FILING INCOME TAX RETURN FOR THE F.Y. 2010-2011

FILING INCOME TAX RETURN FOR THE F.Y. 2010-2011

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INCOME TAX RETURN

Query 1]

I remember to have read that an individual can get exemption of 1 Lacs
under section 80C by investing in the PPF. Rs.70000/- in own name & Rs. 30,000/- in relatives of six categories, as stated in Tax Talk dated 04.04.2011expressed by you. Of course, the relative concerned cannot claim the exemption nor mention in his returns. I shall be obliged for getting the opinion on this early in view of the time for submitting the returns early. [shivdev_gupta@hotmail.com]

Opinion:

  1. Deduction u/s 80C is available for deposit in the PPF A/c of the spouse or children of the Individual.
  2. In Tax Talk dated 04.04.2011, it was mentioned that the Gift from “Relatives” is not taxable U/s 56(2) (vii). The seven categories of the persons mentioned therein are with reference to the “Relatives” for the purpose of Gift only. Deposit in the PPF A/c of those persons may not enable you to claim deduction u/s 80C.

Query 2]

I am a salaried employee. I would like to donate some amount in the marriage of my late sister’s daughter. Can I get tax exemption on donated amount? If so, kindly inform me the exemption limit and mode/process of donation. [snmishra.fzd1972@gmail.com]

Opinion:

You can surely get the blessing & satisfaction from the noble task even though no tax exemption is available on the gift / donation by you to your late sister’s daughter.

Query 3]

I am unable to find online form for income tax return filing on www.incometaxindia.gov.in for the Financial Year 2010-11. When the online form will be available? [s_c_swami@yahoo.com]

Opinion:

It’s very pleasant to see the initiatives & efforts that our readers are taking in timely complying with the Income Tax Law. There is penalty if assessee makes delay in submission or in filing/complying with the Law. There is no such penalty for the other side. The return form has not yet been notified for the Financial Year 2010-11. The Income Tax Return can be filed only after it is notified for the F.Y. 2010-11.

Query 4]

Please guide on the following points give below:-

  1. Can TDS apply to first year of proprietorship?

  2. From where the first year should be considered? i.e., from commencing business or from the date of starting the firm? [ravic799@gmail.com]

Opinion:

  1. TDS is not at all applicable to the Individual if he/she is starting an altogether new business. As far as the TDS provision are concerned, for individual assessee, the date of business commencement / date of starting the firm are immaterial.
  2. An individual would be required to comply with the TDS provision if his turnover in the immediately preceding financial year exceeds the limit prescribed for tax audit (i.e., Rs. 15 Lacs for professional & Rs. 60 Lacs for non-professional). For example, if Mr. X, a businessmen, turnover during the F.Y. 2010-11 has crossed Rs. 60 Lacs, then he would be required to comply with the TDS Provision in the F.Y. 2012-13 (& not for the F.Y. 2010-11).

INCOME TAX RETURN


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