Happy New year!-My Year 2007’s Resolutions

Wish you happy new year to all readers. My resolution for ear 2007 are , as far as this Blog is concerned are

1. Giving answers within four days .
2. Many How-tos as guide to Ordinary tax payers.
3. Articles of general interests which are helpful in deciding the Right course of investments
4. FEMA related articles.

And if [...]

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Deduction u/s 80E is Unlimited

According to section 80E maximum how much amount can be taken as relaxtion for paying education loan.Thanks and RegardsRakeshFrom: rakesh.lenka@ge.com
There is no limit prescribed under the I T Act. However, Deduction is limited to Gross Total Income .Section 80E is given below and give attention to word ANY in RED
“In computing the total income of [...]

DTAA supersede I T Act

We have to make payment to Italian consultant for having rendered the service in Italy. As Per DTA Agreement with Italy the rate of Tax is 20%. But as per Section 194J TDS rate is 10% subject to fulfillment of certain conditions prescribed therein like date agreement entered into and Industrial policy.Please advice us at [...]

Unspent Daily Allowance is Not Taxable .

From chiranjivsodhi@yahoo.comI seek your expert comment on the following situation.A person is employed in India by an Indian Company. Company sent him for foreign assignment. He lives there for more than 182 days. During his stay in foreign country, his salary was deposited in his Indian bank account by his employer company. He also got [...]

Oh!Great News. No Tax Audit Report or P &L Account or Balance Sheet required to be Attached with Return.

As per the CBDT,s circular No. 9/2006, dated 10-10-2006 , along with new Return forms namely -Form 2F ,Form No. 1, Form No. 2, Form No. 3, and Form No. 3B- a taxpayer should not attach

any statement showing the computation of income or tax or notes thereto,
copies of balance-sheet, profit and loss account or [...]

Seven Answers You Must Know About New Forms of Income Tax?

This is based on CBDT Circular No. 9/2006, dated 10-10-2006 .The Central Board of Direct Taxes have notified following new return forms for assessment year 2006-07:(i) Form No. 2F
For resident individual or HUF having

no income from business or profession or agricultural income orcapital gains (except long-term capital gains from transactions on which securities [...]

You can’t save on tax on LTCG by investment in Son’s name!

Individual a pensioner purchased a house property out of his salary earnings.Now,he sold the same.His son and three daughters also joined in the executionof sale deed.Pensioner being aged wants to invest the CG in the name of his son to avoid LTCG. Whether he can do so? From: nrkmarimuthu@gmail.com

There is no scheme in [...]

When GIFTS are Exempt from income tax ?

Gift of any amount received after 1.4.06 is exempt if received
1. From Relatives or ,
2. On the occasion of marriage or,
3. Under a WILL or,
4. By way of inheritance or,
5.In contemplation of Death.
6.From any local authority 7
7.From any fund or foundation or university or other educational institution or hospital or other [...]

Liberary fee is no tution fee.

WIll the amount paid towards library fee, mess fee, room rent be eligible for deduction if it is given in the reciept apart from the explicit tuition fee?      From: bnageswaran@dataone.in
No , In my view, what is given deduction under section 80C is TUTION FEE and not any other fee. Nature of Tution fee is quite [...]

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