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Excerpt: According to section 80E maximum how much amount can be taken as relaxtion for paying education loan.Thanks and RegardsRakeshFrom: rakesh.lenka@ge.comThere 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 an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, any amount paid by him in the previous year, out of his income chargeable to tax, by way of interest on loan taken by him…
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Excerpt: 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 what rate we should deduct tax and pay into Government. …
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Excerpt: 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 some Maintenance Allowance in foreign currency there. He spent some amount out of the maintenance allowance and saved the balance.Now the question is : “Is the unspent or saved amount out of maintenance allowance to an NRI employee in foreign country exempt from Income Tax?”If…
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Excerpt: 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 attachany statement showing the computation of income or tax or notes thereto, copies of balance-sheet, profit and loss account or notes thereto,TDS/ TCS certificate, proof of payment of advance tax or self-assessment tax, Tax audit report u/s 44AB,Any other document. Should the Tax Audit Report be submitted separately?No, TAx Audit Report need not be furnished separately also before or after the due date. However, you…
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Excerpt: 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 transaction tax paid); ornot claiming relief under section 89 in respect of arrears or advance of salary; not owning more than one house property. (ii) Form No. 1, Form No. 2, Form No. 3, and Form No. 3BForm No.1 is a combined form for return…
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Excerpt: 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 the I T Act that an Individual can save on tax on Long Term Gains by investing in son’s name. In case , you want to save on tax and still want to give the Investment to your son , I would suggest that…
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Excerpt: 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 medical institution or any trust or institution referred to in clause (23C) of section 10; or 8. from any trust or institution registered under section 12AA. In all other cases, gift above Rs 25000 received…
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 different from the types of expenses which you have given above.
