Income Tax Questions From Tax Payers & Answers From Tax Experts!

1/28/2014
Income Tax Questions from Tax Payers & Answers from Tax Experts!
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1. Funds from NRI Spouse

2. Scientific Research Abroad
3. Business Deduction
Join In
4. Property in the name Unemployed Spouse

5. Deduction u/s 80DDB
Ask Questions
6. Sale of Land
Tell Jokes
7. Transfer Money from Foreign Account to India

8. Form 15-H for waiving of TDS
General
Home
Latest
Contact Us
Income Tax
9. Home Loan Deductions

11. Donation & Deduction
12. Set off of Unabsorbed depreciation against STCG
13. Income tax on cash receipt above Rs 20000
14. Relief in Income tax for Family Pension
15. Tax benefit on Home Loan Disbursement in Parts
16. TDS on Interest
Calculators
17. Residential Status
Tips
18. Resale of property
Income Tax in India
19. Assessment - Senior Citizen?
Salary
20. Need Demat Accounts in joint name?
House Property
21. Section 4 of Wealth Tax Act, 1957
Capital Gains
22. Purchase a property in the name of my wife
Business Tax
23. Computation of Income Tax - Short Term Capital Gain
Corporate Tax
24. Schedule AIR under ITR-2
Other Sources
25. Amount of TAX to be paid on FD.
Deductions
26. Tax on Leave Pay
Su bscr i be
Tax?
10. Tax on Pensioners
Ask Us
Services
Have Questions on
Salary Taxation
House Property
27. Exemption U/S 54B

28. TDS by Foreign Enterprises
29. Agricultural Income
30. Income from gift
http://www.accounting-n-taxation.com/Income-Tax-Questions.html#Q23
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1/28/2014
31. F&O Transaction of Shares
32. Transaction of Shares by sub-broker
33. Declaration to My Employer
Top
Funds from NRI Spouse
Capital Gains
I am an Indian and a NRI and my wife is a US citizen.

My wife want to send me funds to my bank account in India to buy a residential
property in India.
According to the law is there any limit on amount of funds for inward remittance
to India?
As far as the Income Tax law is concerned there is no limit for gift from spouse.
Business Tax
Top
Income Tax Questions on Scientific Research Abroad

I am a professor. I have been invited to be a visitor for doing research, at a
Foreign Institute which is supported by the UK Govt and they offer me a salary
of 3000 (GBP). And it is tax free.
Corporate Tax
No exemption is available currently for research work. However, if it is part of your
educational pursuit in research, you may be eligible for exemption under section
10(16) as 'stipends and scholarships'.
Moreover, the charge to income-tax of any income depends on the residential status
of the individual, i.e., whether he is resident or non-resident.
In your case, if you take employment outside India and your stay in India for the
financial year does not exceed 182 days, then you would be non resident and would
not liable for tax on such foreign income.
Other Sources
Top
Income Tax Questions on Business Deduction

Our company had taken a loan few years back which got recheduled this year.
However the
bank has charged us @
30% of the
sacrifice amount on loan
rescheduled.
Please let me know whether this amount paid could be claimed as business
deduction.
The Scheme of Waiver needs to be looked into. If the amount charged is to be
adjusted against the principal outstanding then it is not eligible for deduction.
However, if it is an amount charged separately in the nature of processing fee, then
there is a possibility of claiming deduction, though the Department may take a stand
it should stand set-off against the amount sacrificed by the Bank.
Top
Income Tax Questions on Property in the name Unemployed

Spouse
Home loan is taken by an unemployed wife. She is the loan applicant and the
owner
of home. The loan has been sanctioned to her
on the
basis of her
husband's salary, as her husband is co-applicant.
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Can husband claim for income tax rebate & deduction in respect of the interest?
Combined reading of section 27 and section 6 4 it is possible for the husband to
claim the benefit even though the property is in the name of the spouse.
Top
Income Tax Questions on Deduction u/s 80DDB

Sir, as my mother is suffering from neurological problem, under section 80GGC
Can I claim income tax rebate?.
Section 80GGC is for Donations to Political Parties. For medical treatment relating to
neurological diseases, section 80DDB is the appropriate section.
If you fulfill the conditions mentioned therein, especially a certificate from neurologist,
then you may be eligible for deduction.
Top
Income Tax Questions on Sale of Land

