Why Business or Capital Loss Can Not Be Carried Forward?

I have been called for scrutiny of AY 2006-07 returns by ITO Hyderabad. I had set off ST capital gains (shares)of the previous year 2005-06 with that of ST capital loss of AY 2002-03. ITO has raised an objection that since the returns of the AY 2002-03 were submitted late after the due date (i.e [...]

I Am An Actor. What Should Be TDS Rate In My Case?

I am an actor and my income is over 10 lakh per annum- earlier we were made payments with 5.6% tds deducted. now it has become double- 10.3% however I am told if your billing with one particular company is over 10 lakh then we are liable to pay 11.3% tds- is that true- also [...]

Does Belgium Company Gets Tax Relief For TDS on Interest in India?

Is Withholding Tax applicable on the interest remitted abroad by an Indian Corporate and can this be claimed back by the party receiving the money in the foreign country from the tax department. How would this work in case of the DTAA between India and Belgium.Ruby Vazirani

The Indian corporate will have to [...]

Is Gift From NRI Father-in-Law Tax Free!

Can my NRI father in law gift me money & is that money taxable?
Mandeep Kumar
Section 56(2)(v) deals with the taxability of gift receipt. It provides that gift exceeding Rs 50,000 in a year is taxable in the hands of receiver. However , there are some exceptions when any amount of gifts can be received without [...]

Is Money Receipt From NRI Friend Taxable In India?

One of my friend is working in some other country and used to send some money from there in my salaried account in India on which he is already paying tax there.So will it going to be taxable for me as well. SarikaIf you receive any sum of money exceeding Rs 25,000 without any [...]

Can Indians Invest Abroad Without RBI Approval?

One of the American company is offering me some shares under ESOP. This company is not listed in India. It is listed New York Stock Exchange.My worry is how this transaction will took Place? If I want to sale these shares how I will Sale It. ? Please reply at the earliest.Parag [...]

Who Are the Relatives For Whom Educational Loan Can Get You Tax Relief?

I think during budget of financial year 2007-08, there was new Tax benefit entered for – If Individual takes education loan for children of relatives, he can get tax benefit on interest of Loan taken. To be specific about my query, I want to take Education Loan for my sisters children ( Nephew ). As [...]

What Can Be Consequences For Filing Late Return?

What are the penalties for filling late I.T. Return i.e. after 31 Oct. 07 in case of HUF firm with turnover of 4 crores. Raj Sharma

Actually , a person who has no tax liability as on the last day of an assessment year can file return up to 31st March of the assessment [...]

What Is Taxation Rule of Contribution to PF?

Employee Contribution to Provident Fund and Employer’s Contribution to PF..Are both included in Income while preparing Form-16 and in return as well and deduction under 80c is available for both contribution or for employee’s only ….Anshul SinghalThe basic rules of income tax regarding provident fund are as under:

The contribution to provident fund by employee is [...]

How Can ESOP Shares Become Taxable Perquisite ?

1. I am in employment with a company since Jan 2002. 2. the company included me in an ESOP scheme where in shares were to vest in installments between 2004 and 2008 in Septmber each year 3. In March 2007 early vesting of ESOPs was undertaken and ESOPs due in Sep 07 [...]

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