Can I get refund of TDS Without Enclosing TDS certificate?

I am housewife and engaged in private tuition with income of about Rs. 20000 per annum. In June’06, I participated in a TV Game Show. In July’06 I got a Demand Draft from the said TV Channel for an amount reduced by 30% as TDS from the amount stated to have won by me. In [...]

Is Ineterest on Loan for Buying Plot /Land Allowed Dedcution ?

I have taken a loan for buying a plot and to construct a house on it.50% of loan has been disbursed for buying the plot and rest is pending for construction.I am paying pre installment as of now. Can I get income tax rebate on the amount paid as pre installment.If not, should i break [...]

New Income Tax Returns In Excel Format !

The forms in excel format are available on bcasonline and a link is provided for download here.

ITR-1 For Individuals having Income from Salary/ Pension/ family pension) & Interest, For PDF click here and For Excel format Click Here.
ITR-2 For Individuals and HUFs not having Income from Business [...]

Is Royalty Received By Norway Registered Company Taxable In India?

We are a software company(Registered as private limited company in India) and 99% of the shares are held by our Parent company registered in Norway. We are engaged in software development and the parent company wants us to pay Royalty on Sales @ 30%

Question 1: Whether the royalty paid to our parent company is taxable [...]

Does SIP Help In Saving Tax?

This is a question on taxation related to SIP on Mutual Funds. As I understand, capital gains on equity-oriented mutual funds are not taxable if the units were sold after one year from purchase & the STT was paid. Suppose, I choose to go with a SIP and invest from January 2006 to December 2006 [...]

Is Ineterst on loan For More Than One House Allowed Deduction?

I am salaried guy. I have taken loans from 2 banks for 2 of my houses. One of my house is self occupied by me and I have rented the second house. My office auditor saying that the second house [...]

Is Interest On Personal Loan Allowed Deduction U/s 80E?

Hi, I am a working professional and have recently started an Executive MBA course. I had applied for an educational loan, which was not given to me and instead I was given a personal loan. Can I claim interest exemption from the same for tax purposes by showing that I have used the amount for [...]

Is FBT Payable For Medical Allowance Upto Rs 15,000?

Is FBT is applicable to employer on reimbursement of medical bills upto Rs.15000 to their employees?radhi68@………com
Yes.FAQ no 69 of CBDT’s Circular 8 of 2005 clarified regarding the issue of taxing medical allowance under Fringe Benefit Tax as under:

Whether medical reimbursement up to Rs. 15,000 (exempt in the hands of the employees) and [...]

Is Freelotto Winning Taxable in India?

One of my friend have got an intimation via mail that he has won 5000 pound sterling in a free lotto game. Now can he get this amount in India and if yes, then how much tax will be deducted from that prize money? Please advice us on this.Subhrajit Gupta
First advice will be to [...]

Is Agriculture Land Sale Taxable?

I had purchased agricultural land (can be termed ad farm-house plot) on the outskirt of Pune. The distance is approx. 7.5 kms from Pune muncipal corporation limit. I had purchased this land before 28 months.Now I want to sell this land. My questions are:

Is 36 months holding rule that [...]

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