My father having the land which having market value appx.35 lacs. He wants to
sell the same then what will be the tax liability.
The person has never filed the ITR earlier. Recently he has applied for PAN. The
land is a inherited property.
Land is in rural area as the municipalty is appx. 35 km. far from that land.
The land is situated in Rajasthan.
The population of that village is appx.12400.
The age of the person who is selling the land is of above 65 yrs..
Is it mandatory to file ITR for the FY due to this transaction?
As the population of the village is more than 10000, the gains from sale of land will
be chargeable to income-tax. However, there has been a judicial decision that the
place should be a municipality or cantonment board or a notified area and not such
other area like panchayat, etc.
However, there could be different view possible, since the criteria of 10000 population
has been mentioned.
Hence, it is better that you consult a local tax practitioner in Rajasthan since they
know better about the place where the sale is happening and also whether it is
notified or not under section 2(14). Age of 65 years is not a criteria.
Top
Income Tax Questions on Transfer Money from Foreign Account to

India
I was an NRI and I had an EURO account in Germany last year. I returned back
to India and am Non-NRI now.
I would like to transfer money from my own bank account in Germany to the
normal savings bank account in India.
Should I have to pay taxes here if I transfer around Rs.500000 at a stretch?
How much percentage of taxes would that be? What is the usual calculation for
the same?
If the money to be transferred was already received outside India and it is now only
transferred to India, then you would not be taxable for this transfer.
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However, if you are receiving the money for the first time (i.e., from source of the
transaction) then you may be chargeable to tax.
Moreover, whether
tax was
payable
at
the
time
of
happening
of
the
original
transaction which is now being transferred to India would also bear significance in
the taxation of the transaction.
Top
Income Tax Questions on Form 15-H for waiving of TDS

I am a senior
citizen (68)
depending upon pension and income
on deposit
interests. My annual income is just 1.25 lacs only well below the exempted limit
of 2.40 lacs for senior citizen.
Every year I furnish Form 15-H to my bankers and they waive TDS. Recently I
produced a CD album.
A popular recording co., approved the album and I transferred the copyright to it.
Even though I furnished the form 15-H for waiver of TDS, the company says it
would go ahead with TDS at the time of making royalty payment to me.
When I protested, the company says I will have to get some kind of certificate
from IT dept. for waiving TDS.
Please clarify whether the company is right, when my banker accepts my self
declaration in Form 15-H to waive TDS. Thank you.
Form No.15H cannot be used for all the scenarios. It is to be applied only for
Interest other than Interest on Securities.
For lower deduction of TDS in case of Royalty (Section 194J), Form No.13 should be
submitted to the Assessing Officer who would issue a no deduction certificate or
lower deduction certificate to you which can be utilised by you with the Company.
Hence, the company's proposition is correct.
Top
Income Tax Questions on Home Loan Deductions

I understand that for a home loan taken, we can get exempt maximum 1 lakh
principal and 1.5 lakhs interest that is paid on home loans.
How ever, I see also note on some website on NO Limit to interest paid on home
loan ONLY if the house is let out.
IN my case, I am staying in chennai .
I am building home in Coimbatore - two floors. one for self another for let out.
How I can apply no limit interest for home load deduction ? Am I eligible.
If a part of the house (1 floor) is self occupied or is not occupied due to employment
elsewhere with no benefit derived therefrom, then the interest thereon would be
restricted to Rs.1.5 Lakhs only subject to fulfillment of other conditions.
However, in respect of the other floor let out, interest can be claimed in full.
In planning the tax benefit, the loan can be treated as utilised wholly for let out
portion
first
and
the balance
for the
self occupied
portion, though
however in
practice, the standard rate of 50% (since 2 floors) is used.

