F.A.Q on Indian Income Tax Laws F.A.Q on Indian Income Tax Laws The blog is regarding Indian Income Tax Laws.The format is FAQ.Readers can also ask question Articles
Can You Claim STT As Cost of Share Purchase?
2007-10-14 21:51:00 We are a company doing investments in shares i.e. we buy shares, take delivery and sell after few/many months. Our Assessing Officer says that we should add the Securities Transaction Tax paid on... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Cost , Share , Purchase , Hase
How Can You Prevent TDS on Rental Receipts?
2007-10-13 19:44:00 I have rented out a property in Gurgaon and the lessee is asking me for a letter from the Income Tax Dept. stating that he does not need to deduct the tax at source. Is this correct? If so how and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Rental
Are You Liable to Tax Even If Your Total Income Is Below Exemption Limit?
2007-10-09 17:07:00 For the Assessment year 2005-06, I was a full-time PG student with zero income. I had won a prize of Rs 30K in a quiz competition on which a TDS of Rs 9180 was collected. After filing for TDS refund,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Income , Total , Belo
Is it compulsory to disclose exempted income in the income tax return?
2007-10-07 15:13:00 Is it compulsory to disclose exempted income in the Indian income tax return? Can NRI ignore the direction given in the tax return to declare exempted incomes such as his foreign income? As there is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Income , Return , Disclose , Puls , Income Tax
When Should You Get Tax Audit Done In Case Of Day Trading of Shares?
2007-10-07 08:34:00 I do only day trading. When am I required to get my accounts tax audited ? Renesh Jain The day trading is definitely speculative in nature. The delivery is never taken or given.Therefore, confusion... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Trading , Audit , Case , Shares , Day Trading
How Is Sale Of Foreign Listed ESOP Shares taxed ?
2007-10-02 14:20:00 I want to understand the tax implication on ESOPs. One of my friend's has got ESOPs of MNC listed in the US. He has sold the same & has made capital gains (long term) because of the same. What... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Sale , Foreign , Shares , Listed , Reign
Is There Any Tax Relief for Expense on Renal Failure Patient?
2007-10-01 13:19:00 My mother was hospitalised in July this year and she was diagnosed as a Chronic Renal Failure (both kidneys are destroyed). She is put on for dialysis twice a weak and this is supposed to be a life... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Relief , Patient , Lure
Send Money Abroad Up To USD 2,00,000 Now!
2007-09-29 16:55:00 News You Can Use The Reserve Bank Of India has further liberalised the forex rules and one of the relaxation affecting Individuals immediately will be raising of remittance limit under Liberalised... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Money , Send , Broad
What Happens If Possession of Flats Gets Delayed Beyond 3 Years?
2007-09-27 04:41:00 What is the income tax rule if my apartment possession gets delayed by more than 3 years (from the date I take the loan)? Nitin Section 24 of the I T Act is for deduction of interest from house... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Possession , Flats , Years , Flat
How to Compute Tax In Case You Have Agricultural Income?
2007-09-26 20:34:00 While clubbing the agricultural income with non-agricultural income for tax purpose , whether non- agricultural income to be taken at gross income or net taxable income after deduction u/s. 80C... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Income , Case , Agricultural , Agri , Ural
When Can Your Return Be Declared Defective?
2007-09-21 05:06:00 I have filed the return for the AY 2006-07 computing tax as per the provisions of 44AD as the gross receipts was less than 40 Lakhs. I have declared 8% income on the gross receipts as required by the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Return , Clar
What Is the Meaning of Dependant for Claim of deduction u/s 80DD?
2007-09-17 19:01:00 I have a handicapped dependent who is my cousin ( son of my mother’s sister). He is completely dependent on me and every month I spend Rs 5000. He is suffering from 95 % Blindness and mental problem.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Meaning , Epen
What Are The Tax Benefits Available To Senior Citizens?
2007-09-12 03:57:00 What are the deductions admissible to a Senior Citizen ? K G MenonThere are not many Exclusive deductions available to senior citizen . A person becomes senior citizen under Income Tax Act in any year... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Benefits , Available
Why Should You Not Forget To Deduct Tax At Source?
2007-09-09 18:00:00 Now , even individuals or HUF have been made responsible for deducting tax at source if their sales turnover exceeds Rs 40 lakhs or gross receipts from profession exceeds Rs 10 lacs. Not deducting... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Source
Is Insurance Premium Exceeding 20 % Injurious To Wealth ?
2007-09-06 20:08:00 Life Insurance and Unit Linked Insurance Plans are very popular as a tool to get deduction u/s 80C of the I T Act.There is two common perception regarding these two types of investments The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Wealth , Premium , Remi
Is FBT Applicable on Charitable Trusts?
