FEMA

Can A Non Resident Indian Open Normal Bank Account or FDs in India?

March 15, 2010 · Leave a Comment

I just saw question on FD by NRI in nationalized banks. I have further question- as an NRI can I make investment in FD with indian banks like SBI, ICICIBank through normal banking account or do I have to make FD only through some NRI account only? I guess that by convering my account into NRI accout the rate of interest on them would be severely reduced. Is there any penalty if I miss to covert my normal accounts into NRI accounts? Amit Mishra , New York An NRI can not open a normal bank account . In fact , as per RBI guidelines, the meoment a resident becaomes Non Resident, his normal bank account... [Read the full story]

Gift

Is Gift At the Time Of Marriage Tax Free?

January 21, 2010 · Leave a Comment

I, my wife and unmarried daughter are three members of my HUF. My daughter will get married in near future. I don’t have much individual income. I want to gift good amount of gold ornaments, Cash and other gifts to my daughter and my son in law from corpus of my HUF. Can I as a karta of HUF give these without any tax burden on my daughter and son in law? Yogendra Vansia, Valsad Section 56(2)(vii) effective from 1st October 2010 has provisions under which an Individual person or an HUF receiving gifts of money immovable property being land or building or both; shares and securities;... [Read the full story]

Grievance

What Should be Done In Case You Receive Refund Less Than Claimed?

January 18, 2010 · Leave a Comment

I am an NRI from US. My only income in India is from House Property. My father is 75 years.; has filed my IT Return as Representative Assessee.He is not well. For AY 2008-09:-. i. Income House Property: 1 Apr 2007 to 31 Mar 2008. Rs 2,20,000/- 2. Tax (House tax) Rs 10010/ 3. 30% (of 1-2)for House maint. Rs 62997/- 4. Interest paid on borrowed Capital Rs 82324/- 5. Taxable Income Rs 64669/- 6. Tax payable is NIL TDS (Recovered by the Tenant-Microsoft) Rs 35,844/- Refund claimed Rs 35,844/- IT Bangalore has given a refund of Rs 9877/-(thru’ SBI) ... [Read the full story]

Salary

Is Medical Reimbursement Taxable ?

March 14, 2010 · Leave a Comment

Is Income received from Medical reimbursement of Govt. employee’s son suffering from blood cancer is added in total income? In my office One Staff Nurse having son suffering from blood cancer. Her annual income from salary 3,25,000/- for the year 2009-2010. Her Medical reimbursement bill is 7,35,000/- this amount is other than salary income in 2009-2010 .Is this reimbursement bill amount should be added to her total Income from salary? S.G .Pundit, Kolhapur As per section 17(2) of the I T Act , medical reimbursement by an employer is not taxable in hand of an employee as perquisite if... [Read the full story]

Five Points Article

Motor Insurance Made Simple on Five Points !

January 23, 2010 · Leave a Comment

What are types of Motor Insurance covers? There are mainly two types of motor insurance- Comprehensive insurance Third Party Insurance. While the Comprehensive insurance covers you against any loss or damage causing by Natural Calamities which includes fire, explosion, self ignition or lightning,earthquake (fire and shock damage),flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, and frost etc Third Party insurance covers only damage or loss to the third party in terms of injury or damage caused to the property. You can also opt for Add on... [Read the full story]

Filing of Return

Can A.O Ask For Accounts From Salaried Employees During Scrutiny ?

March 11, 2010 · 1 Comment

I am a salaried employee. I had received a notice for assessment last year in 2009. Then it was adjourned sine die. It was revived again in March, 2010, and in first hearing itself AO asked for statement of affairs including capital account and credit card statements for last 3 years. I am only wondering whether as a salaried employee I am supposed to maintain all these things? I probably would have thrown away last 3 years credit card statements?…if Yes, what is the remedy? Rajiv Bansal , New Delhi First of all, it should be seen who is required to maintain accounts under Income Tax Act... [Read the full story]

Exemption

Is Medical Reimbursement Taxable ?

Is Alimony Paid To Wife Taxable In Her Hand?

What will be the tax implications of the following payments received by a divorced lady from her former husband: Fixed maintenance charges at Rs.25,000 p.m. for six to eight months (after the divorce) followed by two lump sum payments of Rs.5 lakhs each as final settlement (can we call this alimony?). Will there be any difference in the nature of taxability... Read more of this article

Easiest HRA Exemption Calculator

January , Feburary & March is taxing months. Everyone who earns taxable income certainly thinks about its at least once. Here is simple excel tool to help you compute the tax exemption out of House Rent Allowance. Play with tool and please report error if any or any improvement. Please report any error ! Read More →

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