Top
Income Tax Questions on Tax paid by Pensioners

I am a retired officer of PSU. I was retired on 31/10/2009 on completion of 60
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years of age.
As a result of increase in pay scales, arrears have been paid to its employees as
well as to retired employees.
I shall be talking to you about retired employees as I am one of them.
The revised Basic Pay etc. have been made effective from 01/08/2007 . As I
retired on 31/10/2009 I have also been paid difference of salary,gratuity and
leave pay due to pay hike for 27 months.
The controversy and confusion is with regard to Provident Fund contributions.
Some of the employees have opted for pension and few have not opted for
Pension.
For those who have not opted for Pension employers contribution shall also be
there and interest shall also be paid. The additional amount thus received by way
of difference in PF shall not be taxable. For pensioners there shall not be any
contribution from employers side .
In case of Pensioners PF has been treated as part of salary and it is also
taxable. Retired Pensioners have lost from both the side. They have not received
any interest for their PF contributions and also the part of PF which is treated as
part of salary is Taxable. How far it is reasonable and what Tax laws say about
this?
Law
sometimes
favours certain persons
and proves
to be against
certain other
persons, which is inevitable in the scheme of taxation as has been consistently held
by the Courts of Law.
Provident Fund and Pension are two different schemes. While in PF the amount is
accumulated and withdrawn in lumpsum at periodical intervals to the extent of the
actual amount contributed alongwith the interest, in the case of the Pension, there is
periodical payments
for indefinite period though
the contributions made
may not
match with the pension received.

That could be one of the reasons for providing exemption to PF and taxing of
Pension. However, even in Pension, if the amount is commuted then two third or one
third of 100% commutation could be exempt from Income-tax.
Top
Income Tax Questions Donation & Deduction

How can I know that donation deduct 100% and 50%. Please give me some
details.
Usually the receipt issued for the donation would contain the details of approval and
the deduction available, i.e., 50% or 100%.
If it is not available, it is better that the details are obtained from them, because, it
is essential for claiming deduction under section 80G.
Top
Income Tax Questions - Set off of Unabsorbed depreciation against

STCG
We have short term capital gain in current year and we have c/f of unabsorbed
dep also.
My question is, can we set off STCG against Unabsorbed depreciation?.
You
have not
mentioned
about the
year to
which
the unabsorbed
depreciation
relates. If it relates to AY 2002-03 or thereafter, then yes, it can be adjusted.

Top
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Income Tax Questions - Income tax on cash receipt above Rs

20000
We had given loan of Rs 5 lakhs to a party. In case if the party repay us some
of the amount in cash i.e., Rs.20,000 per day for 5 days (total Rs.1,00,000).
How will the tax department treat the transction?
It is not acceptable. They can levy penalty equivalent to the transaction value.
Top
Income Tax Questions - Relief in Income tax for Family Pension

My Mother is getting pension after the death of my father. She get the arrears
through 6th pay commission; is this taxable as bank has deducted the TDS on
total pension credited in her account.
If the arrears is relating to the pension period then yes. If it relates to the service
period, then you may not be chargeable.
Top
Income Tax Questions - Tax benefit on Home Loan Disbursement

in Parts
I availed home loan of Rs.12 lakh in 2006. It was disbursed from Dec 2006 to
Feb 2008. Balance Rs.1.20
lakh last installment for cost of villa was to be
disbursed by bank on demand from builder.

95% cost has been paid by Feb 2008. The builder delayed possession and bank
started EMI from June 2010.
I also took loan from employer to meet demand of builder for EDC (development
charges to Haryana govt) Rs.76,000/- in August 2010.
Now please compute three years period (advise me the date, month and year)
within which the
builder
should complete
the villa construction and give
me
possession so that I can meet the condition of section 24(b) to avail tax benefit
on interest upto Rs.150000 p.a.
In case I avail loan from employer or a bank as and when demand for the last
installment/payment
is
made
by
builder
at
the
time
of
possesion
(about
Rs.1,20,000 plus other charges) shall I be eligible to get tax benefit on interest
upto Rs.1,50,000.
First
instalment
seems
to
have
been
taken
in
December 2006
and
hence
the
construction should have been completed by 31.03.2010.

