Rule For Valuation Of Specified Security For FBT Notified!

A News You Can Use
CBDT has notified new rules for valuing the specified securities for the purpose of fringe benefit tax. The rule 40D given below is self explanatory

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,
PART -II- Section 3- Sub-section (ii)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department Of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification
New [...]

Which Investments In Your Family Member’s Name Save Tax For You?

I bought a ULIP from HDFC in my spouse name & I want to claim rebate us 88 as my wife is a homemaker and do not have any source of income,thus do not file any return.I am the primary nominee of the policy and have paid the check from my bank account.Can I claim [...]

ePayment Of Tax Now Mandatory!

A News You Can Use
Companies and  all assessee for whom tax audit u/s 44AB is mandatory  are now required to file tax ONLINE only. Read the press release which is self explanatory.

No.402/92/2006-MC (05 of 2008)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***
New Delhi dated the 23rd January 2008
PRESS RELEASE
The optional [...]

Can Rent Paid Be Deducted From Rent Earned?

My husband is employed in a nationalised Bank and is having a flat in his name which has been let out . But at present he is posted outside Mumbai, so we (his family consisting of wife and children) are staying in a rented flat. The rent of this flat is less than the income [...]

Is Investment In A Firm Liable To Wealth Tax?

I think investment in partnership firm is not attracted by India wealth tax act. Confirm quoting section.
R.Raja Raman ,Banglore
I do not think so.
The interest in a firm is certainly assessable under Wealth Tax Act. The confusion is created because the asset defined under section 2(ea) of the Wealth Tax Act does not contain [...]

Can You Claim Dedcution u/s 80C For Loan On Second Home?

Do I get tax rebate at source (govt. office) on loan taken for construction of second house which I am self occupied the loan was taken in the year 2006 may and occupied in 2007 march .the first house is rented out in the year 2007 and I have already claimed the interest rebate earlier [...]

What Benefit Is Available To Indian Citizen While Deciding Residential Status?

I was working in India all the while till July 2007 and moved to Singapore on employment in August 2007. So, for FY2007-08, I would have stayed 5 months in India and 7 months in Singapore. The rules at one place seem to suggest that "If I’m out of India for more than 183 days, [...]

Can Married Woman Get Deduction For Treatment Of Her Sister?

I have a sister who is mentally retarded and she and my mother are dependent on me. I am married and have two kids one 4 year old and other 15 month old. I wish to know whether I can claim deduction under disability provision.Jyothi, Delhi
Mental retardation is an ailments within the definition of Disability [...]

Are You Resident or Non Resident? Check This Residential Status Calculator!

Are you resident or non resident? Here is a calculator for checking your residential status. I shall be improving upon this calculator and any  suggestion in this reagrd is welcome. Following points need attention before you use this calculator :

Fill up yellow cells.
Only first four digits of the financial year should be written. For example, [...]

Do Registration & Stamp Duty Payments Save Tax?

I am a salaried employee, recently bought House and got registered, I incurred 1.70 lacs Registration fees & Stamp Duty. my question is is Registration Fees & Stamp Duty exempt from tax. If yes under which section and max exemption amount . Ventakatesh, Banglore
Definitely yes. The deduction u/s 80C also covers the registration and stamp [...]

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