When is Pension Received From UK Taxable in India?

A senior citizen uncle is getting pension from UK in respect of contribution made by him during his employment there. He is resident in India & pension is received thru SBI. Till 2007-08, he had shown this as part of his income and return was filed with the SBI ward.Now, he saw article wherein it [...]

Can I.T.O Seek Information From Registrar of Companies u/s 131 or 133?

Income Tax officers most frequently harass the Registrar of Companies (ROC) calling for copies of balance sheets of companies by using powers under section 131/133 of the Income Tax Act 1956. But all balance sheets of companies, once filed with ROC, goes into public domain (except profit and loss account of private limited companies). Is [...]

Can Buying Agriculture Land Get You Tax Exemption on LTCG?

I am planning to buy a agricultural land ( in rural area), My question is may I get tax rebate on long term capital gain if I use this capital gain in purchasing agricultural land.Prashant Sangale , Pune
Answer to your question is Yes and No.
No, because the tax exemption or rebate is not allowed [...]

Is Payment to Detective Agency Subject to TDS?

Our company paid some amount to detective agency, Is it Liable to deduct TDS, If Liable at what rate under which section. Praveen Kumar Makam ,Hyderabad
The detective agency work may be a professional work , however, this is not specified profession under the I T Act. Professional services means services rendered by a person in [...]

Claim of Exemption for Right to Buy Flat Is Valid

I sold a piece of land in April 2004 with LTCG of Rs 1600000/. At the cost of 1800000/ got the right of purchased OF FLAT endorsed in my favour by the person who originally booked the flat with builder in APR05 .Original allottee has paid to the builder rs 1500000/ as 90% of the [...]

Whether Incentive Bonus Earned By Development Officer Salary or Income From Other Source?

Incentive bonus is Salary and actualy expenditure incurred by Development officer and later reimbursed by LIC under Incentive Bonus Scheme 1997 and Reimbursement Scheme 1997 are not be regarded as taxable salary . This is the view of CBDT which was asked Kerala High Court in CIT,Kottayam vs Jhon Varghese in its interim order [...]

Pay Income Tax For Buying Property Below Stamp Duty!

 
The Clause 26 of the Finance Bill 2009 contains provision to be inserted under Clause (vii) under subsection 2 of section 56 to  provide that an Individual or HUF receiving any immovable property or any property   either without consideration or without adequate consideration from any person other than

relative
or on occasion of the [...]

Indira Vikas Patra Is Not A Capital Asset!

In decision delivered dated 3 April 2009 ,Kerala High Court in case of Dr R. V.Patel vs CIT  decided that Indira Vikas Patra is not a capital asset , therefore, maturity proceeds paid by post office is not consideration for transfer of capital asset.As such there can not be capital gains . Read the [...]

No Service Tax Liability on Remuneration or Commission Paid to Directors of Companies!

There was controversy regarding –
(i) applicability of service tax under ‘Business Auxiliary service’ on commission paid to Managing Director / Directors (whole time, or Independent) by the company,
(ii) applicability of service tax on Independent Directors who are part of the Board of Directors under ‘Management Consultant service’.
CBEC now issued circular to clarify [...]