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You are here: Home / Archives for September 2007

Send Money Abroad Up To USD 2,00,000 Now!

September 29, 2007 By taxworry Leave a Comment

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Excerpt: News You Can Use The Reserve Bank Of India has further liberalised the forex rules and one of the relaxation affecting Individuals immediately will be raising of remittance limit under Liberalised Remittance Scheme for resident Indians. Read the press release issued by RBI. P. (DIR SERIES) CIRCULAR NO. 9, DATED 26-9-2007 Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to A. P. (DIR Series) Circular No. 51 dated May 8, 2007 on the Liberalised Remittance Scheme for Resident Individuals (the Scheme). 2. With a view to further liberalize the…

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Filed Under: A NEWS u can USE, FEMA Tagged With:

What Happens If Possession of Flats Gets Delayed Beyond 3 Years?

September 27, 2007 By taxworry 1 Comment

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Excerpt: What is the income tax rule if my apartment possession gets delayed by more than 3 years (from the date I take the loan)? Nitin Section 24 of the I T Act is for deduction of interest from house property income. What ever interest is paid is allowable in case the property is not self occupied i.e it is rented. However , in case of self occupied property, there are two proviso under section 24 which restricts allowance of interest from house property income which will otherwise be taken at Nil value. These proviso states ‘Provided that in…

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Filed Under: House Property

How to Compute Tax In Case You Have Agricultural Income?

September 26, 2007 By taxworry Leave a Comment

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Excerpt: While clubbing the agricultural income with non-agricultural income for tax purpose , whether non- agricultural income to be taken at gross income or net taxable income after deduction u/s. 80C ?Mahesh The non-agricultural income is the total income without consideration of agricultural income. The total income is found out by gross total income minus deduction u/s 80C.For example , for asst yr 2007-08 if an Individual male person has net agricultural income of R 40,000 and non agricultural income of Rs 2,00,000 . Let us say the person has deposited Rs 30,000 in PPF. In this case ,…

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Filed Under: Exemption, How Tos Tagged With: , , , , , , , , , , , ,

When Can Your Return Be Declared Defective?

September 21, 2007 By taxworry Leave a Comment

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Excerpt: I have filed the return for the AY 2006-07 computing tax as per the provisions of 44AD as the gross receipts was less than 40 Lakhs. I have declared 8% income on the gross receipts as required by the said provision. Now, I have received a letter from the Assessing Officer stating that my return has been considered as a Defective Return as no enclosures formed part of the return. The AO requires me to file a reply having details of gross receipts, gross profits, net profit, list of debtors, list of creditors, cash and bank balance. Is it correct…

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Filed Under: Filing of Return

What Is the Meaning of Dependant for Claim of deduction u/s 80DD?

September 17, 2007 By taxworry 2 Comments

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Excerpt: I have a handicapped dependent who is my cousin ( son of my mother’s sister). He is completely dependent on me and every month I spend Rs 5000. He is suffering from 95 % Blindness and mental problem. I wanted to know whether I can claim tax benefit under 80DD. I went through the Income Tax Act details. It states that deduction is allowed for a handicapped dependent relative. Would he fall under that category?Manish Thapak Let us first see what section 80DD says “80DD. (1) Where an assessee, being an individual or a Hindu undivided…

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Filed Under: Deductions Tagged With:

What Are The Tax Benefits Available To Senior Citizens?

September 12, 2007 By taxworry Leave a Comment

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Excerpt: What are the deductions admissible to a Senior Citizen? K G MenonThere are not many Exclusive deductions available to senior citizen . A person becomes senior citizen under Income Tax Act in any year after attaining the age of 65 even for one day. Once he attains 65 years, his status as senior citizen in that financial year , gives him some relief .There are not many . These are listed below: 1. Higher Exemption Limit For FY2007-08, basic exemption limit for tax is fixed at Rs 1,95,000. Therefore, any Sr. citizen having total income till 1,95,000 for…

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Filed Under: A NEWS u can USE

Why Should You Not Forget To Deduct Tax At Source?

September 9, 2007 By taxworry Leave a Comment

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Excerpt: Now , even individuals or HUF have been made responsible for deducting tax at source if their sales turnover exceeds Rs 40 lakhs or gross receipts from profession exceeds Rs 10 lacs. Not deducting tax at source from payments made will make them suffer very heavily. The punishment for not deducting tax at source, was enhanced by Finance Act 2004 by an amendment in section 40 of the I T Act. So , substituted section 40(ia) consists of following provision 40. Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall…

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Filed Under: Business Income, TDS Tagged With: ,

Is Insurance Premium Exceeding 20 % Injurious To Wealth ?

September 6, 2007 By taxworry Leave a Comment

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Excerpt: Life Insurance and Unit Linked Insurance Plans are very popular as a tool to get deduction u/s 80C of the I T Act.There is two common perception regarding these two types of investments The investment in life insurance and ULIP can be deducted up to Rs 1,00,000. The insurance money received form policies are totally tax free . I would say both are correct perception but not in all conditions. There are conditions under which both the aforesaid perceptions can be wrong . How much deduction available u/s 80C for investment in insurance policies??? Section 80C of…

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Filed Under: Deductions Tagged With:

Is FBT Applicable on Charitable Trusts?

September 5, 2007 By taxworry Leave a Comment

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Excerpt: Whether FBT is applicable to Charitable Trusts? Kishan Lal Agarwal Proviso to section 115W(a) of the I T Act inserted from Asst Yr 2006-07 specifically exempts funds ,trusts or institution eligible for exemption u/s 10(23C) or registered u/s 12AA of the I T Act . The proviso statesProvided that any person eligible for exemption under clause (23C) of section 10 or registered under section 12AA or a political party registered under section 29A of the Representation of the People Act, 1951 (43 of 1951) shall not be deemed to be an employer for the purposes of this Chapter;Earlier ,CBDT vide…

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Filed Under: FBT

eTDS Is Mandatory For Most Persons Now!

September 5, 2007 By taxworry Leave a Comment

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Excerpt: Till now, only eTDS was mandatory for Government or Company deductor . However, now the CBDT has amended the Rule 31A, & 31AA vide Notification No. 238/2007 [ S.O. 1484(E) ] dated 30th August, 2007 to provide that in addition to the existing two categories, quarterly statements of TDS/TCS shall also have to be furnished electronically in the following cases:- (i) Where the deductor/collector is a person required to get his accounts audited under section 44AB of the Income-tax Act in the immediately preceding financial year. (ii) The number of deductees’/collectees’ records in a quarterly statement for any…

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Filed Under: A NEWS u can USE, TDS Tagged With:
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