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You are here: Home / Archives for May 2007

How to Show Loss From House Property in New Income Tax Return Form?

May 29, 2007 By taxworry 1 Comment

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Excerpt: I am Punjab Govt Employee and have availed housing loan from HDFC bank. In the new Income Tax Return Form No. ” ITR 1 ” , I cant find any space for getting rebate under section 24 for interest on housing loan. Kindly tell me where to fill this amount. tirath1960@yahoo.comHow to show interest on borrowed capital (Deduction u/s 24(b) in new Income Tax Return Form 2007-08 (ITR 1)? dileepkb@rediffmail.comFirst of all , it should be understood that anyone who has income from house property or loss from house property, can not file return ITR-1 . The ITR -1 is…

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

Should Technical Fee Paid to Non Resident Suffer Tax At Source?

May 27, 2007 By taxworry Leave a Comment

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Excerpt: We are a US based Strategic/ Creative Brand Development Company. We are being hired by a Indian Company to develop a positioning for an existing brand in India and to develop an entirely new retail concept. The work will be done in the USA.After having negotiated a fee, we were made aware of 2 taxes that would be due and asked to have these taxes deducted from our fee. The taxes are a) TDS at 15% and b) Service Tax at 12.36 %.Our prospective client has been able to absorb the service Tax, however the TDS tax is still an…

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Filed Under: A of Your Question, TDS, non-resident Tagged With:

Is Payment For Hosting Website Subject to TDS?

May 25, 2007 By taxworry 5 Comments

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Excerpt: We are a proprietary firm in India, create and host websites for our clients located in India,receive payment in Indian rupees only. we host these websites on computers located in data center (large building several computers with high speed internet connection) in USA. We remit payment in US dollars to the company who provides us these servers.This company has nothing whatsoever to do with India – no permanent establishment in India.My question is — is such payment in US dollars made to this foreign company liable to tds in India.rajesh_mahadevan@…….comAccording to section 195 of the I T Act , tax…

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Filed Under: A of Your Question, TDS, non-resident Tagged With:

Which Tax Rate Is Applicable -Old or New?

May 21, 2007 By taxworry 1 Comment

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Excerpt: 1. From which date the new 1 % higher Education Cess introduced in Budget 2007 will be effective for the calculation of TDS , whether it shall be from 1st April 2007 or from the date of enactment of the Finance Act 2007 i.e 11 th May 2007.There are conflicting opinions on this issue. manish_joshi14@yahoo.com 2. Can you notify the date from when 1% additional Education Cess should be levied in our bills? shahbros@gmail.com 3. From which date Higher Education Cess is applicable? abhisheksaxenaca@gmail.com 4. Is higher education cess applicable for individuals a.y.2007-08 income…

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

Is Sale of Shares Listed Abroad Tax Free?

May 20, 2007 By taxworry Leave a Comment

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Excerpt: If a MNC gives ESOP to its Indian employees (Indian subsidiary) which are listed abroad, what kind of tax is applicable on the sale of the share options once the funds (after sale) is transfered back to India. If so what is the tax rate. kavee_india@……com There is a fully owned US subsidiary in India and employees are given stock options having vesting period spread over 4 years. India employees are provided parent company shares under stock option.1 Whether the current proposal to tax ESOP applicable to the US Subsidiary in India ( FBT )…

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Filed Under: A of Your Question, capital gains

How to Make Gain On ESOP Shares Sale Tax Exempt?

May 20, 2007 By taxworry 9 Comments

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Excerpt: ESOP has come into focus once again on account of its inclusion as benefits chargeable to fringe benefit tax. To know more about it click here.As far as , employees are concerned , newly inserted provision prescribes for tax on capital gain arising at the time of sale or transfers. However, for those employees who are given shares of companies which are listed on India stock exchange need not worry if they be patient a bit. Two simple steps should be adopted for making the gains non taxable. These are :D o not sell the shares …

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Filed Under: Exemption, capital gains Tagged With:

Seven Steps To Understand ESOP and Its Taxation!

May 19, 2007 By taxworry 1 Comment

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Excerpt: 1.What is ESOP ?ESOP is short form of Employees Stock Option Plan. Under this plan, companies provides employees a plan by which the employees get an option to acquire shares of their employer company over a period of time at a reduced price or nil price. Therefore ESOP is primarily a kind of incentive to hold the employees to the company’s fold .Therefore, question of taxing this perquisite and capital gains at the time of sale of shares received by the employees arise.2.What are the new taxation scheme of ESOP?The new scheme of taxation of Employees Stock…

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Filed Under: capital gains

Is Dedcution u/s 80C Allowed If Investment Is Out of Loan?

May 18, 2007 By taxworry 1 Comment

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Excerpt: What is the provision U/s. 80C & CCC towards investing the full amount of Rs. 70,000 at the start of a Financial Year ie. on 2nd April, 20007 ? Would this investment of Rs. 70,000/- be eligible to be considered as an deduction U/s. 80C & CCC, taking into account that the investments have been made from the salary for month of March 2007 & recd on 31/03/07 ? piyushchavda@……..comWhat you actually want to know is whether the deduction u/s 80C or 80CCC available if the investment is not out of taxable income of that year for which deductions…

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

Can You Claim TDS Even After Assessment?

May 17, 2007 By taxworry 2 Comments

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Excerpt: If during assessment, assessee is not able to submit TDS certificate to the full extent of amount claimed as TDS/Refund, what will be the maximum time limit to submit TDS certificates to claim refund? in case assessment is completed. Is there any possibility to claim at a later date, if TDS certificate is collected/found, the refund from the department, and if so under what section and what are the procedures? vaimuma@yahoo.comThere is express provision in the I T Act, that if the TDS or TCS is not filed along with the return of income , the assessee can file the…

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

Now File Return Without Any Single Paper Attached-yes Even Without TDS Certificates!

May 16, 2007 By taxworry 2 Comments

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Excerpt: CBDT has notified new Returns for Assessment Year 2007-08 by substituting the Income Tax Rule 12 by notification on 14/5/2007 .The new Rule is effective from 14/5/2007. The biggest simplicity for these forms and ordinary people is that the new returns are annexure less. Meaning thereby that not even single paper is to be attached with these returns. Let us see what the Rule 12(2) says(2) The return of income and return of fringe benefits required to be furnished in Form No.ITR-1 or Form No ITR-.2 or Form No. ITR-3 or Form No.ITR-4 or Form No.ITR-5 or Form No.ITR-6 or…

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Filed Under: Filing of Return
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