Where however, if it
is delayed
but completed
within 31.03.2011, then interest
relating to loans taken before 01.04.2007 could be restricted to Rs.30,000 and in

respect of other loans the limit remaining unexhausted upto Rs.1.5 Lakhs could be
utilised.
Top
Income Tax Questions - TDS on Interest, on Bank Deposits

My daughter and grand daughters have saving account in HDFC Bank. They earn
approx Rs.5000 on interest.
All of them are persons of Indian origin residing in USA. Bank deducts 30.3%
TDS on interest. What is the rule and how it can be saved ?
For Non-Residents 30.9% is the applicable rate of TDS.
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If return of income is filed in India and it is found that there is no tax liability refund
can be obtained.
However, Interest on NRE Accounts are exempt and there should be no TDS in those
cases.
Top
Income Tax Questions - Residential Status

I have some problem regading determination of residential status of an individual.
From 29th Aug to 30th Aug (1 day) he came to dubai for his final interview.
Reached Dubai on 28th Sep on work visa and joined office in Dubai.
Went back to India on 30th Dec and stayed till 8th Jan on business visit. Before
28th sep, he was employed and was working with India. Only he went out of
india for 7 days in Aug on tourist visa.
The number of days of stay in India based on the facts come to 172 days, viz.,
30+31+30+31+29+1+27-7+2+8, which is just equivalent to the statutory requirement
for being resident, in case a person leaves India for taking employment outside India.
Hence, he should be Resident.
Top
Income Tax Questions - STCG on Resale of property

If I have to sell a residential apartment then what is the time period beyond
which small term capital gain is not applicable.
Also from which date the period is calculated eg. date of agreement, date of
possession, date of OC.
36 months is the time upto which it is short term capital gains. Date of actual
registration or completion of construction is proper date.
However, an partly performed agreement for sale coupled with possession of property
would also be deemed to be sale for which the date of possession would be the
criteria.
Top
Income Tax Questions - Senior Citizen?

If a person gets the age 65 with in previous year then he can take exemption as
senior citizen?
Yes. The criteria is at any time during the previous year and hence, the exemptions
relating to Senior Citizen would be available if he is 65 years or more as on 31st
March of the relevant financial year (i.e., Previous Year).
Have Questions related to Income Tax? Ask Our Experts...
Top
Income Tax Questions - Income Tax Return - Demat Accounts in

Joint name?
My wife and my sister both invested in equites shares and F&O using my wife's
demat account. Both has 50%-50% joint venture.
My sister has no demat and trading account. A net profit of Rs 3,90,000 occured
in trading. How ITR is filed?
It is permissible to open Demat Accounts in joint name. If the account you are
mentioning is in such a form then it is possible to say that it is assessable as AoP.
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1/28/2014
However, the tax rate of the AoP
would depend on the facts
of whether the
members, viz., your wife and your sister are having taxable income.
If the account is not in joint name but clearly evidenced by a Deed of Agreement as
to the Joint Venture, then also it is possible to be treated as on AoP.
If there is nothing to prove that it is a Joint Venture, then the entire income is
assessable in your wife's hands.
Probably, an attempt could be made to prove to the assessing officer that the
amount was sourced from your sister with the intention of being utilised on behalf of
your sister, which may not be considered favourably by the Department.
Top
Income Tax Questions - Section 4 of Wealth Tax Act, 1957

Whether u/s 4 of wealth tax act, deduction of 1500/- is permissible or not in
case of clubbing of assets of Minor son or Daughter?
No.
Top
Income Tax Questions - Purchase a property in the name of my

wife
I want to purchase a property in the name of my wife who is a housewife. She
has no source of income. The property will be purchased by raising a home loan
by bank in my name of which co-applicant will be my wife. My question is that
whether I will get tax exemption in interest upto Rs. 1,50,000 or not.
Yes. Because of operation of section 27 and section 64(1), you will continue to be
the owner of the property and interest would be deductible from your income.
Top
Income Tax Questions - Computation of Short Term Capital Gain

Income
Could you please advise on the following example:
Income earned Rs.2.50 lac (net after paying STT and brokerage).
On the above income is IT computed as laid down in IT rules or is it

sufficient to submit the STT certificate. The question arises because it looks
as though a double tax we are paying,
by paying STT and
by paying tax is per income tax slabs.
Since, the income is purely from trading of share is it necessary to provide audit
certificate to IT Authority and if so up to what volume (in terms of rupees).
STT is a transaction tax and not income-tax, though initially the department had a
mistaken view of treating it as an income-tax. Just because sales tax is paid, it does
not mean that income is exempt.
You need to submit the accounts only and no need to submit the STT Certificate
initially and needs to be produced only if is called by Assessing Officer.
You require to produce Audit Certificate if the sales turnover exceds Rs.40 Lakhs
(Rs.60 lakhs for the year ending 31.03.2011).
Top
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Income Tax Questions - Schedule AIR under ITR-2

