A NEWS u can USE

Circular on FBT Advance Tax Adjustment Issued!

February 4, 2010 · Leave a Comment

Section 115WM of the Income-tax Act, 1961 – Income-tax on fringe benefits – Chapter XII-H not to apply after a certain date – Adjustment of advance tax in respect of fringe benefits for assessment year 2010-11 against advance tax Circular No. 2/2010, dated 29-1-2010 The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII H (Section 115W to 115WI) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115WM was inserted to abolish the FBT with effect from Assessment Year (A.Y.)... [Read the full story]

FEMA

RBI Relaxes Norms For Credit of Entire Salary in Foreign Accounts in Certain Cases !

January 18, 2010 · Leave a Comment

The Reserve Bank of India relaxes norms for remittance of salary paid by a company in following cases (i) A citizen of a foreign state, resident in India, being an employee of a foreign company or a citizen of India, employed by a foreign company outside India and in either case on deputation to the office /branch /subsidiary /joint venture in India of such foreign company may open, hold and maintain a foreign currency account with a bank outside India and receive the whole salary payable to him for the services rendered to the office/branch/subsidiary/joint venture in India of such foreign... [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]

Shares Business

Can You Deduct STT As Expense From Share Sale Income ?

December 5, 2009 · Leave a Comment

The income from share transaction can occur in following forms 1. Share trading 2. Speculative trade 3. F & O transactions 4. Capital Gains Allowance of STT for First three types (1, 2 & 3) From Assessment Year Asst Year 2009-10 (FY 2008-09 ) , Securities Transaction Tax (STT) is defined as an expense u/s 36(xv) of the I T Act (xv) an amount equal to the securities transaction tax paid by the assessee in respect of the taxable securities transactions entered into in the course of his business during the previous year, if the income arising from such taxable securities transactions... [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

What To Do if Return Filed Without Declaring Interest on NSC ?

January 4, 2010 · Leave a Comment

I have invested Rs.30000 in 6-Years NSC on 29/03/2003. to take a benefit of tax rebate under chapter VIII.The date of maturity was 29/03/2009. The maturity amount is Rs. 60450/. I have not added the yearly interest amount as an Income in my Income Tax return. But i forgot to show this interest amount (60450-30000=30450) in IT return. I have already E:filed my It return ( ITR-1, as salary income) of financial year 2008/09. Though I have still today (03/01/2010) not withdrawn the maturity amount of NSC.If I reinvest all Rs.60450 today in NSC again, can i take the benefit of... [Read the full story]

A of Your Question

Under Which Head Royalty Taxable?

I am a 34 year old person who has invented certain formulas related to nutritional supplements which will be manufactured in the USA but I am residing in Noida and shall be receiving 50% of the sales proceeds (in USA) as royalty fees regularly every month or quarterly as decided by me. Until now my income was too low to be taxable working as an Medical... Read more of this article

Seven Years Exemption From Wealth Tax to Non Residents or PIO!

I will return to India for permanent settlement in June 2007.Am I exempted from wealth tax for the next seven years?Please explain the existing wealth tax rule for bank deposits. purackal@hotmail.com Section 5 of the Wealth Tax Act is regarding the exemption granted to certain types of case. Sub-section (v) of section 5 deals with the cases of Non resident... Read more of this article

What Should You Do On Receipt Of Reassessment Notice?

Can assessing officer issue notice u/s 148 on the basis of report of investigation wing. Is reassessment u/s 147 valid despite the fact he has given the reasons of opening case that investigation department has carried out investigation and found that assessee had escaped income. I think in this case assessing officer has no personal or independent... Read more of this article

How Much Money Can An Indian Gift In Foreign Exchange To A Person Resident Outside India?

How much money can an Indian mother gift to her son(British national now but Indian national previously) to be take to UK and what is the process of doing it. Does it require any special permissions or declaration.Amit Shah Thanks to burgeoning foreign exchange kitty of India, Reserve Bank Of India introduced Liberalised Remittance... Read more of this article

Can An NRI Gift Property Owned By Her Expired Parent ?

Our mother died recently and left some immovable (building) property to her children. I as one of the beneficiaries would like to gift my share to my niece who also received part of the property. We have two units to be shared between three family members. My niece will keep one unit with my share gifted to her and the other... Read more of this article

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