Ten Frequently Asked Questions About Senior Citizen Savings Scheme 2004.

First thing one should distinguish that for Senior Citizen Saving Scheme , you are Senior Citizen if your age 65 or more.
Question1 : Who is eligible for opening this account?Answer 1: Following class of persons can join the scheme

Any resident Indian citizen having 60 years age can open this account.
Any resident Indian citizen who took [...]

Can Married Daughter Demand Partition of HUF?

A Hindu Undivided Family has members and some members have more rights than other members. Those members who have more right-that is right to demand partition- are known as Coparceners. As per Hindu law, while women were granted membership of a family , only male members could have the right of partition of the HUF.
However, [...]

How To Reduce Tax Burden on Inherited Property Bought Before 1981?

Our widowed mother died intestate 30 years ago leaving house-property still standing in her name, not transferred to children. successors are four children; now want to sell the property and divide proceeds among themselves. Please advise whether the proceeds will attract capital gains tax or any exemption available to the successors from income tax rules [...]

Can Legal Hair Claim 80C Deduction While Filing Return of Deceased Assessee?

Assessee died. As no settlement took place among legal hires . I.T. Returns are prepared considering all the income received or receivable by the late assessee and return are going to file in the name of the assessee and signed by elder son of the assessee as L/R of the deceased assessee. now my question [...]

Is Commuted Value of Pension Tax Free?

Whether the amount received as commutation of pension is taxable or not , Sardindu Basu, Kolkata
Yes, the commuted value of pension is tax free as per section 10(10A) . However quantum is dependnt on the fact who is the employer who paid pension to you. Section 10(10A) states
1. FULL exemption of commuted value of pension [...]

How To Get The Copies OF Return You Filed With Income Tax Dept. But Lost?

I lost my form 16 and 2D saral of asst. year 07-08 and I want urgent required of that document so please tell me what can I do for that……..P.S.Bhalakiya ,Ahmedabad

From your question , it appears you filed the return . If you have , then following are the option with you to [...]

What Is The Meaning of National Carrier For the Purpose of LTC Tax Exemption?

What does mean by national carrier if we talk about income tax exemption on LTA payment (In the Indian income tax act, it is written that economy class fare of national carrier would be exempt, if journey has been performed by air).Prabhat Kumar Jha , New Delhi.
Good question , but the answer is obvious. [...]

What Every Non Resident Indian Must Know About Bank Accounts He/She Is Allowed to Open in India?

Almost every Non Resident Indian requires an Indian bank account so that he can transact in India for various personal purpose – be that giving money to relatives, buying assets or giving loans . Reserve bank of India has provided facility to Non Resident Indians for opening three kinds of bank accounts . Each bank [...]

Is TDS Appplicable on Salary Paid to Working Partners

Whether TDS is applicable on salary paid to working partners. G.Senthil Kumar , Chennai
I do not think that the TDs is applicable on the salary paid to “partner “ of the firm by the firm. The reason is that section 192 governs the deduction of tax at sourec from salary .The section 192 says [...]

Can Donation To Specific Trust or Institution Approved For 80G Be Deducted From Payroll ?

Can donations to specific funds be deducted through payroll? IS there any section saying that 80G deductions cannot be done through the employer? Kindly clarify. Madhavan, Chennai
Section 80G allows deduction for any sums paid as donation to certain specified institution and institutions or trusts who are recognised for the purpose of exemption u/s 80G. The [...]

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