process. If you have a trusted friend or relative in a tax free state you can pay for the item at your jeweler and have it shipped to that other state. The only other thing I can think of is to ask the jeweler for a discount in the amount of the tax. In this economy I am pretty certain that large diamonds aren't flying off the shelf. They might want to make a sale. Good luck! Kudos for being smart about the purchase.
Can I return something at babies r us with OUR receith that SOMEONE else bought? please read detail?
if its the same item i dunno how they would know the difference.... If its a different model or brand, then they may have a problem with that!
Magic The Gathering Cards For Sale?
Hmm... Wanna' give me a list? I might be interesting in taking some off your hands. -Tim
Is it right for me to submit fake rental receipts at my office, to avoid tax? Does the Indian state/central govt ever track these fake receipts?
Using the word “fake” receipts will create a negative impression among the readers who are willing to answer you. But i understand your situation. While business men make fake bills or inflate their expenses to reduce their profits and hence pay less tax, a salaried individual has limited scope of tax savings. Major chunk of tax could only be saved using HRA.Now answer to your question. Using fake receipts is not a good idea. In fact its a terrible idea. Here is what you can do. Make a registered agreement with the owner of the house (i.e your father, mother). Transfer monthly rent into their account (you can let them keep it as maintenance or ask them to withdraw cash and give it back to you). And then claim HRA. Now you may be thinking can i claim HRA for the rent paid to my own father? Yes you can, as long as the house belongs to your father. Please google and refer the case: “Bajrang Prasad Ramdharani vs ACIT” if you wish to gain more insight (the landlord in this case is wife of tenant, HRA deduction was earlier denied but later granted by the highcourt)Keep few things in mind though:How much tax you will save using HRA deduction?What will be the stamp duty and other documentation charges for registering rent agreement?Since you pay rent to your father, it will be an income from house property for your father. Does your father falls in tax bracket. If so how much tax will he be obligated to pay?Is the sum of answer 2 & 3 less than 1? If yes (by big margin) then for it. If No then go for honesty is the best policy.To completely nullify the risk, instead of making rent agreement with father, you can create rent agreement with any of your friends or relatives who owns a house and is staying at the same city. (If they don’t have any other income and if they are willing)Above thing is legal, but unethical. you know like slavery use to be legal, but unethical. Only opt for the methodology if your financial base is shaken. If you are doing well in life then stick to honesty. Because tax savings could be valued in monetary terms. But peaceful sleep at night is priceless.Hey one more thing. I stay in suburbs of Mumbai. Government just made additional road near our area which made commuting very easy for us. And money for that construction came from taxes you paid. So thanks a lot for that. I hope you understand why i am saying this. :)
How do I buy Bitcoin for someone else so I never own it?
Buy the bitcoin in person, with cash, from an individual or business that sells bitcoin over-the-counter.Buy the bitcoin from a Bitcoin ATM.Let me explain but for the purposes of simplifying my explanation let's assume you're buying the bitcoin from an individual with cash:All the Bitcoin Exchanges I have used before (so I'm guessing all or most are like this) will first verify your identity and will then provide a Bitcoin Wallet that you can use for the transaction (whether you are buying or selling) and at at least one point during the transaction, the bitcoin will have to pass by that Bitcoin Wallet so you will have owned those bitcoin (at one point). To put this another way, Bitcoin Exchanges either escrow the bitcoin being traded or they escrow both the bitcoin and the fiat money.To buy bitcoin for your friend so that you never have to own the bitcoin, you should first ask for your friends Bitcoin Address and then you should buy the bitcoin, not from a Bitcoin Exchange (or middleman), but buy them directly from an individual who is selling them and when the seller asks for your Bitcoin Address, show them your friends Bitcoin Address (or the QR code) and the bitcoin goes to a wallet that is owned by your friend without you having to own the bitcoin at any point.Now you have two questions:Can I verify that the bitcoin were actually sent?Where can I find an individual who will sell me bitcoin for cash?Verifying that the bitcoin were actually sentBy entering your friends Bitcoin Address on Blockchain.info and hitting search, you will be able to see the transaction that was made come in. And if you really want to be sure you can wait until the transaction gets one or more confirmations.Where you can find find individuals who will sell you bitcoin for cashThe first place that comes to mind is a Bitcoin Meetup.
DO you think its wrong to buy things at the goodwill and then sell on ebay, or your own personal store?
No, it's helpful. Goodwill Industries employs people to work on, repair, clean, sort, and sell those items. The more items they sell the more they can employ people. The money Goodwill gets for the items is only part of the equation. If you go to a Goodwill collection center (Salvation Army, too) you will see they have plenty of stuff to sell--too much in fact. They need the shelf space for all the stuff! So go ahead and buy, then resell. If you are feeling that you are making a lot of profit off of them just contribute a portion of the profits to Goodwill.
I bought something with my employee discount, had friend return for full price (only getting store credit) i live in florida was only $70?
Well, "Emily," you bought something with an employee discount and colluded with a friend to return it for full price. That's called "theft by deception." You and your "friend" are both guilty. They cannot find a receipt in the system for $70 because you paid $50. Keep in mind that most sales to employees using an authorized employee discount are coded in the system to indicate an employee sale and often, the employee's employee ID number. They probably DID find the $50 sale and know that it was returned for store credit of $70. They accused you of theft and they are correct. So, what do you do now? I'd suggest that you come clean and offer to resign in lieu of prosecution as well as forfeit the store credit. And agree to never return to that store.
How does Goodwill Claiming Tax Deductions work?
Not very much what would the items sell for at a rummage or yard sale? You could go browse through a few of the good will stores and see what prices they start at with an item like you are donating and then find out what they will let you have a bag full of the same items for at what price would you end up paying for them as a starting point for your answer to your question above. To deduct a charitable contribution, you must file Form 1040 and itemize deductions on Schedule A. Clothing and household items must generally be in good used condition or better to be deductible. Special rules apply to vehicle donations. Fair market value is generally the price at which property would change hands between a willing buyer and a willing seller, neither having to buy or sell, and both having reasonable knowledge of all the relevant facts. Have a written communication from the organization containing the name of the organization, the date of the contribution and amount of the contribution To claim a deduction for contributions of cash or property equaling $250 or more you must have a bank record, payroll deduction records or a written acknowledgment from the qualified organization showing the amount of the cash and a description of any property contributed, and whether the organization provided any goods or services in exchange for the gift. One document may satisfy both the written communication requirement for monetary gifts and the written acknowledgement requirement for all contributions of $250 or more. If your total deduction for all noncash contributions for the year is over $500, you must complete and attach IRS Form 8283, Noncash Charitable Contributions, to your return. For more information on charitable contributions, refer to Form 8283 and its instructions, as well as Publication 526, Charitable Contributions. For information on determining value, refer to Publication 561, Determining the Value of Donated Property. These forms and publications are available at http://www.irs.gov by using the search box for each one or by calling 800-TAX-FORM (800-829-3676). Hope that you find the above enclosed information useful