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You are here: Home / Archives for February 2008

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

February 28, 2008 By taxworry Leave a Comment

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Excerpt: 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 NRI and deducting tax will file its TDS return with a fact that total no. of deductees are only two? Atul Goel, New Delhi The non resident Indian should get the PAN allotted for following two reasons …

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Filed Under: TDS, non-resident Tagged With:

How To Create Charitable Trust ?

February 26, 2008 By taxworry Leave a Comment

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Excerpt: 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 of trust for the purpose of exemption. Registering a trust deed …

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How To Use Capital Gains Account Scheme To Save Tax?

February 26, 2008 By taxworry 6 Comments

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Excerpt: 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. 54D) …

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Are Print Media Liable To Service Tax On Advertisements?

February 24, 2008 By taxworry 2 Comments

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Excerpt: 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)] Space selling Service [65(105)(zzzm)] Advertising services. [Section 65(105)(e)] Section 65(105)(e) defines taxable service for advertising service as under “Taxable service…

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Can Non Residents Subscribe PPF?

February 23, 2008 By taxworry Leave a Comment

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Excerpt: 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 are prohibited from opening a PPF account or investing in any of the Post office schemes as well as the RBI savings Bonds. Circular GSR 585(E) dt. 25.7.03 prohibits NRIs from opening a PPF account. The wording in Public…

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

A Tale Of Gifts Between Mother & Daughter!

February 23, 2008 By taxworry Leave a Comment

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Excerpt: 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 already holding one flat in her name) what will be the tax liability. And can she again gift the new flat to her daughter.Surendar Lachhmandas , Chennai You have asked two questions: Whether exemption for reinvestment of the proceeds of…

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

February 23, 2008 By taxworry 1 Comment

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Excerpt: 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 bank’s FDR? The maximum deduction one can  avail is of Rs 1 Lakh. But that deduction is within overall limit of Rs 1 lakh for section 80C . What it means that if you have PF…

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Filed Under: Deductions Tagged With:

Can You Claim Deduction For Pilot Training Course?

February 23, 2008 By taxworry Leave a Comment

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Excerpt: 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 towards this loan is eligible for deduction under section 80E for filing my Income Tax Return .SURESH T, Mumbai Your claim of deduction is not allowable on two grounds 1. the deduction is allowable to an assessee who has taken education loan. You…

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Can Employer Ask For Proof Before Allowing Deduction?

February 23, 2008 By taxworry Leave a Comment

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Excerpt: 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 this for his sister. Narayan Ramakrishnan , Mumbai Yes, an employer can give benefit of deduction u/s 80DD . In fact , the employer is supposed to give benefit of deduction claimed by an employee. This is clear from the Circular issued by the…

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

How To Open A Liaison Office In India?

February 23, 2008 By taxworry 6 Comments

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Excerpt: 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 Liaison office? Following forms have to be submitted to Reserve Bank Of India. Form FNC 1 – 3 Copies ….

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