investing in NPS
Query 1]
I have query regarding income tax FY 2015-16. I am a salaried individual resident status individual. It has been mentioned in current budget that Additional deduction of Rs. 50,000/- for contribution to the new pension scheme u/s 80CCD ...
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The Blogs
Interest on Housing loan shall be restricted to Rs. 30,000/- if construction not completed within 3 years
Interest on Housing loan shall be restricted to Rs. 30,000/- if construction not completed within 3 years
Query 1]
I am an employee in a PSU residing at Bilaspur. I have a house property in Bhilai which I am unable ...
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INVESTMENT IN PLOT IS ELIGIBLE FOR CAPITAL GAIN EXEMPTION
INVESTMENT IN PLOT IS ELIGIBLE FOR CAPITAL GAIN EXEMPTION
Query 1]
l own house in Nagpur, Can I buy second home in Mumbai with the money I received after selling agricultural land, Plots & shop purchased in 1990. I want to ...
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NRI: Basic exemption limit cannot be reduced from LTCG
NRI basic exemption
Query 1]
I am an NRI Sir in AY 2015-16. I am having taxable house property income of Rs. 42,631/- and long term capital gains (LTCG) taxable income at Rs. 10,70,567/-. When form 2 is being filled up, ...
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Deductor liable for penalty @ Rs. 100/- per day if TDS certificates are not downloaded
Deductor liable for penalty
Query 1]
My query is to whom the downloading of quarterly form No 16 is mandatory?
Whether it is mandatory for the salaried class people who are working under the
Government, or working under the private establishment? Kindly explain. ...
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Classification of income is important from tax planning perspective
Classification of income
Query 1]
Do we need to enter interest income, dividend income and long term capital gains (STT paid) anywhere else also which are already entered in schedule E-1 in column 1, 2 & 3? If yes, where?
...
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A step-by-step guide to file income tax return
guide to file income tax return
Query 1]
I am a salaried employee. Please explain in detail regarding procedure of filling income tax return. Also, please tell me whether I can fill it directly. Please explain in details the procedure to ...
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DISCLOSE ALL THE BANK ACCOUNTS WHILE FILING INCOME TAX RETURN
INCOME TAX RETURN
Query 1]
As per revise guidelines information about all the accounts other than inoperative is to be furnished in ITR forms. Kindly guide as to how to report in the following cases:
A joint account with son & ...
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Amount received against mediclaim policy is tax free
tax free
Query 1]
Kindly intimate whether expenditure for indoor treatment paid by insurance company against mediclaim insurance policy is taxable or not under Income Tax Act? Please advise in details.[Alok Majumdar-bpmajumdar2006@rediffmail.com]
I have a joint policy for mediclaim and ...
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Avail tax breaks on stamp duty & registration charges paid while buying a house
stamp duty
Query 1]
I have purchased a residential flat in Feb-2015 on agreement to sale. I had paid nearly Rs. 1,40,000/- as stamp duty & registration charges. U/s 80C, I have already saved Rs. 1,00,324/- (i.e., GPF, LIC etc.). I ...
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CO-OWNER MAY NOT BE TREATED AS OWNER: INTERESTING INCOME TAX
partnership rule
Query 1]
I had a query regarding LTCG, the details are as follows:
I had sold a NIT approved plot for Rs.90 lacs on 12.2.2015 which resulted in LTCG of approx Rs. 85 Lacs.
I do not intend to ...
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Life Insurance Policies: No blanket escape from tax
Query 1]
I have taken Postal Life Insurance Policy in Feb-2009 for Sum Assured (SA) Rs. 1,40,000/- for 7 years at a premium of Rs. 20,000/- per year. At that time, as per IT rules if yearly premium is less than ...
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TAX LIABILITY OF NRI ON SALE OF PROPERTY IN INDIA
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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