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You are here: Home / Archives for July 2008

Under Which Head Rent For Alternative Accommodation Paid By Builder Taxable?

July 31, 2008 By taxworry Leave a Comment

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Excerpt: I am a person resident in India. I own two residential houses. One building in which I have house has gone for re-development and the Builder have paid me Rent for Temporary Alternative Accommodation. I am residing in my another house and hence I have not incurred any amount for Rent. I want to know whether the amount received as rent and not spent by me is Taxable ? If yes under which head ? and can I claim any Notional expenditure from this rent (like 30% in house property?). Can I claim maintenance charges paid for…

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What Should Be Done In Case TDS Certificate Is Not Issued?

July 29, 2008 By taxworry 1 Comment

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Excerpt: There is a general grievance that in many cases the tax deductors do not issue TDS certificate despite the fact that many reminders are given by the deductees for such issue of certificates. Here is, what one should do in case of non issuance of TDS certificateCheck that tax was actually deducted. In case there was no deduction of tax , there is no responsibility for any person to issue you a tax certificate of deduction. For reading more , read this . IF the tax was deducted , and you are not issued the certificate, write to the deductor…

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Filed Under: TDS Tagged With:

Can Employer Decline To Issue Form 16?

July 28, 2008 By taxworry 1 Comment

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Excerpt: Can we tell employees that from 16 cannot be issued for whom tax has not been deducted at source, since they don’t fall under Income tax bracket. Karnam Niranjan Prasad, BangloreConfusion arises among employees regarding Form 16 is on following grounds :That they think Form 16 is a salary certificate.That income tax Return can not be filed in absence of Form 16Both the aforesaid “general impression about Form 16″ are wrong. Form 16 is the prescribed form for issue of certificate of deduction of tax at source from an employee. employer can decline to issue Form 16 in case there…

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Filed Under: TDS Tagged With:

Who Can Sign Income Tax Return?

July 27, 2008 By taxworry Leave a Comment
Everybody knows that he can sign return for his own return of income. However, there may be varied circumstances , when the person whose return is to be filed is not present in India or unable to sign the return for any reason section 140 of the I T Act provides for different circumstances under which it is provided who can sign the return of income in such circumstances. See the following table
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Filed Under: Filing of Return

How To Search For Case Laws, Circulars On Income Tax , Service Tax For Free?

July 26, 2008 By taxworry Leave a Comment

Now you can search for case laws i.e courts and tribunal decision and circulars and even this blog by typing the relevant term or word and searching all the laws simultaneously. It is better toy try!

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Can Cancer Patient Get Income Tax Relief U/s 80DDB Despite Insurance Claim?

July 23, 2008 By taxworry 1 Comment

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Excerpt: I am undergoing treatment for Cancer currently. Although these expenses are covered under my insurance policy, there is some parallel treatment recommended as preventive measures to control the spread of this disease. Since the parallel treatment (ovarian ablation and IVF treatment) is not covered in my insurance policy, I would have to shell out approximately 2 lakhs for this treatment. Can I avail of exemption in this case and to what extent? Farzana Engineer ,PuneSection 80DDB provides deduction for expense on cancer patients.Section 80DDB starts with following linesDeduction in respect of medical treatment, etc.80 DDB. Where an assessee who is…

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Filed Under: Deductions Tagged With:

Online Payment Of Tax Without Having A Bank Account Possible Now!

July 23, 2008 By taxworry Leave a Comment

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Excerpt: A news you can useConfusion regarding the e-payment of tax has been cleared by CBDT through its circular no 5/2008 dated 14/7/2008 by which it has been stated thatA person can pay tax from any one’s bank account.TDS/TCS are also covered in the word “tax” for online payment.Relevant extract from circular is as under “With a view to facilitating electronic Publish Postpayment of taxes by different categories of taxpayers, it is hereby clarified that, – an assessee can make electronic payment of taxes also from the account of any other person. However, the challan for making such payment…

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Filed Under: A NEWS u can USE, Filing of Return

Is Leave Encashment Taxable ?

July 20, 2008 By taxworry Leave a Comment

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Excerpt: I have changed my job recently and shifted from Chennai to Hyderabad. In have joined new company in the month of Feb 2008.My previous company has paid for the balance earned leave as leave encashement (Rs. 153,000) and added in to my total salary and deducted the tax. Is it taxable or exempted? If exempted shall I claim the same during this tax returns filing.Please advise and inform me what has to be done in this case.V V G K Gokhale , HyderabadI presume that you were not employed by either Central Govt. or State Govt. As far as rules…

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Filed Under: Exemption, Salary Tagged With:

Don’t Attach TDS / TCS Certificate With Return!

July 19, 2008 By taxworry Leave a Comment

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Excerpt: A News You Can Use.CBDT has issued a circular to mitigate the problem faced by tax payers while filing return . That the Return is annexure less was made clear earlier , however because of an amendment in section 139(9) , it was amended that the TDS/TCS certificate should be attached with the return. This has created confusion. Fortunately, Board has issued the circular now to clarify that return has to be annexureless and credit for TDS or TCS shall be given on the basis of schedule of the Return.Given below is the circular no 6/2008 dated 18/7/2008 .F.No.142/02/2008-TPLGovernment of…

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Filed Under: A NEWS u can USE, Filing of Return

8 Answers You Must Know To Claim Deduction For Medical Insurance!

July 17, 2008 By taxworry Leave a Comment

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Excerpt: Hello, My question is regarding the Deduction under section 80D for Premium paid on Medical Insurance. I work for an IT company, and the company has a tie up with a health insurance company to provide coverage for me, wife and kids, the premium for which is paid by the company. But I have taken additional coverage for my parents, for which the premium is paid by me, from my salary. Can this premium amount be considered for deduction under Section 80D ? What are the documents required to submit for this, while filing the tax return. AAshish K ,…

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Filed Under: Deductions Tagged With:
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