Under 001 of the AIR information, should transfer from UAE to an indian NRE
savings account be disclosed if the transfer amount is greater than Rs.10 lakhs?
Under code 005, is it for company IPO or including secondary market purchases
from NSE? Also whether the Rs.1 lakh threshold is for each and evey share
acquired or aggregate of all the share?
It is only cash deposits that is required to be reported and any funds transfer would
not be included therein.
It is IPO and Rights Issue that is covered and not the secondary market acquisitions.
The amount is for each company.
Top
Income Tax Questions - Amount of TAX to be paid on FD.

I & my wife have two bonds (Rs.1 lakh each) details are as follows:
1) Interest rate : 9.25 % Date: 1/sep/2007 to 6/12/2010 Interest earned :
34609 INR
2) Interest rate : 9.25 % Date:6/sep/2007 to 6/12/2010 Interest earned :
34609 INR
Income Tax Questions:
a) What should be the TAX deduction (plz tell me the amount for each bond)
b) I read in your website that for women with income less than 190000 INR
there is no income-tax, but in my case if we combine both the bonds the amount
is 269218 INR
But today when i spoke with bank people they said the amount to be given us is
261326 INR, how it is possible, how much they have deducted the tax and on
what basis.
b) If i again go for FD with this amount what should i do for getting least
amount of tax deduction at the time of maturity of bond.
10% is the TDS rate only on Interest portion.
Maturity value computation differs since the TDS is to be deducted in each year and
therefore the Bank might have added to your FD only the net amount of interest
(after TDS) which, though not fair, is the compulsion of the provisions of the Act.
Assuming no clubbing is applicable between you and your spouse, if any or both of
you do not derive taxable income, then Form No.15G (for senior citizens 15H) could
be given and if any or both of you have taxable income then you can apply in Form
13 to Assessing Officer for lower deduction of tax.
Top
Income Tax Questions - Income Tax on Leave Pay

Sir, I changed my job in the middle of a financial year. Does the amount I got
for my leave pay (earnrd leaves) from my previous employer is taxable? Or does
it come under Section 10 exemption?
If received on termination from the previous employer, then exemption can be availed
under section 10, subject to the conditions therein.
Top
Income Tax Questions - Exemption U/S 54B

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Whether exemption u/s 54B available for any advance given for purchase of
agricultural land in the year of capital gains?
If the land has been ultimately purchased, there is no reason why the advance
should not be eligible for exemption under section 54B.
Top
Income Tax Questions - TDS by foreign enterprises

Is it required of Dubai based firms to deduct tax at source out of payments made
to Indian concerns which provide manpower recruitment to them?
Yes. The
foreign
enterprise
is
required
to
deduct
tax at
source
in
respect
of
payments to resident person under a contract work.

Top
Income Tax Questions - Agricultural Income

How much amount is the maximum for non taxable income for the agricultural
sector.
Agricultural Income-tax Law depends on each State in India. Kindly refer to the law
in your local State as you have not mentioned the State.
Top
Income Tax Questions - Income from gift

I want to give gift of Rs.15 lacs to my mother. She will invest the money in FDR
& she will get interest.
Will the interest be clubbed in my income for calculating tax?
Not liable for clubbing.
Top
Income Tax Questions - F&O Transaction of Shares

I incured loss In F&O
transaction of shares, is the
Loss to be
treated as
Speculation Loss Or Short term Capital Loss? For how long it can be carried
forward and set off?
Speculation loss is loss arising from transactions which are settled without delivery of
shares.
Hence, if F&O transactions have been closed without delivery of Shares then it is
speculation loss. If delivery takes place, then it is not speculation loss.
Speculation loss can be carried forward for 4 years and can be adjusted only against
Speculation Gains. Other than Speculation loss can be carried forward for 8 years and
can be adjusted only against the respective head of income.
Top
Income Tax Questions - Transaction of Shares

A limited company carrying on business of sub-broker of shares, the company only
earns brokerage.
In this year, the copany (as a client) did share trading & incurred losses. Can
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1/28/2014
this company set off this loss with his brokerage income.
The loss incurred in trading by the Company, if it is not speculative in nature, can be
set-off against its brokerage income.
Top
Income Tax Questions - Declaration to My Employer

My
employer
took my
Investment declaration
this month May
2011
for
the
financial year 2011-2012.

