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You are here: Home / Archives for March 2009

Am I Supposed To Apply For New PAN If I Am Transferred to New Place?

March 31, 2009 By taxworry Leave a Comment

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Excerpt: I was working in Kolkatta and had taken PAN No. at Kolkata address.Now I am transferred to Mumbai and I request you to clarify -1. Can I submit my IT Returns at Kolkatta but my currently I do not stay at the address given in PAN.2. Do I have to transfer my IT file to Mumbai and ask for change of address in PAN ? and file Return in Mumbai ?3. I am in transferable job every 2/3 years so every time I get transferred am I required to change PAN address and file my Returns in New Place ?…

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Filed Under: Filing of Return

Is Autism or One Eye Vision Lose Covered u/s 80DD?

March 30, 2009 By taxworry Leave a Comment

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Excerpt: My son, 4 years old, when born had certain disabilities. He was having Colobama in both eyes and vision was not there in left eye. He has also been diagnosed to be having Autism. Can I claim Tax benefits for this? Renganathan , BangloreThe loss of vision in one eye or Autism or a person having both ailments are covered for deduction u/s 80DD. For vision related query , readCan One Claim Deduction U/s 80U For One Eye Disabilty?You must get the certificate in Form 10-IA from prescribed medical authority . Download form 10-IA from…

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Filed Under: Deductions Tagged With:

Is Certifiacte of Disability A Must For Claiming Deduction u/s 80DDB?

March 27, 2009 By taxworry Leave a Comment

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Excerpt: My father suffered a brain hemmorage on the 25th of feb 09 and is being subsequently treated for the same. The disease diagnosed is dementia and Left side Paralysis and is completely bedridden. The expenses incurred have already crossed Rs 4lacs. Me and my husband have borne most of the expenses and want to claim deduction under section 80DDB. For this we approached the medical board of a government hospital who refused to give us the certificate by saying that a 40% disability certificate can only be given after two years only. pls guide how to go about it and…

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Filed Under: Deductions Tagged With:

Are Husband & Wife Eligible For Interest Deduction u/s 24 , Principal Payment u/s 80C and Also HRA Exemption u/s 10(13) ?

March 27, 2009 By taxworry Leave a Comment

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Excerpt: I am Puneet. I alnogwith my Wife is also a Govt. employee. We both are living in Delhi. I alongwith my wife is living in my mother house for which the rent is given by me(only) to her by cheque. One year ago I alongwith my wife had taken a loan Rs.12,80,000/- from the bank for the purpose of purchasing a house against Securities of Rs.16 lakhs of my father which is already deposited in the bank by my father. The bank is paying interest on 16 lakhs to my father’s savings A/c separately and we are paying EMI (principal…

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Filed Under: House Property

Can Date of Sale Agreement Be Taken As The Date of Purchase of Right in A Flat?

March 26, 2009 By taxworry Leave a Comment

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Excerpt: One of my friends had booked a flat with a builder in Dec 2004 for Rs. 48 Lacs & received the allotment letter from the builder in Jan 05. By June 06, he had made a payment of almost Rs. 25 Lacs to the builder in Installment as per work in progress & in July 06 took a loan from ICICI Bank & paid the full amount for the Flat to the builder. The stamp duty was paid in July 06 & the flat registration was done in July 06.In July 2008, my friend sold the flat which was still…

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Filed Under: capital gains

Is Personality Development Course Conducted by A Management Institute Liable to Service Tax?

March 24, 2009 By taxworry Leave a Comment

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Excerpt: If a management school provides a short term personality development residential course to professionals, shall the management school need to pay service tax on the fees received for such course? Shefali Jain , DelhiAny service provided or to be provided by a commercial training or coaching center in relation to commercial training or coaching is a taxable service as per section 65(105)zzc of the Finance Act 1994 .Section 65(27) of the Finance Act 1994 defines “commercial training or coaching centre” means any institute or establishment providing commercial training or coaching for …

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Filed Under: Service Tax Tagged With:

Is Arrears of Pension Received By Wife of Deceased Employee Taxable ?

March 24, 2009 By taxworry Leave a Comment

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Excerpt: My Grandfather was in judicial services as district judge, who expired in 2007. My grandmother is now receiving family pension. Last month my grandmother received arrears of pension during the period when my grandfather was alive. Here I would like to emphasise that it is not the arrear of family pension which my grandmother is getting. I Would like to know whether it will be treated as capital receipts in the hand of my grandmother or will it be taxable in the hand of my grandmother or she has to file return of my grandfather as his legal representative. Vinay…

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Filed Under: Salary

Are You Aware Your Refund May Be Due Despite No Refund Claim?

March 24, 2009 By taxworry Leave a Comment

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Excerpt: If answers to all the following five question are YES for asst year 2005-06, or Asst Yr 2006-07, or Asst Yr 2007-08 or Asst Year 2008-09 , you may apply for the refund of tax which was paid by youWhether any addition was made in your assessment of total income u/s 40(a)(ia) of the I T Act for not deducting the tax at source or depositing the tax?The tax at source was deductible in the month of March of the relevant financial year.You deducted the tax and paid teh TDS made on payment made before due date…

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Filed Under: Refunds, TDS Tagged With:

Is Payment of Interest to Foreign Branch of Indian Bank Liable to TDS?

March 24, 2009 By taxworry Leave a Comment

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Excerpt: A listed company avails of buyers’ credit in foreign currency from one of the foreign branches of an Indian bank. It repays the loan together with interest in a scheduled manner.The question is whether Tax is to be deducted from the interest payable to the foreign branch of the Indian bank?C V RATNAM DHAVEJI , HyderabadThe Indian bank is resident entity under I T Act . It may have foreign branches , but by the definition of residency under I T Act, the Indian banks will always be resident . Section 194A(3) is applicable for TDS on interest other…

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Filed Under: TDS Tagged With:

TDS Credit Made Simple By CBDT!

March 22, 2009 By taxworry Leave a Comment

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Excerpt: There was great difficulties in getting the tax credits in following types of casesA fixed deposit is in name of minor, the TDS certificate mentions his name. As per the I T Act, his income is added to one of his parents total income. The department while giving tax credit raises question regarding the certificate “issued in name of minor”.Any income generates on wife name which is clubbed with husbands income. But while giving tax credit of the TDS certificates issued, one faces difficulty as the department raises the question regarding the “name of wife” written on…

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Filed Under: A NEWS u can USE, TDS Tagged With:
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