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

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.com
How to show interest on [...]

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

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 [...]

Is Payment For Hosting Website Subject to TDS?

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 [...]

Which Tax Rate Is Applicable -Old or New?

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. [...]

Is Sale of Shares Listed Abroad Tax Free?

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 [...]

How to Make Gain On ESOP Shares Sale Tax Exempt?

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 [...]

Seven Steps To Understand ESOP and Its Taxation!

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 [...]

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

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 [...]

Can You Claim TDS Even After Assessment?

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 [...]

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

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 [...]

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