Is There Any Standard Deduction Available In Case Of Pension Income?

Please advise the IT section no. under which standard deduction from the Pension income is applicable & what is the limit.Also advise, whether the standard deduction is applicable for Pension / Annuity received under LIC Superannuation Scheme. Shirish S. Gandhi ,Anand ,Gujarat
Your question has two limbs -one regarding pension received from employer and other pension [...]

Seven Answers A Resident Must Know Before Buying Property From A Non Resident?

Since the immovable property sale by non resident entails payment of sale consideration by the buyer who is resident Indian , tax has to be deducted at source and paid to government as per section 195 of the I T Act before paying the sum to the non resident seller of [...]

Why Is Form 16 Issued For Period March To Faburary?

I am a state government employee serving in Judicial department. Our salary for the month of march will be received during April every year and our officials are going to submit statement of income-tax particulars in February salary bill and submit returns for the financial period from 1.3.2007 to 29.2.2008. Whether the Form No.16 is [...]

Is Free Lunch Coupons of Sodexho Taxable ?

Can you please provide the details of exemption limits on meals provided by employer as well as meal coupons issued by Sodexho. I am informed that there is a provision for getting exemption of Rs 2500 per month under this. Can you please explain with the relevant income tax rule under which this is allowed. [...]

Can We Claim Deduction U/s 80G If Donation Was Deducted From Salary?

We have received one circular that the amount as donation will be deducted from our salary to pay to recognized charitable trust (which has 80G deduction number allotted by IT Department) for the hospitalization of cancer patient. Accordingly, amount is directly deducted from our salaries and the lump sum amount is paid by the Employer [...]

Sub Letting Business May Invite TDS At Two Stages!

We are marketing service apartments we receive payments from company after deduction of TDS @ 15.45 (TDS on Rent ) and we make the payments to owners after deduction of our commission whether we have to deduct TDS on payments made to owners and TDS made by the companies for our payments is it correct [...]

How To Decide The Residential Status Of A Person Being Resident Of India & USA?

Given a situation where an individual is a resident (ROR) under the domestic tax laws of India and treaty resident of say US. For the India tax purposes he shall be considered as ROR or NR? Which residential status shall prevail for Indian taxation? Jaya Bohra, Banglore
As far as India is concerned, if somebody is [...]

What Should Be Done By A Resident Aggrieved By Action Of Tax Authorities Of Any Other Country Having DTAA With India?

People get problems from tax authorities of most of the country of the world. These days , carree takes professionals to many countries. Therefore, they have to deal with tax laws of different countries at the same time. For example someone who is resident of India , goes to another country for three months and [...]

Whether Surcharge and Eductaion Cess Is Applicable in Case of DTAA?

Whether 2% education cess and 1% higher education cess is applicable to tax rates mentioned under DTAA or not.Please provide the relevant circular or notification where the said clarification is provided. Also is it possible the tax rate mentioned in DTAA is higher than the rate mentioned under section 195 of income tax act and [...]

What To Do If The A.O Does Not Respond To Your Application For Lower Deduction Certificate?

For a company, TDS on its income every year far exceeds its tax liability, resulting in refund which is about Rs. 30 lakhs every year. In order to avoid the delay in getting back the heavily blocked amount as refund which usually is about 1 to 2 years, it applied for a certificate u/s 197 [...]

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