Do you have streak of writing column ? Why don't you share your expertise and knowledge for readers and let them have the benefit of your knowledge. Click the page "Guest Blogging " show the world your talent. - taxworry.com answers QUERIES done through ASK ME link only. Question by comment system is OPEN to READERS .
You are here: Home / Archives for November 2008

Do You Need “No Objection Certificate” From Income Tax Department Before Payment To Non Resident ?

November 30, 2008 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: Under which rule or section the following certificate from CA is required for making foreign remittance and also at what FX rate should be taken. Annex -4 (Para A.20 of Master Circular).Dipti, Delhi There is no rule or form prescribed under I T Rule under which the certificate from an “accountant” along with a declaration is required to be submitted to the authorised dealers or RBI as the case may be. This rule was framed by Central Board Of Direct Tax to abolish the need to get a No Objection Certificate from income…

Google Buzz
Filed Under: FEMA Tagged With:

How To Compute Relief From Double Taxation ?

November 29, 2008 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: How relief is calculated under sec 90 for USA tax paid? Sneha , Ahmedabad This question is important for most of executives or professionals or others who remain resident in India under I T Act and earns income in  other countries during the financial year. Therefore , they suffer double taxation-one in a foreign country and other in India. Income tax Act provides relief to those who have paid tax outside and are required to pay tax again in India. This posting is purely on computation part of relief claimable u/s  91 of the I T Act.Let…

Google Buzz
Filed Under: How Tos, Uncategorized Tagged With: , , , , , , , , , , , , , , , ,

If Value Adopted For Stamp duty Is Less Than Market Value, What Value Should Be Considered For Capital gains?

November 26, 2008 By taxworry 1 Comment

Archived; click post to view.
Excerpt: In respect of Section 50 C if fair market value of the property is less than the Stamp value, what shall be the consideration shall be taken for valuation ? Satish Ukhale, Pune Good question but  like the question it has short answer. Section 50C was introduced in the I T Act from Asst Year 2003-04 (Fy 2002-03) to check the menace of under valuation of sale of property. The provision u/s 50C  empowers A.O to substitute the value of sales consideration  with the  valuation of immovable property taken for determination of  stamp duty  for the purpose…

Google Buzz
Filed Under: capital gains

Will There Be Capital gains In Case You Have Given Land To Builder for Construction of Building?

November 26, 2008 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: I purchased a land in Sep 01 for Rs. 10 lacs. The land was handed over to a developer for construction of a building. The cost of construction was to be incurred by Developer and I was to get 45% of constructed area from developer as per agreement entered in Dec 03. The developer constructed the building as per the plan approved in my name. I took a portion of the constructed area in Dec 06 although no possession certificate was given to me by the Developer. The area taken by me in Dec 06 was rented out by me…

Google Buzz
Filed Under: capital gains

What Should You Do On Receipt Of Reassessment Notice?

November 22, 2008 By taxworry 1 Comment

Archived; click post to view.
Excerpt: Can assessing officer issue notice u/s 148 on the basis of report of investigation wing. Is reassessment u/s 147 valid despite the fact he has given the reasons of opening case that investigation department has carried out investigation and found that assessee had escaped income. I think in this case assessing officer has no personal or independent reasons and has not applied his own mind. If we do not comply the notice and proceeding then ex-parte assessment will be valid or against us. what should we do? veegoyal@……….You have raised two issues :One whether an A.O can issue notice for…

Google Buzz
Filed Under: A of Your Question, Assessment Tagged With:

Why No Interest Need To Be Paid On Non Deduction Of Tax On Arrear Payment Of Rent ?

November 22, 2008 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: We are paying a rent to a person after deducting the TDS at the applicable rates as per the IT Act. However the owner has increased the rent on 1st Nov 2008 with retrospective effect. (w.e.f. April 2008). We have deducted TDS at the applicable rates as per the IT Act on increased rents. My question is whether we need to pay interest on balance amount of TDS w.e.f April 2008? Please clarify with relevant case laws & provisions.Bhushan , Hyderabad Section 201 of the I T Act is regarding consequences of non deduction of tax or non…

Google Buzz
Filed Under: TDS Tagged With:

How To Minimise Tax On Bonds Issued Before Feb’02 ?

November 15, 2008 By taxworry Leave a Comment

Archived; click post to view.
Excerpt: I had bought 25 deep discount bonds of Sardar Sarovad Nigam Ltd for Rs. 22500/- per bond on 26/11/2001 with the intension to get redemption amount of Rs. 111000/- in the year 2014. Now company has compulsory repaying Rs. 50000/- per bond on 10/01/2009. Sir please let me know the tax implication for the same case 1 if I get redemption amount of Rs .50000/- & Case 2 if I sale the said bond in the stock market. Shall I eligible for the long term capital gain on the buy / sale difference (calculating indexation cost)? Jagesh Shah Two…

Google Buzz
Filed Under: How Tos, capital gains Tagged With: , , , , , , , , , ,

Should Partnership Deed Be Enclosed With Return If There Is Any Change In Partnership Deed?

November 13, 2008 By taxworry 4 Comments

Archived; click post to view.
Excerpt: Whether it was necessary to enclose the certified copy of changed deed with the ITR (Please note— the first return was submitted with the copy of deed)? Can the certified copy of changed deed be submit to Income Tax Deptt during the assessment of the case? Chiranjiv S. Sodhi Section 184  provides that for being  assessed as a firm : 1. There should be a partnership deed  and individual shares of partners should be specified in that instrument.                                                                                                                   [Sec 184(1)] 2.The  partnership deed’s  copy duly certified by all members should be enclosed with  the return of income of the firm                                                                                                   …

Google Buzz
Filed Under: Filing of Return

What Is The Date Of Payment-the day you present cheque or the day cheque is honoured?

November 13, 2008 By taxworry 1 Comment

Archived; click post to view.
Excerpt: Which date will be taken as deposit of ESI and/or EPF , the day when cheque is been deposited in bank for this purpose or the date it got cleared. suppose on 15th June ,I deposited EPF through Cheque which got cleared on 20th June. Then as per IT Act what would be the date of submission for the purpose of Scrutiny.Pushpanjaly, Gurgaon Under I T Act , the position regarding this question was very clear by virtue of CBDT Circular No. 261 dated 8-8-1979 , that the date of presentation of the cheque or draft to the bank…

Google Buzz
Filed Under: Assessment Tagged With: ,

Can Penalty Be Imposed U/s 271B If Return Is Filed Late In Case Of Assessee Who Is Liable To Audit U/s 44AB?

November 8, 2008 By taxworry 1 Comment

Archived; click post to view.
Excerpt: According to new ITR forms now no attachments has been given even not audit report. now the question suppose if i filed the return of the asseesee who is liable to audit u\s 44AB ,after September 30, does it liable to penalty u\s 271B ? or just interest u\s 234A is to be paid only.Vishal Kothari , Rajkot Section 44AB states that every person carrying on business having turnover of Rs 40 lakhs or more or carrying on profession having gross receipts in profession exceeding ten lakh rupees should get his…

Google Buzz
Filed Under: Penalty Tagged With:
More Twitter Followers
Subscribe taxworry.com!

Parse error: syntax error, unexpected T_VARIABLE in /home1/taxworry/public_html/wp-content/plugins/genesis-simple-hooks/plugin.php(92) : eval()'d code on line 107