Should TDS Return For Payment of Rent To NRI Be Filed?

I want to know that whether a NRI having rental income more than minimum income not chargeable to tax is required to obtain PAN no or not?If the answer to the above question is no, Person paying rent is a company and in my view will deduct tax u/s 195.How a Company paying rent to [...]

How To Create Charitable Trust ?

Income Tax Act has specific provisions for exempting income of a charitable trust and also giving deduction u/s 80G to persons giving donation to approved charitable trusts.The process of setting  up a charitable trust , there fore , has two steps:

Registering a Trust deed with registering authority.

Applying before Commissioner of Income Tax for registration [...]

How To Use Capital Gains Account Scheme To Save Tax?

What Is Capital Gains Account Scheme?
If you get long term capital gains , Income Tax Act provides certain exemptions under section 54,54B,54D,54F and 54G .In short these exemption are for capital gains earned on account of

Sale of a residential house (Sec 54)

Sale of agricultural land (Sec. 54B)

Compulsory acquisition of land & building (Sec. [...]

Are Print Media Liable To Service Tax On Advertisements?

Whether magazine publishers are liable to pay service tax for the advertisements published . Ravi M , Margoa, Goa

There are two sections under Service Tax laws (Finance Act 1994) which cover services related to advertisements . These are :

Advertising services. [Section 65(105)(e)] [...]

Can Non Residents Subscribe PPF?

I am an Overseas Citizen of India and also a Canadian Citizen. I had a PPF account in India which I opened before leaving India and I am still continuing to contribute. It is expiring and I want to extend it for next five years or so. Is it legal to continue such account.Raman,Toronto, Canada

NRIs [...]

A Tale Of Gifts Between Mother & Daughter!

My daughter was holding one plot of 9000 sq. ft bought in 1995 and in 2007 she has gifted this plot to her mother by way of settlement deed.My question is can her mother sell this plot under long term capital gain tax and if she reinvest this amount for new residential flat (she is [...]

Seven Points One Must Know Before Investing In FD for Deduction u/s 80C!

1. Who can buy these FDR?
Individual or HUF  can get deduction u/s 80C  for buying Fixed Deposit in any schedule bank  .
2. What is lock in period in case of FDR?
Five years without any facility for premature encashment.So the money is certainly stuck for five years .
3. How much deduction can be claimed through [...]

Can You Claim Deduction For Pilot Training Course?

My son is doing Commercial Pilot Training at New Zealand & I had availed Education Loan from Corporation Bank in August 2007. The loan is in the joint name of my son & my wife & myself is the guarantor. I have paid interest debted towards loan regularly. My question is whether the intetrest paid [...]

Can Employer Ask For Proof Before Allowing Deduction?

Can an employer give benefit of Sec. 80DD while issuing Form 16? If so, what documents should the employer obtain from the employee? Or should the employee claim this directly while filing his/her ROI?Is actual proof of expenditure required? Or deduction of 50k is granted irrespective?This is with respect to an employee who is claiming [...]

How To Open A Liaison Office In India?

A liaison office  is often required by a foreign company for interacting with Indian company. India allows a liaison office following activities:

Representing the parent Company in India
Coordinating and communicating with Indian companies
Promoting export/ import from/ to India
Finding ways for enhanced technical / financial collaborations between the parent companies and companies in India.

How to Apply for [...]

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