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You are here: Home / Archives for March 2007

How to Claim Dedcution u/s 80DD?

March 31, 2007 By taxworry Leave a Comment

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Excerpt: Updated My mother (75) was suffering from high blood pressure and experienced stroke in the left side of the brain causing paralysis of the right half of the body,what is medically termed as “right sided hemiplegia ” .She is now bed ridden since 18.12.06 . My question is —————- 1.Does it come under ‘disability’ as defined in the IT ACT; 2.May I claim medical expenditure incurred as deduction under S. 80DD of the ACT;and 3.If so how? ab_taurean@………….com Read more about deduction u/s 80DD here.I think you can claim deduction u/s 80DD because per the definition of disability…

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Filed Under: A of Your Question, Deductions, Form Tagged With: , , , , , , , , , , , ,

What Is The Benefit Of Being Resident But Not Ordinarily Resident?

March 31, 2007 By taxworry 1 Comment

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Excerpt: I recall having come across somewhere that when a non-resident Indian maintaining an own house in US and also being a permanent resident of US visits India for periods that would otherwise classify him as resident, he continues to be a non-resident. Is this true? If so, can you please refer me to any document where this is clarified? kalyanpurb@yahoo.comThere are three types of residency defined under Income Tax Act 1961. These areResidentNon residentResident But Not Ordinarily Resident(RONR) A resident’ s global income is taxable in India whereas in case of Non Resident , income which accrues or…

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Filed Under: A of Your Question, non-resident

Saral Form 2D In Excel Format!

March 30, 2007 By taxworry 2 Comments

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Excerpt: Update (18/5/2007)Form 2D is no more there from 14/5/2007.CBDT has notified new forms of Return. The new forms are effective from 14/5/2007.For complete article click here.As you must be aware , CBDT had introduced many new forms and abolished some of the old forms.If you do not know , click here. Saral 2D the old form is still in practice and in my opinion, individuals (in fact non corporate tax payers can use this form.This form is really”Saral” because unlike new forms , you do not have to file cash flow statement. If you want to get Form 2d in…

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Filed Under: Filing of Return, Tax Calculators

What Is The Diffrence between PIO and NRI?

March 30, 2007 By taxworry Leave a Comment

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Excerpt: Hey your blog is excellent and way better than most sites i have seen keep it up !!what is the difference between NRI and PIO?Is there a different set of rules for PIOs?I have been filing returns as NRI for the last couple of yrs on income from other sources from moneys recd on death of father and grand mother.What does one do when his/her status changes from NRI to PIO ? When one takes a citizenship of another country are the rules same ? And what changes do i need to do in my returns ? trupticarny@…….com …

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Filed Under: A of Your Question, non-resident

How to Confirm If Your TDS was deposited by Deductor?

March 29, 2007 By taxworry Leave a Comment

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Excerpt: Thanks to online initiative taken by the government, now anyone whose tax has been deducted at source can VIEW if the tax deducted is deposited with the government . Do you want to view? This facility is being provided by NSDL through which Tax information network initiative is being implemented. Following is the excerpts of the “how to ” given on NSDL website . Follow these steps and , you will be able to view tax deduction made in your case.This is important because many a time , tax is deducted by the deductor , but not deposited to…

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Filed Under: TDS Tagged With:

How Can A Non Resident Get PAN?

March 27, 2007 By taxworry Leave a Comment

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Excerpt: Now that CBTD has allowed Non Resident to get a PAN , everyone who is Non resident should get PAN because for most of the financial transaction, PAN is mandatory in India.The circular issued by System wing of CBDT is given belowPAN Circular No. 4 Dated: 11.10.2006 “Following guidelines are issued to facilitate the allotment of PAN to citizens of India residing outside India, foreign citizens and other persons (like companies/trusts/firms) having no office of their own in India: I. …

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Filed Under: PAN, non-resident

Personal Loan Utilised For Higher Eductaion Eligible For Deduction!

March 26, 2007 By taxworry Leave a Comment

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Excerpt: I am working professional in software company. I am doing part-time MBA for which I have paid a fees of 80,000/- during current financial year of 2006-07.For that I took a personal loan & not education loan from ICICI bank. Will I get any tax benefit? komalfriends@rediffmail.comThere is nothing in Section 80E of the I T Act which states that you have to take educational loan from banks. Rather the word used in section is LOAN and used for the purpose of higher education. Section 80 E states”80E. (1) In computing the total income of an assessee, being an individual,…

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Filed Under: A of Your Question, Deductions Tagged With:

Can You Avoid Tax Collection At Source ?

March 25, 2007 By taxworry Leave a Comment

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Excerpt: I m proprietor of a firm having turnover 2 crore.we are purchasing iron scrap on which we have to deposit 1.1% TCS on sale against Form 27C. We deposit Form 27 C on or before 7th of every month. I would like to ask that what is the last date to receive Form 27C from our clients. er.harkeenkaur@gmail.comThe last date for collecting the tax at source is the date on which you , as seller ,made entry in your books of accounts as due for any purchase or at the time of receipt of amount of purchase from any…

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Filed Under: A of Your Question Tagged With:

Should You File the Return IF TDS Certificate is Lost?

March 25, 2007 By taxworry Leave a Comment

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Excerpt: I have lost the original form 16 issued by my employer. In such a scenario what are the alternatives for filing tax return as I am unable to attach the Form 16 with my return. mainakdas@…….comUpdateFrom Asst. Yr 2007-08, there is no need of TDS certificate enclosure with the return.You should do two things1. File the Return without the said TDS by showing the income on which that TDS was done and claiming the TDS .Now the return shall not be taken as defective for the want of TDS certificate. Moreover, you can claim within two years for rectification of…

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Filed Under: A of Your Question, Filing of Return, TDS Tagged With:

When Is Exemption u/s 54F Not Allowable?

March 25, 2007 By taxworry Leave a Comment

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Excerpt: I had purchased a plot in Greater Noida in 1997 from a developer. I paid full consideration and the possession was taken in Oct 2003. Got the same registered in my name in April 2005.I want to sell the plot and buy a big size apartment for my family . When can I sell the same and buy an apartment for me and get the benefit of LTCG. Is it now or after April 2008 ?I also own one apartment in joint name with my wife in NOIDA . Will it come in way of claiming section 54 benefit when…

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Filed Under: A of Your Question, Exemption, capital gains Tagged With:
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