I would like to buy a house property this year. I have declared it. But they are
deducting tax.
Employer is asking me to submit the documents right now to stop deducting tax.
As of now I don't have any documents.
Is it legally correct? Do he has the right to deduct my tax inspite of providing the
declaration?.
Your employer is statutorily correct. Because, declarations are always required to be
accompanied by the required documents relating to the declarations and certified as
'I, ________ (your name), do declare that what is stated above is true to the best
of my information and belief".
It is necessary that documents are enclosed. Only few employers are very cardial and
rely greatly on the employee's statements and give much time for submission of
documents.
There are no statutory remedies available to you.
Top
All human knowledge thus begins with intuitions, proceeds thence to

concepts, and ends with ideas. Immanuel Kant
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Income from House Property
Income from House Property - How to determine Ownership and gross
annual value of your residential property?
House Property
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1/28/2014
House Property Income Calculation - Do you know how to claim Interest
Deduction and avail Concession in respect of any one your Residential
House?
House Property Income
House Property Income Tax- Let out, Deemed let out, Unrealised Rent
Recovered
Income Tax Brackets for Women, Senior Citizen and other Residents of India
Income Tax Brackets for Indian Resident women, Senior citizen and others
Income Tax India News
Income Tax India News - Exclusive News Items to Keep You One Step
Ahead of your Competitors
Corporate Fees - Domestic Companies, Foreign Companies
Corporate Fees - Domestic Companies, Foreign Companies
TDS -Tax Deducted at Source
TDS - Tax Deducted at Source from Salaries, Interest on securities,
Interest on Dividends etc
Salary TDS - Tax Deducted at Source
Salary TDS - Why your Employer Deduct Tax from your Salaries and
Perquisites?
Provident Fund TDS - Tax Deducted at Source
Provident Fund TDS - Tax Deducted at Source from Salaries
Income Tax Question Form
Income Tax Question Form for Free Online Consultation. Have questions
related to your Income Tax in India. Post it here.
Super Annuation Fund TDS - Tax Deducted at Source
Super Annuation Fund TDS - Tax Deducted at Source from Salaries
Residential Status
Residential Status - Determine whether you Resident Indian or Non-Resident
as per Income Tax Act, India.
Taxation of Capital Gains
Taxation of Capital Gains - What is Capital Asset? What is Short Term
Capital Asset?.
Long Term Capital Gains
Long Term Capital Gains Calculation for Non-Depreciable assets & special
provision relating to shares
Short Term Capital Gains
Short Term Capital Gains Calculation for Non-Depreciable assets & special
provision relating to shares
Indian Income Tax
Indian Income Tax Blogger
LTCG Deduction
LTCG Deduction - While selling a residential house and purchase/construct a
new residential house
Income Tax Refund Status
Income Tax Refund Status just a Mouse Click Away! Now you can check
your tax refund status Online
Tax Audit
Tax Audit Tips - Business turnover 60 Lacs? Professional Receipt 15 Lacs?
Get Ready for Tax Audit!
Tax Preparers Online
Experienced Tax Preparers Income Tax, Service Tax, Sales Tax Online
Consultation
PAN Card
Apply for PAN Card, Check your PAN application status
Apply for PAN
How to apply for PAN Number using online PAN Application Form?
Capital Gains Deduction
Capital Gains Deduction u/s 54B for Agricultural Land Transfer
Capital Gains Deductions
Capital Gains Deductions for Compulsory Acquisition
Long Term Capital Gain Deduction
Long Term Capital Gain Deduction u/s 54EC for Investing in NHAI & RECL
Bonds
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Long Term Capital Gains Deduction
Long Term Capital Gains Deduction u/s 54F for Constructing/Purchasing
Residential House
Capital Gains Deduction 54G
Capital Gains Deduction 54G for Purchasing new machinery and for acquiring
building or land or constructing building for business purpose
PAN Application
PAN Application - How to submit Acceptable ID Proof and Address Proof
Documents?
Small Business Taxes
Small Business Taxes Incomes Taxable under the head business or
profession and definitions as per Income Tax Act in India.
Business Tax Accounting
Business Tax Accounting - Books needs to maintained by Business Owners
and Professionals, Penalty, Time Limit, Place of Maintenance
Business Income Tax
Business Income Tax - How to calculate your Business or Profession Income
for Income tax purpose
Depreciation Rates
Depreciation Rates for Buildings, Furniture and Fittings, Plant and Machinery,
Vehicles, Know-how, Patents, Copyrights, Trademarks, Licences, Franchises
Additional Depreciation
Additional Depreciation for New Plant and Machinery acquired and installed
