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You are here: Home / Archives for July 2007

Who Should Not Worry About Filing Return By 31st July??

July 30, 2007 By taxworry Leave a Comment

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Excerpt: 31st July is the due date for filing of return by individuals who are not subject to tax audit or who are not partners of a firm which is subject to tax audit.Therefor large numbers of taxpayers or assessee are those individuals for whom due date is 31st July. Every year there is is great rush to file return by 31st July. So, income tax department makes special arrangement to receive those returns on last two three days. This year also, income tax department kept the office open on Saturdays and Sunday (28 th & 29th of July ) to…

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Filed Under: Filing of Return

Easy Chart To Compute Accrued Interest on NSC & KVP!

July 30, 2007 By taxworry 9 Comments

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Excerpt: National Saving Certificate (VIII) is issued for 6 years. Premature withdrawl is not allowed.No TDS at the time of encashment.Can be purchased on Minor’s name , but an NRI is not eligible to purchase NSC.It is available in denomination of Rs100,Rs500,Rs 1000, Rs 5000 & Rs 10,000. Accrued Interest on NSC of Rs 100 Year of Accrual If purchased on or after 1/3/2001 but before 1/3/2002 If purchased on or after 1/3/2002 but before 1/3/2003 If purchased on or after  1/3/2003 First year 9.72 9.20 8.16 Second Year 10.67 10.05 8.83 Third year 11.71 10.97 9.55 Fourth Year 12.85 11.98…

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Filed Under: Tax Calculators

What Will Be The Cost In Case Of Inheritance?

July 29, 2007 By taxworry Leave a Comment

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Excerpt: My father purchased a property in 1973 , the property belongs to his huf. He expired in 1990, my mother also expired in 1996, the property was transferred by inheritance. I sold it in 2006 . I would like to know what will the cost inflation index period be for me , whether it will be as on 1/4/1981 or the day it was transferred to me. speed@………….com There is section 49 of I T Act which prescribes method of computing cost of the asset with reference to certain mode of acquisition . Your way of acquisition…

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Filed Under: A of Your Question, capital gains

From Which Year Deduction Of Interest On Educational Loan Begins??

July 28, 2007 By taxworry Leave a Comment

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Excerpt: I have taken a education loan from SBI for my MBA education. The loan amount was close to 3 lacs and the interest to date is 47000. so now the current balance outstanding is Rs. 347000/- …now the bank has started the repayment of 7458 per month for 60 months . but they say i will get tax benefit for interest starting from month of June 07 only. I want to know if it is possible for me to get tax benefit on the 47000 interest that has already been charged to my account.Chirag ShahSection 80E of the I T…

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

Can I Get Tax Benefits If I Pay Rent To Father ?

July 28, 2007 By taxworry Leave a Comment

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Excerpt: I pay housing loan interest & I pay rent to my father whether. Can I claim interest deduction on loan & can I get exemption for my HRA also for rent paid to my father.There are two house of my father & of my mine in one city. Your Email nsukhia@…………..com If your house is situated in the same city where you work, you have to self occupy the house . If you do not do, as per provision of section 22 read with section 23 , you will be charged to tax on notional value of rent even…

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

Is There Time Limit For Issuing Notice For Search Assessment?

July 28, 2007 By taxworry Leave a Comment

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Excerpt: A search was conducted on some person in 2002. during search certain papers belonging to me were also found. However till 2006 no notice was issued to me. In 2006, deptt has issued me a notice for block assessment. First of all block assessment has been abolished from 2003. But I feel that situation is still applicable for searches conducted before 2003. Further there is time bar for completion of assessment, once notice is issued. but there seems to be no time limitation for issuance of notice for block assessment. Please guide the right path.PARIKSHIT AGGARWAL Assessment of searched…

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

Who Are Required to Maintain Books of Accounts ?

July 26, 2007 By taxworry Leave a Comment

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Excerpt: Section 44AA along with Rule 6F states Legal,Medical,Architectural,Engineering,Accountancy,Technical Consultancy,Interior Decoration,Authrised Representative before Tribunal ,Film Artist,Company Secretary and Information Technology professionals having gross receipts of Rs 1,50,000 per annum in any one of the three years immediately preceding the previous year.Anyone carrying business or profession , other than 1 above , if total income from business or profession exceeds Rs 1,20,000 or total sales /gross receipt is above Rs 10 Lacs in any one of the three years immediately preceding the previous year.Those persons who avail of Estimated Income Scheme under Section 44AD to 44AE are also required…

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Filed Under: Penalty Tagged With:

Tax Offices Open On Saturday & Sunday !

July 25, 2007 By taxworry Leave a Comment

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Excerpt: News You Can UseCBDT has issued order for keeping the income tax office open on 28 & 29 th July 2007 for tax payers convenience.F.No.220/3/2007- ITA-IIGovernment of IndiaMinistryof FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, the 24thJuly, 2007. Order under Section 119 (1) of the Income Tax Act, 1961. The due date for filing of return of income within the meaning of Explanation2 (c) to Section 139 (1) of the Income Tax Act, 1961 is 31st July, 2007. The income tax authorities are hereby directed to make arrangements for accepting the returns…

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Filed Under: A NEWS u can USE

Can I Claim HRA By Paying Rent To Wife?

July 24, 2007 By taxworry Leave a Comment

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Excerpt: I had taken a HBA from my office for the house which is jointly owned by me & by my wife. I repaid the full amount to the office and the land document is released to me by my office. Sine the house is in joint ownership of my wife & me . Against the receipt of some amount from my wife who is in service & files tax return, I forfeited my right of ownership on the house through a ‘WILL’. Can my wife issue me a rent receipt to me ,and can I claim House Rent from my…

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Filed Under: A of Your Question, House Property, Salary

A Tale Of Two Flats!

July 24, 2007 By taxworry Leave a Comment

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Excerpt: I bought a flat in Andheri in Nov 2000 Rs 14 lakhs. In May ’06 I bought 2 under-construction flats (same building, same floor) in Kharghar 57 lakhs (loan of 51 Lakhs). I got possession in Dec ’06. In March ’07, I sold my Andheri flat for 30.5 lakhs. After repaying loan of 13 lakhs on that flat, gain was 17.5 lakhs (without adj for cost indexn). Am I eligible for capital gains exemption for full amount of gains under Sec 54 because I sold the Andheri flat within 10 months of purchase of Kharghar flats? Also what happens if…

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Filed Under: A of Your Question, capital gains
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