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You are here: Home / Archives for January 2008

Rule For Valuation Of Specified Security For FBT Notified!

January 28, 2008 By taxworry Leave a Comment

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Excerpt: A News You Can UseCBDT 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 Delhi, the 18th January, 2008 INCOME-TAX S.O. 113(E). – In exercise of the powers conferred by section 295 read with Explanation (i) to clause…

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Filed Under: A NEWS u can USE, FBT

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

January 26, 2008 By taxworry 1 Comment

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Excerpt: 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 the rebate by giving a declaration of the above statement. Please suggest as I am in deep trouble. Sanjay Chakraborty, Kolkata I want to know if i can avail tax benefit for a LIC premium which has been paid by me for my husband….

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Filed Under: Deductions Tagged With:

ePayment Of Tax Now Mandatory!

January 26, 2008 By taxworry 2 Comments

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Excerpt: 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 scheme of…

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Filed Under: A NEWS u can USE

Can Rent Paid Be Deducted From Rent Earned?

January 21, 2008 By taxworry 1 Comment

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Excerpt: 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 from the rent of my husband’s flat. My query is:                 My husband is paying tax on the rental income of the flat.Can the amount of rent paid by him for the rented apartment be deducted from the rental income and…

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Filed Under: A of Your Question, House Property

Is Investment In A Firm Liable To Wealth Tax?

January 19, 2008 By taxworry Leave a Comment

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Excerpt: 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 any word like "interest in in a  firm" or "investment  in a firm". (ea) assets, in relation to the assessment year commencing on the 1st day of April, 1993, or any subsequent assessment year,…

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Filed Under: Wealth Tax

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

January 19, 2008 By taxworry 1 Comment

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Excerpt: 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 from the year 1990 to 2005. presently my employer is denying rebate at source on the second loan and asking me settle as return by directly filing with IT authorities.kindly advice. Nagaraja Viswanatha, Banglore When a person takes loan for constructing house or purchasing…

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Filed Under: Deductions Tagged With:

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

January 15, 2008 By taxworry 2 Comments

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Excerpt: 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, then I’m a NRI", while in the next sub-clause it seems to suggest that "If I’ve stayed for more than 365 days in the preceding 5 years, then I’m a resident" In the above case of mine, both are true … !!! So now for…

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Filed Under: Topic of Week

Can Married Woman Get Deduction For Treatment Of Her Sister?

January 15, 2008 By taxworry Leave a Comment

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Excerpt: 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 Act. Read this to know more .The definition of dependent is given in Explanation under  the section 80DD is as under : (b) dependant means (i) in the case of an individual, the spouse, children, parents,…

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Filed Under: Deductions Tagged With:

Do Registration & Stamp Duty Payments Save Tax?

January 13, 2008 By taxworry 1 Comment

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Excerpt: 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, BangloreDefinitely yes. The deduction u/s 80C also covers the registration and stamp duty payments. The maximum deduction u/s 80C  is Rs 1 lakh which includes deduction on registration and stamp duty also. Clause xviii of section 80C(2) provides for deduction of expense on construction or purchase of house. The sub-clause (d) of the clause (xviii) provides for…

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

Why Should I Pay Tax On 13 Months’ Salary When I Earned For 12 Months Only?

January 13, 2008 By taxworry Leave a Comment

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Excerpt: I am working in SSSIHMS Prasanthigram.Today I received a notice from our Director asking for my income tax deduction for 13 months from March2007 to March2008 since they are going to pay me March2008 salary on 31.03.2008.which they were not practicing in previous years.Only because they credit my pay to my account 24 hours ahead of completion of the financial year I have to pay excess income tax of one month’s salary though actually I earn for 12 months ,receive for 12 months and should pay my tax for 12 months also.Please advise me what steps should I take to…

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Filed Under: Salary
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