Whether Life Time Pension Arrear Taxable In The hands of Legal heir?

Whether Life Time Pension Arrears (LTPA) payable to a deceased employee is taxable in the hands of nominee. In a other way ,whether such amount should be included to the total income of the nominee and taxed. Please explain in detail to enable to guide one of friends in his tax planning.nominee’s own annual income [...]

Is there Any Relief to Author Under Indian Income Tax Laws?

I am an Associate Professor in an University. I have co-authored two text books for Board of secondary education. The books are in Hindi. Do I have to pay tax on the income? I am getting confused even after going through section 80 QQB of I T Act. Please Help.Dr. Praveen Mathur
Section 80QQB [...]

Are the Gratuity & Leave Salary received by legal heir Exempt?

Whether gratuity and leave salary becoming due on the death of an employee are taxable in the hands of nominee/legal heir? Please explain in detail.M K L Chand
First of all , it should be known that definition of Salary specifically mentions “Gratuity” .Therefore, gratuity is taxable whether being received by employee or his/her [...]

Are 100 % Tax Exempt Companies Liable to Pay FBT?

We are having a Software Outsourcing IT enabled Company. This is approved by the Software Technical Park of India (STPI), Govt. of India and it is a STPI Unit. We are completely exempted from income tax since all our income is on foreign currency and no income in Indian currency as per [...]

Are You taxable for Research Remuneration Received In UK?

I am working in Cambridge university as a researcher. I will be here from August 5, 2007, up to 2 years. I am in the service of Government of India and presently I am on leave. I get a salary of £26000 p.a in Cambridge (from UK project), with no remuneration in India. I was [...]

Can You Claim STT As Cost of Share Purchase?

We are a company doing investments in shares i.e. we buy shares, take delivery and sell after few/many months. Our Assessing Officer says that we should add the Securities Transaction Tax paid on these transaction to the cost price ( just like service tax and education cess). Is he right? In our view, STT is [...]

How Can You Prevent TDS on Rental Receipts?

I have rented out a property in Gurgaon and the lessee is asking me for a letter from the Income Tax Dept. stating that he does not need to deduct the tax at source. Is this correct? If so how and where do I get this letter? Vijay
The TDS on rent is provided in [...]

Are You Liable to Tax Even If Your Total Income Is Below Exemption Limit?

For the Assessment year 2005-06, I was a full-time PG student with zero income. I had won a prize of Rs 30K in a quiz competition on which a TDS of Rs 9180 was collected. After filing for TDS refund, the Assessing Officer rejected my claim stating that “no refund is due in view of [...]

Is it compulsory to disclose exempted income in the income tax return?

Is it compulsory to disclose exempted income in the Indian income tax return? Can NRI ignore the direction given in the tax return to declare exempted incomes such as his foreign income? As there is no such specific provision in the Income Tax Act, and since no tax is sought to be avoided, non-disclosure of [...]

When Should You Get Tax Audit Done In Case Of Day Trading of Shares?

I do only day trading. When am I required to get my accounts tax audited ? Renesh Jain
The day trading is definitely speculative in nature. The delivery is never taken or given.Therefore, confusion is created regarding what should be the turnover of day trading transaction .Should the value of purchase or sale or [...]

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