I have got job in Middle East.Do I need to take clearnce certificate from ITO ?

NO , the provision regarding the clearance certificate in case of going abroad permanently or temporarily has been changed for good. The provision in force today are as follows:
A) If you are domiciled in India and wants to go out of India.
As per Section 230(1A) , a person is required to tell the Assessing Officer [...]

I carries two business , the combined turnover is above Rs 40lacs. Should I get the accounds audited ?

Yes, you are required to get your accounts audited along with a tax audit. It is better way to maintain your accounts anyway.
Tags: Tax Audit

I could not pay demand for paucity of funds. The interest part of the demand is huge now. I am not in postion to pay such demand .What to do?

Sure, you can apply before Commissioner of Income tax or Chief Commissioner of Income Tax , on plane paper u/s 220(2A) which says :
“Chief Commissioner or Commissioner may reduce or waive the amount of interest paid or payable by an assessee under the said sub-section if he is satisfied that
(i) payment of such amount [...]

The commission I earn, is subject to TDS which is huge and I have to claim refunds always ? Is there way out?

Yes , You can apply to the A.O in Form 13 given in IT Rule 28 stating that you may either be exempt from TDS or TDS should be at a rate lower than the prescribed rate. For this you will have to attach the estimated income of last years to make your point. [...]

All you ever wanted to know about PAN!

What is PAN ?This is Permanent Account Number- a unique 10 digit number allotted to each taxpayer for his identification. Section 139A of the I T Act deals with PAN.Why PAN ?The govt. wants to track the expenditure ,investments,payments and receipts so as to keep a tab on potential tax evaders. The system is [...]

I sold some shares gifted by my husband, but the A.O taxed my husband on those gains. Now the company annanoced Bonus.Will that also be clubbed ?

No, the Bonus received on the shares GIFTED to you by your husband can not be clubbed in his income because the bonus was never belonging to him.There are court ruling on this issue . You can refer CIT vs M P [...]

My father in law has a house in Delhi . He wants to transfer the house in my name. Is the rent taxable in my hand?

No , Rent is not taxable as your income if the transfer of the house was done without receiving the consideration……why? This is beacuse of clubbing provision in the I T Act .
Section 64 (vi) of the I T Act states:
In computing the total income of any individual, there shall be included all [...]

My taxable income is Rs 2.2 Lakhs. If I gift Rs 20,000 to my son, who is a 23 yr old student, will my taxable income reduce by Rs 20,000 to Rs 2.0 Lak

No, There will not be any reduction. You will have to pay tax on 2.2 lac. Your sons receipt will be tax free.

Claimed dedcution u/s 80 DD of Rs 50000. A.O says deduction shall be allowed only for expense for which I show proof .Is he right?

In my view , the action of A.O is not according to the provision of the Section 80DD of the I T ACT. Even a ruppee you spend on dependent person for his medical treatment and maintenance , you are allowed a deduction of Rs 50000.Section 80DD states :
“Where an assessee, being an individual or [...]

Six months have passed since I received the assessment order . I forgot to appeal before CIT(Appeal).Can I file appeal now?

Normally, the law provides u/s 249 that Appeal shall be filed within 30 days from the receipt of the order of the Assessing Officer. However , u/s 249(3) provides that CIT(A) may condone the delay if he founds that the appellant was prevented from filing appeal due to genuine reasons. [...]

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