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

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 [...]

How To Compute Relief From Double Taxation ?

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 [...]

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

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 [...]

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

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 [...]

What Should You Do On Receipt Of Reassessment Notice?

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 [...]

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

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 [...]

Whether Pleasure Trip Aborad Count For Determination Of Residential Status?

My Husband & I are both NRI’s. We can’t find any clear advice or information regarding how to keep our NRI status. He has been traveling & has nearly finished his NRI time. I will be a 15 days short of the 183 days required. I have been told that I will be taxed 30% [...]

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

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 [...]

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

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 [...]

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

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 [...]

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