after 31.03.2005 for manufacturing or production
Written Down Value
Written Down Value of Block of asset in case of Slump sale, Succession,
Transfer Between Holding and Subsidiary, Amalgamation, Demerger,
Corporatisation
Minimum Alternate Tax
Minimum Alternate Tax - When your company needs to pay MAT, How to
calculate MAT as per 115JB, Report in Form 29B, MAT Exemption for
Companies located in SEZ.
Alternate Minimum Tax
Alternate Minimum Tax - When your LLP needs to pay MAT, How to
calculate MAT as per 115JC, Tax Credit u/s 115JD.
Corporate Tax Credits
Corporate Tax Credits - Tax Credits available for Companies u/s 115JAA of
Minimum alternate Tax paid as per section 115JA or 115JB.
Free Income Tax Help
Free Income Tax Help to Calculate your Tax liability for AY 2012-13, Claim
deductions and Exemptions, Pay your Tax Online and to File Your Return on
Time.
Taxation Forms
Taxation Forms - Income Tax Return Filing Forms ITR1, ITR2, ITR3, ITR4
and ITR4S(SUGAM) for Individuals and HUFs for AY 2012-13
Income Tax Forms Online
Income Tax Forms Online from Income Tax Department of India grouped
based on utility like Reports, Certificates, Applications, Declaration etc
Income Tax Return Forms
Income Tax Return Forms 24, 24Q, 26, 26Q, 26QA, 26QAA, 27, 27EQ, 27Q,
37H, 61A etc. Nicely Grouped!
Income Tax Forms
Income Tax Forms for appeal to the Commissioner of Income-tax, Appellate
Tribunal etc., like 35, 36, 37f, 42, 43, 44
Direct Tax Code
Direct Tax Code - Key highlights of the DTC which would be of an
individual tax payers interest
Advance Tax
Advance Tax - How to calculate Advance Tax Liability? Payment, Refund,
Interest for non-payment, tax rates, due dates etc.,
Dividend Tax
Dividend Tax - Types of Dividends? How to calculate Dividend Tax Liability?
Exemptions available
14/16
1/28/2014
Interest on Securities
Interest on Securities - Know how your Interest Income is taxed and
various tax exemption available under section 10(15)
Taxable Gifts
Taxable Gifts - Know whether cash gifts from parents, spouse, employer,
friend are taxable or not.
Tax On Pension
Tax On Pension - Know how to calculate your taxable family pension and
deductions available u/s 10 with example calculation.
Income From Other Sources
Income From Other Sources - How to calculate Taxable Income From Other
Sources like Winnings from Lotteries, Games, Gifts, Keyman Insurance,
Dividends, Interest on Securities etc.
Minimum Alternate Tax Calculation
Minimum Alternate Tax Calculation - Realtime Scenario
Questions on Tax
Questions on Tax - A fun place to read and share Jokes on Tax! Must
Read if you have lot of gray hairs because of your tax worries.
Tax Jokes
Tax Jokes - A fun place to read and share Jokes on Tax! Must Read if you
have lot of gray hairs because of your tax worries.
Tax Saving Tips
Tax Saving Tips - Know how investing in realestate can help you to get
high ROI and maximum tax benefits?
Small Business Tax Tips
Small Business Tax Tips - Know how by using section 44AD and 44AE you
can save tax and avoid tax audit?
Income Tax Return Help
Income Tax Return Help and free online consultation service for tax payers
in India
Income Tax Questions
Get answers for your Income Tax Questions
Wanted Chartered Accountants
Wanted Chartered Accountants in India
Wanted Audit Staff
Wanted Audit Staff in India
Clubbing of Income
Clubbing Of Income In The Hands Of An Individual - assets transferred to
Spouse or Son's Wife
CBDT
CBDT Central Board of Direct Taxes unearthing black money
Annual Information Return
Annual Information Return and free online consultation service for tax
payers in India
Wanted Articles Assistants
Wanted Articles Assistants in Chennai
Chartered Accountant Jobs
Chartered Accountant Jobs in India
Taxability of Mutual Funds
Taxability of Mutual Funds - Know the tax benefits available for Investors
in Mutual Fund Units.
Hotel Business Tax
Hotel Business Tax - Deduction u/s 80ID for hotels in specified districts
having a World Heritage Site
APA
APA - Advance Pricing Agreement Scheme Rules 10F to 10T of Income Tax
Rules, 1962
Service Tax India
Service Tax India - Tax Return Preparation, Online Tax Consultation, Tax
return filing for Individuals, Corporates in India.
Service Tax Negative List
Service Tax Negative List - all services, except those specified in the
negative list, will be subject to taxation
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1/28/2014
Service Tax Exemptions
Service Tax Exemptions - Taxable services exempt from service tax
Declared Services
Declared Services - Service Tax Nine activities specified in section 66E
services
Online Services - Return Filing, Consultation, Registration services
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Sriram Mallajosyula Designer at Tecumseh Products
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company. In the month of September my father got retired and in the
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Income Tax Questions & Answers

