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You are here: Home / Archives for May 2008

Is Salary or Pension Received By Employees Of United Nations Tax Free?

May 25, 2008 By taxworry Leave a Comment

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Excerpt: Yes is the emphatice answer .The provision given under the United Nations (Privileges And Immunities) Act, 1947 shall override all other laws passed in India , is given in section 2 which is as under :2. Conferment on United Nations and its representatives and officersand certain privileges and immunities.(1) Notwithstanding anything to the country contained in any other law, the provisions set out in the Schedule to this Act of the Convention on the Privileges and Immunities, adopted by the General Assembly of the United Nations on the 13th day of February, 1946, shall have the force of…

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Filed Under: Exemption, Salary Tagged With:

Is Transfer Of Loan or Deposit By Book Entreis Liable To Penalty U/s 269SS or 269T?

May 24, 2008 By taxworry Leave a Comment

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Excerpt: There is a private company. It has taken loan from a party exceeding RS 20,000. Now party wants to transfer this money to someone’s name. Can private company do that? Will that book transfer fall under mischief of any section of the I T Act. Ritha BangIn my opinion , there will not be any penalty u/s 269 SS or 269T , because if such transfer is done with consent of the lender and the person on whose name it is to be transferred, there is no illegality in such action. Such , adjustment is perfect as far as I…

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Can You Get Exemption U/s 54F Even If Builder Does Not Complete House Within Three Years?

May 20, 2008 By taxworry Leave a Comment

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Excerpt: We have sold a old land long term asset and invested for the purchase and construction of a flat in a apartment in Bangalore, with the one year of sold of asset and claimed deduction u/s 54 f of income tax act, but later the builder is not completed the possession of the apartment within 3 years and still the apartment is under construction. as per the income tax law the period of 3 years is lapsed. the period of 3 years is lapsed without any mistake from our side. what is your suggestion on this matter. Kumar, Banglore .The…

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Filed Under: Exemption, capital gains Tagged With:

Will The Payment Made For Sharing Space Be Liable To TDS?

May 18, 2008 By taxworry 1 Comment

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Excerpt: A, B, & C are three companies. A has given entire Building on a rental basis to B. B is paying entire rent amount to A. This Building is shared by B & C collectively, for which B is raising Debit note on C, on a monthly basis. Now my question is whether C is liable to deduct tax on Debit note raised by B for rental income (TDS U/s 194 I) and whether B is required to charge Service Tax on the debit note raised on C. Dinesh Sharma, Navi MumbaiThe rent payment exceeding Rs 1,20,000 in a year…

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Is Disability Due To Knee Replacement Eligible For Deduction?

May 17, 2008 By taxworry Leave a Comment

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Excerpt: My father has undergone a Knee replacement operation due to which he has partial mobility in his left leg.A Physiotherapist has been employed to increase his mobility. I have a certificate from the doctor who operated upon him. Will this qualify as a disability under Section 80DD? Priya ,PuneSection 80DD does not provide for deduction of expense on all disease. But the specified disease which makes people disable. Disabilities defined in clause (i) of section 2 of the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 (1 of 1996), are covered for deduction u/s 80DDB…

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No TDS On Service Tax Included in Gross Rent U/s 194I!

May 14, 2008 By taxworry 4 Comments

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Excerpt: A long awaiting clarification regarding the deduction of tax at source on the service tax component included in gross value of rent has come out in form of circular from CBDT vide CIRCULAR NO. 4/2008, DATED 28-4-2008 which is given below for readersRepresentations/letters have been received in the Board seeking clarification as to whether TDS provisions under section 194-I of the Income-tax Act will be applicable on the gross rental amount payable (inclusive of service tax) or net rental amount payable (exclusive of service tax).2. The matter has been examined by the Board. As per the provisions of 194-I, taxis…

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How To Get Registartion U/s 80G ?

May 12, 2008 By taxworry Leave a Comment

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Excerpt: We have recently (April 08) formed NGO (Voluntary Consumer Organisation) and got registered with Sub Registrar VI A Delhi.Now we want to get it registered with Income Tax for 80 G exemption. What are the formalities and what is time period taken for giving permission? S. P Manchanda, New DelhiThe procedure of getting approval under section 80G of the I T Act by the society is given in Rule 11AA of I. T. Rule . which is summarized below1. The application for approval should be in Form No.10G and shall be made in triplicate. The form can be downloaded from…

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What Are The Types Of Pension Exempt From Tax?

May 9, 2008 By taxworry Leave a Comment

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Excerpt: Whether pension received by gallantry award holder is taxable as per Income Tax Act. Somya Krishnan ,KochiYes, pension received by gallantry award holder is tax free , but the types of award is also notified. Section 10(18) of the I T Act provides exemption for such gallantry award winner and even to the family pension received by member of the family of gallantry winner. Read the provision below :18) any income by way of— (i) pension receivedby an individual who has been in the service of the Central Government or State Government and has been awarded “Param Vir Chakra” or…

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How To File Return If Employer Does Not Issue TDS Certificate?

May 8, 2008 By taxworry Leave a Comment

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Excerpt: I had resigned from my company in Feb-2008 on a short notice.They did not receive my resignation and so I put it through e-mail for record.Now they are not issuing me Form-16 for filling returns from April 2007 to Feb 2008.Please help me out how to file returns in such case without form-16.How should I also include tax paid by another company for month of march 2008.I have just a salary slip for same. Sunil, DelhiYou will b happy to know that for filing return you do not need Form 16 as the return has…

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Do Renovation Payments To Builder Require Service Tax Payment?

May 8, 2008 By taxworry Leave a Comment

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Excerpt: I want to ask a question that if I am getting services of a builder for my residential house renovation , then am I liable to pay service tax on that or not. Asha , NoidaFirst of all, it should be noted that though service recipient has to pay the “service tax “, the responsibility to deposit, generally,is with the service provider. So , it is for your builder to charge service tax on the bill raised for the work.In case his gross receipt is below Rs 10 lakhs in a year, he may not charge you “service tax “…

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Filed Under: Service Tax Tagged With:
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