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Ten Frequently Asked Questions About Senior Citizen Savings Scheme 2004.

February 25, 2009 By taxworry Leave a Comment

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Excerpt: 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 schemeAny resident Indian citizen having 60 years age can open this account.Any resident Indian citizen who took premature retirement on voluntary retirement or special scheme or on superannuation can open this account just after attaining 55 years.Any non civil defence personnel without any age restriction can open this account.Question 2 : What is the frequency of interest calculation…

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Can Married Daughter Demand Partition of HUF?

February 24, 2009 By taxworry Leave a Comment

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Excerpt: 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, amendment to Hindu Succession Act brought some drastic changes in the concept . Section 6 and section 30 of Hindu Succession Act were amended to provide that interest in coparcenary property of male member can be disposed off by will or other testamentary disposition.Amended…

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

February 24, 2009 By taxworry Leave a Comment

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Excerpt: 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 as property remains in name of deceased and passes on to successors only after sale. Vincent Joseph, PuneYes, the proceeds will attract capital gains tax and all the heirs will be eligible for exemption u/s 54 or 54EC.However , good news is that all…

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

February 24, 2009 By taxworry Leave a Comment

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Excerpt: 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 “ Whether deduction u/s 80C be claimable against the eligible investment made out of deasesed assesse’s income or not.”Goutam, Kolkata Yes, the deduction under section 80C is allowable . I T Act provides section 159 under which legal representative are assessed on behalf…

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

February 22, 2009 By taxworry Leave a Comment

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Excerpt: 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 get the copies of certified copy of the return1. Go and Meet the ward staff of the A.O and request informally for giving you the ciopies of your return. You may get siome success with some cost I believe.2. Go and talked to A.O and…

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

February 22, 2009 By taxworry Leave a Comment

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Excerpt: 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. Rule 2B of I T Rule states as under 2B. (1) The amount exempted under clause (5) of section 10 in respect of the value of travel concession or assistance received by or due to the individual from his employer or former employer for himself…

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

February 22, 2009 By taxworry Leave a Comment

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Excerpt: 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 account has its own pluses and minuses. The proper awareness about these bank accounts will save an NRI from legal hassles. RBI on its website has put FAQ in form of comparative chart for the help of NRIs. Following chart is prepared out of the…

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Is TDS Appplicable on Salary Paid to Working Partners

February 19, 2009 By taxworry Leave a Comment

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Excerpt: Whether TDS is applicable on salary paid to working partners. G.Senthil Kumar , ChennaiI 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 as under:“192(1) Any person responsible for paying any income chargeable under the head “Salaries” shall , at the time of payment ,deduct income –tax………”The salary or remuneration to a partner by a partnership firm is not charged under the head SALARY , but treated…

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

February 19, 2009 By taxworry Leave a Comment

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Excerpt: 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, ChennaiSection 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 section u/s 80G mention ”any sum paid” , and no where mentions the manner of paying the donation. Therefore, following procedure should be evolved for clarity & preventing any kind of interpretation1. Every employee should sign a voluntary declaration for donation of a…

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How To Prove That You Earned Income From Tuition?

February 19, 2009 By taxworry Leave a Comment

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Excerpt: How to show income from private tuition’s in income tax return and do i need to keep track record of all students that I have taught , Ishwinder LudhianaFirst of all , you should know that your liability to file income tax return comes only when you earn gross income exceeding Rs 1,50,000 from all source (in case you are male below 65 years, in case of woman , amount is Rs 1,85,000 and in case of Sr. Citizen Rs 2,15,000). Remember there is no prescribed books of accounts for tutor and the whole exercise is only for…

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