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privacy of our customers.

is the ideal way to make

location specific details are removed from

the world of Taxation in

These Income Tax Questions were raised

1. Funds from NRI Spouse

4. Property in the name Unemployed Spouse

7. Transfer Money from Foreign Account to India

9. Home Loan Deductions

17. Residential Status

18. Resale of property

Income Tax in India

19. Assessment - Senior Citizen?

20. Need Demat Accounts in joint name?

21. Section 4 of Wealth Tax Act, 1957

22. Purchase a property in the name of my wife

23. Computation of Income Tax - Short Term Capital Gain

24. Schedule AIR under ITR-2

25. Amount of TAX to be paid on FD.

26. Tax on Leave Pay

10. Tax on Pensioners

27. Exemption U/S 54B

Funds from NRI Spouse

I am an Indian and a NRI and my wife is a US citizen.

Income Tax Questions on Scientific Research Abroad

Income Tax Questions on Business Deduction

bank has charged us @

sacrifice amount on loan

Income Tax Questions on Property in the name Unemployed

of home. The loan has been sanctioned to her

husband's salary, as her husband is co-applicant.

Income Tax Questions on Deduction u/s 80DDB

Income Tax Questions on Sale of Land

Income Tax Questions on Transfer Money from Foreign Account to

Income Tax Questions on Form 15-H for waiving of TDS

depending upon pension and income

Income Tax Questions on Home Loan Deductions

practice, the standard rate of 50% (since 2 floors) is used.

Income Tax Questions on Tax paid by Pensioners

favours certain persons

for indefinite period though

the contributions made

match with the pension received.

Income Tax Questions Donation & Deduction

Income Tax Questions - Set off of Unabsorbed depreciation against

relates. If it relates to AY 2002-03 or thereafter, then yes, it can be adjusted.

Income Tax Questions - Income tax on cash receipt above Rs

Income Tax Questions - Relief in Income tax for Family Pension

Income Tax Questions - Tax benefit on Home Loan Disbursement

lakh last installment for cost of villa was to be

disbursed by bank on demand from builder.

the villa construction and give

construction should have been completed by 31.03.2010.

within 31.03.2011, then interest

relating to loans taken before 01.04.2007 could be restricted to Rs.30,000 and in

Income Tax Questions - TDS on Interest, on Bank Deposits

Income Tax Questions - Residential Status

Income Tax Questions - STCG on Resale of property

Income Tax Questions - Senior Citizen?

Income Tax Questions From Tax Payers & Answers From Tax Experts!

Income Tax Questions From Tax Payers & Answers From Tax Experts!