INCOME TAX BENEFIT
Query 1]
I am retiring on 30th June 2010 and my employers are deducting tax on gratuity amount over and above Rs. 3,50,000/- and asking me to get refund from I.T. Department
Whether the limit is ...
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The Blogs
TIMING OF INVESTMENT TO SAVE LONG TERM CAPITAL GAIN TAX
LONG TERM CAPITAL GAIN
Query 1]
I have heard that any surplus invested in section 80C above 1 Lacs can be transferred to once spouse showing it as advance and settling it by paying the amount by a/c payee cheque.
Sir, ...
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FOREIGN REMITTANCES & SUBMISSION OF FORM NO. 15CA/ 15CB
FORM 15CA/ 15CB
Query 1]
Please clarify for F.Y. 2009-10:
Whether standard deduction benefit is available for pension received by the employee from PSU. I am getting Rs. 17,000/- as pension/year. How much deduction is available? Please indicate section.
...
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FILING e-TDS RETURN WITH INSUFFICIENT PAN
FILING e-TDS
Query 1]
Sir, while filing quarterly e-TDS return: If total number of persons from whom TDS is deducted are 10 & if we don't have PAN for 3 persons, can we still file the TDS return? If yes, ...
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INCOME TAX REFUND NOT RECEIVED….
TAX REFUND
Query 1]
I had filed my IT returns for the Assessment Year 2009-10 electronically on 31-07-09, but still I have not received TDS refund. Kindly advice. [drkhoria@rediffmail.com]
Opinion:
Income Tax Returns are processed by the department on ...
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SALE OF SHARES OF UNLISTED COMPANY & EXEMPTION U/S 54F
EXEMPTION U/S 54F
Query 1]
By oversight, we have recovered less Profession Tax (in M.P.) from employees in the F.Y.2009-10. We have deposited the amount in the State Treasury but the same is recovered from the employees in Apr-2010 (i.e., ...
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FORM NO. 15G VS. FORM NO. 15H
form no 15g and 15h
Query 1]
Sir, I work in Manufacturing Co In MIDC Area in Nagpur. It would be of great help if you give clear cut clarification regarding the TDS matters. I have following queries.
As per instruction ...
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WHETHER EXEMPTION U/S 54 & U/S 54EC CAN BE CLAIMED SIMULTANEOUSLY?
exemption u/s54 and u/s54ec
Query 1]
Whether the Non resident is compulsorily required to obtain Permanent Account Number (PAN) in India as a result of new changes in the Indian Income Tax Act? What is the law incorporated in section 206AA? ...
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TRANSFER OF SHARES FROM ONE DEMAT ACCOUNT TO OTHER- WHETHER ANY INCOME TAX IMPLICATION?
INCOME TAX IMPLICATION
Query 1]
Sir, I am Central Government Employee. In the financial year 2009-10, in the month February-10, Income tax was deducted (through TDS) on my full year salary. However, in the month of March-2010, I purchased house for ...
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SECTION 269SS PROHIBITS ACCEPTANCE OF LOAN OF RS. 20,000/-OR MORE IN CASH
SECTION 269SS
Query 1]
I am working with a private group in power sector with Head Office in Delhi and posted at regional office in Nagpur. I am getting monthly salary of Rs. 60,000/-p.m. and extra 5 months salary towards perks. ...
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TAXABILITY OF INCOME FROM F & O, INTRA-DAY & DELIVERY BASED SHARE TRANSACTION
F & O
Query 1]
Sir, I opened PPF A/c in my son's name when he was dependent on me. The account is still continuing. He is no longer dependent on me. But I am still making annual subscription to keep ...
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EXEMPTION TOWARDS HOUSE RENT ALLOWANCE (HRA)
HOUSE RENT ALLOWANCE
Query 1]
Sir, my basic pay during financial year 2009-10 is Rs. 2,78,200/- and Dearness allowances is Rs. 61,224/-. I have received Rs. 55,656/- for House Rent Allowance. I have paid Rs.30,000/- as actual rent for occupying the ...
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EXEMPTION UNDER SECTION 54F IS UNAFFECTED BY SECTION 50C
SECTION 54F
Query 1]
Sir, my query is in the context of views expressed in Query No. 3 of “Tax Talk” dated 15.03.2010 titled “Sale of shop by transfer of share & computation of capital gain”
I am a CA student ...
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SALE OF SHOP BY TRANSFER OF SHARE & COMPUTATION OF CAPITAL GAIN
COMPUTATION OF CAPITAL GAIN
Query 1]
I am a Central Government Employee & as per the newly introduced Children Education Scheme getting Rs. 12, 000/- per child on producing receipts of payment against tuition fee, dress, books, shoes etc. My query ...
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SECOND HOUSE PROPERTY &; INCOME TAX IMPLICATION
INCOME TAX IMPLICATION
Query 1]
Sir, Presently I own a house and repayment of entire loan amount is already over. I now wish to purchase a second house. My wife is also working. I want to register the house in joint ...
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TAXABILITY OF VARIOUS RETIREMENT BENEFITS
VARIOUS RETIREMENT BENEFITS
Query 1]
I am a retired officer from central Government office on 31.12.2009 and have received gratuity, commutation of pension, encashment of leave, insurance and Provident Fund.
My queries are as under: -
Whether the amount received as above ...
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TAX SAVING INVESTMENTS IN THE NEW DIRECT TAX CODE
NEW DIRECT TAX CODE
Query 1]
I had applied for Permanent Account Number (PAN) 6 years back. I got the number as ARGPS 5586E. However the PAN Card is yet not received by me. Please guide as to the procedure ...
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SALARY TAXED IN USA – WHETHER TAXABLE IN INDIA?
SALARY TAXED IN USA
Query 1]
I am a retired officer of state bank of India. My queries are as under –
I have 3 R.D. A/c’s and a fixed Deposit for 2 years with post office at Chhindwara. Whether ...
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