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You are here: Home / Archives for November 2007

Why Business or Capital Loss Can Not Be Carried Forward?

November 29, 2007 By taxworry Leave a Comment

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Excerpt: 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 submitted on 05.08.02) of 31.07.02, I am not eligible for carry forward of the ST loss amount. Is that true that late submission of the returns by 5 days will carry the penalty of cancellation of carry forward amount? if so, what is the solution…

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Filed Under: A of Your Question, Filing of Return

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

November 29, 2007 By taxworry Leave a Comment

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Excerpt: 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 there is one particular co which insists on deducting tds of 11.3% even though my earning from them in one yr is only 5 lac-AditaActing is a professional service liable to TDS u/s 194J of the I T Act . Section 194J prescribes rate of…

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Filed Under: TDS Tagged With:

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

November 24, 2007 By taxworry Leave a Comment

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Excerpt: 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 deduct the tax under section 195 if the loan was borrowed from non resident company and loan was utilised for any business carried out in India. This is on account of section 9(v) income by way of interest payable by …

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Filed Under: Uncategorized Tagged With:

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

November 24, 2007 By taxworry Leave a Comment

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Excerpt: 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 any liability of tax either in hand of payer or payee.The provision under section 56(2)(vi is given as under: (vi) where any sum of money, the aggregate value of which exceeds fifty thousand rupees, is received without consideration, by an individual or a…

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Filed Under: Gift Tagged With:

Is Money Receipt From NRI Friend Taxable In India?

November 23, 2007 By taxworry Leave a Comment

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Excerpt: 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 consideration after 1/4/2004 but before 1/4/2006 [After 1/4/2006, if the aggregate sum of money received exceeds Rs 50,000, such sum will be taxable] whether from resident or non-resident friends , is certainly taxable in your hands under section 56(2)(v) of the I T Act….

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

Can Indians Invest Abroad Without RBI Approval?

November 20, 2007 By taxworry 2 Comments

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Excerpt: 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 You have nothing to worry about. RBI had already allowed purchase of shares of foreign companies listed abroad under ESOP without any kind of restriction. The remittance of foreign exchange required for purchase of these shares by employees of the…

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Filed Under: FEMA Tagged With:

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

November 19, 2007 By taxworry 1 Comment

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Excerpt: 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 they need it and I can afford the same. The idea is to help those who are in need.Will it be possible to get TAX benefit as they are not my children. Nikesh Jani An individual was eligible for deduction of interest on educational loan…

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Filed Under: Deductions Tagged With:

What Can Be Consequences For Filing Late Return?

November 17, 2007 By taxworry Leave a Comment

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Excerpt: 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 year concerned without any kind of penalty proceedings. As in your case, there is no penalty upto 31/3/2008 for filing return for Asst Yr 2007-08.But late filing of return may create following problems depending upon situation The interest u/s 234A @ 1 may…

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Filed Under: Filing of Return, Penalty Tagged With:

What Is Taxation Rule of Contribution to PF?

November 17, 2007 By taxworry Leave a Comment

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Excerpt: 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 eligible for deduction u/s 80C. Employers contribution is not taken for deduction purpose.All payments by provident fund is tax free in case of Central/state provident fund.The contribution by employers in excess of 12 % recognised PF is taxable salary of the employee. The interest…

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Filed Under: Salary

How Can ESOP Shares Become Taxable Perquisite ?

November 14, 2007 By taxworry Leave a Comment

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Excerpt: 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 and Sep 08 were fully vested and exercised in March itself.4. In lieu of an early exercise the Employees were required to sign a voluntary undertaking to pay a sum of Rs 14 lacs calculated with reference to ESOPS vesting in Sep…

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Filed Under: capital gains
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