The Tax Talk

Income from Business or Other Source of Fund is generated from business & sourced to FDRs

September 5, 2019 0 Comments

Income from Business or Other Source of Fund is generated from business & sourced to FDRs Short Overview: Although funds generated from business were sourced to FDRs kept in bank interest income earned from FDRs could not be considered as business ...

Other Source Of Income

Black money received on sale of rural agricultural land is taxable as “Income from Other Source”

May 9, 2019 0 Comments

Black money received on sale of rural agricultural land is taxable as "Income from Other Source" Facts & observation in the case: Nature of receipt of income over and above the registered sale consideration in the hands of seller would not ...

Other Source Of Income, TDS

Zero Coupon Bonds (ZCB) & its taxation in the hands of investor & issuer Company along with TDS provision

May 4, 2019 0 Comments

Zero Coupon Bonds (ZCB) & its taxation in the hands of investor & issuer Company along with TDS provision - CA Naresh Jakhotia - Zero Coupon Bonds are the financial instruments in which no interest as such is payable. That’s why it is ...

Other Source Of Income, TDS

Taxation of Dividend Income – Recipient & Payer

May 4, 2019 0 Comments

Taxation of Dividend Income – Recipient & Payer - CA Naresh Jakhotia Dividend income has always subject to change from time to time. Long back, it was eligible for deduction u/s 80L and after that it was granted complete exemption under section ...

Other Source Of Income

Tax on Winning from Games, Shows, Lottery & Gambling

October 15, 2018 0 Comments

Money won is twice as sweet as money earned. TV Channels, Newspaper, Malls, online marketing, Petrol Pumps, everywhere there are offers to win prizes. Offers vary from cash to gold to mobile to car to even house etc. KBC, Indian ...

Article, Assessment, Income Tax, Latest Update, Notification, Other Source Of Income, other topic, Tax Planning

What if you forget to verify your Income Tax Return?

March 19, 2018 0 Comments

What if you forget to verify your Income Tax Return? Have you filed your ITR and forget to verify it? Not a big issue, “it’s never too late”. You still have a time to get it verified and complete your ...

Article, Business/Profession, Other Source Of Income, Tax Planning

Promoting Digital Economy vide changes made by Finance Act 2017 to the Income Tax Act

December 29, 2017 0 Comments

Promoting Digital Economy vide changes made by Finance Act 2017 to the Income Tax Act Some of the major changes made in the Income Tax Act vide Finance Act, 2017 were towards promoting digital economy, providing a cash less economy, ...

Article, Assessment, Business/Profession, Other Source Of Income, Tax Planning

Non filers may take the benefit of Income Disclosure Scheme-2016

April 25, 2016 0 Comments

Income Disclosure Query 1] If a person has not made any investments in LIC or in PPF, so can he claim bogus deduction under sec 80C? If a person has not filled ITR in previous years though he was liable ...

Assessment, Income Tax, Other Source Of Income, Tax Planning

Scholarship received to meet the cost of education is tax free

April 18, 2016 0 Comments

section 80E Query 1] In my college, we are recruiting persons to work as junior research fellow and senior research fellows under various research and development projects sponsored by DRDO, DST-SERB, MOIL etc. which is approximately Rs. 25,000+20% HRA. Whether ...

Article, Other Source Of Income, Tax Planning

Tax deduction towards medical treatment & maintenance of a dependant with disability

March 28, 2016 0 Comments

Tax deduction Query 1] As per new medical policy, Bank Employees have option to choose dependent parents (any of them) as their own parent or father/mother-in-law for only medical claim/ reimbursement purpose w.e.f. 01.11.2015 and onwards. All employees have updated online ...

Article, Assessment, House propery, Other Source Of Income, Tax Planning

Profit arising from sale of property & Tax saving options

March 21, 2016 0 Comments

Tax saving Query 1] I request you to kindly suggest me on the following issue. I have sold residential cum commercial plot at Bhopal for Rs. 1 Crore, which I had purchased for Rs. 28,000/- in the year 1994. Deal was ...

Article, Income Tax, Interesting Income Tax, Other Source Of Income, Tax Planning

Minor’s income is not subject to clubbing provision in the hands of the Grandfather or Grandmother

March 7, 2016 0 Comments

Query 1] With the permission of court, I am selling rural agricultural land in the name of our Minor’s income. He would be getting around Rs. 1.20 Cr from sale of the land, which we would be investing in the ...

House propery, Other Source Of Income

Ownership of land is not a pre-requisite for having agricultural income

February 1, 2016 0 Comments

Query 1] Sir, My uncle is an agriculturist. Due to his old age he is unable to cultivate land. He proposes me to do cultivation & I would be getting 50 % of the produce. He is filing his IT ...

Other Source Of Income, Tax Planning

Taxability in case of Joint Bank FDR

January 18, 2016 0 Comments

FDR Query 1] I have following 2 queries regarding income tax payable on interest accrued on Joint FDRs Whether independent members of Joint FDR Account Holders are liable for payment of Income Tax on the interest accrued on Joint FDR Accounts? Whether ...

Article, NRI Corner, Other Source Of Income, Tax Planning

TAX LIABILITY OF NRI ON SALE OF PROPERTY IN INDIA

February 2, 2015 0 Comments

Query 1] An NRI wants to open a resident saving bank account with our Branch .What are the guidelines. Inward remittances are exempt from IT. What is tax implication of an NRI in case of Ordinary Savings Bank as he ...

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Quarterly Returns with Monthly Payment ...

Delhi East CGST Officials arrest ...

Fake Invoice Racket of Rs. ...

“Corporate Compliance Calendar for the ...

Category: Other Source Of Income