2007-09-05 04:48:00 Whether FBT is applicable to Char itable Trusts ? Kishan Lal Agarwal Section 115W(a)(iii) of the I T Act specifically exempts funds ,trusts or institution eligible for exemption u/s 10(23C) or... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Harita , Hari
eTDS Is Mandatory For Most Persons Now!
2007-09-05 04:39:00 Till now, only eTDS was mandatory for Government or Company deductor . However, now the CBDT has amended the Rule 31A, & 31AA vide Notification No. 238/2007 [ S.O. 1484(E) ] dated 30th August, 2007... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Tory
Which Bank Accounts Can be Operated By An NRI ?
2007-09-04 08:19:00 Indian banking system allows three types of accounts for person residents outside India specially created for non resident Indians. NRIs . The bank accounts that can be operated are : Foreign... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Bank , Rate
How To Get Relief From Double Taxation ?
2007-09-02 04:19:00 In case , one earns income which suffers tax outside India, the Income Tax Act has clear provision of relief from such double taxation. The relevant provision are contained in section 90 and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Double , Taxation , Relief
Can You Claim Deduction On home loans for Two or More Houses?
2007-08-31 16:02:00 1. I have borrowed Housing Loan of Rs. 700000/- for my house where I am staying, EMI is Rs. 12000/-. Principal Amount is app. Rs. 5000/- pm, Interest portion is app. Rs. 7000/- pm 2. Now I want to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Home Loans , Loans , Houses , Home , Home Loan
Can The User of Service Be Liable to Pay Service Tax?
2007-08-31 03:26:00 can user of service be liable to pay service tax any way, if service provider has not charge service tax in their bill.Also tell me relevant section in the act. RAMAKANT KHANDELWAL The concept of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Service , User , Ice T
Can You Claim HRA Exemption As Well As Interest & 80C Deduction?
2007-08-29 15:42:00 Whether HRA exemption and housing loan rebate can be claimed together. Prashant P.Damani Yes, both can be claimed , but in some special circumstances. For claiming HRA exemption under the I T Act,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Interest , Well , Eres
What Is The Difference Between 194C & 194I ?
2007-08-29 15:32:00 What is the TDS rate applicable for Car hire? We have an arrangement with a car rental company for the car hire, they are exempt from TDS, but last financial year they mistakenly omitted our name... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Difference , The D , Ween , Diff
Is Consultant For Software Testing Service Provider Taxable Under Service T
2007-08-28 17:08:00 I am working as a Domain consultant for Software testing service provider. I raise a monthly Invoice for fees & I state " Fees towards services rendered as Domain Consultant for Software testing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Service , Testing , Provider
What Is The Difference Between A Member & A Coparcener of An HUF?
2007-08-21 18:40:00 I was a member of HUF of which my father was Karta. My mother & myself were co-parceners. Recently, we have made partition & new HUF is formed of which I am Karta. My wife, Priyanvada, & my son,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Difference , The D , Ween , Diff
What Is The Correct TDS Rate For Composite Rent?
2007-08-20 17:21:00 We are providing service for lease of property & repair & maintenance services to our client. But the repair & maintenance services provided by third party who is our contractor. The TDS Deducted... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Composite , Rent , Posi , Rate , Rect
What Are Powers Of A.O u/s 142(1) & 143(2)?
2007-08-20 06:34:00 I have the following queries? 1. Is there a time limit for issuing notice u/s 142 (1) ? 2. Can a notice u/s 142(1) be issued after a notice under 143(2) has been issued? If, yes what is the rational... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Powers , S 14
Is Capital Gains Earned Out Side India Taxable in India?
2007-08-15 20:01:00 One of my relatives has returned to India about 6 years back after residing in USA for about 15 years. His Indian Income comprises of Interest on Bank Deposits and on which he is paying Indian... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Side , Capital , Capital Gains , Capital Gain
What Should You Do On Receipt Of Reassessment Notice?
2007-08-15 06:13:00 Can assessing officer issue notice u/s 148 on the basis of report of investigation wing. Is reassessment u/s 147 valid despite the fact he has given the reasons of opening case that investigation... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Notice
Risk Is Life!
More articles from this author:2007-08-10 13:52:00 Just Read It! Recently somewhere I read this very inspiring poem by Janet Rand on the virtue of taking risks in one’s life To laugh is to risk appearing fool. To weep is to risk appearing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] More About: Life , Risk 1, 2, 3, 4, 5, 6, 7 |
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