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You are here: Home / Archives for August 2009

When is Pension Received From UK Taxable in India?

August 30, 2009 By taxworry Leave a Comment

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Excerpt: 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 was stated that as per DTAA with UK, pensions are taxable only in that state. No tax has been deducted/paid in UK because of the amount is less than the personal allowance (i.e. exemption limit for old persons there).If this income is not taxable in…

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

August 29, 2009 By taxworry Leave a Comment

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Excerpt: 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 it lawful for I-T officers to thereaten ROC with section 131 or 133 calling for information which are already available in public domain? D. Bandopadhyay ,Kolkata Yes, the income tax officers have the power to call for information or documents from almost all the persons…

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Can Buying Agriculture Land Get You Tax Exemption on LTCG?

August 18, 2009 By taxworry Leave a Comment

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Excerpt: 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 for buying agriculture land Yes , because there is  one provision under section 54B  of I T Act which is about capital gain on transfer of land used for agricultural purposes not to be charged in certain cases.The said…

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Filed Under: capital gains

Is Payment to Detective Agency Subject to TDS?

August 16, 2009 By taxworry Leave a Comment

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Excerpt: 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 the course of carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or advertising or such other profession as is notified by the Board for the purposes of section 44AA or of this…

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Filed Under: TDS Tagged With:

Claim of Exemption for Right to Buy Flat Is Valid

August 16, 2009 By taxworry Leave a Comment

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Excerpt: 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 cost which was automatically adjusted against the cost of flat to me by the builder.The flat was jointly purchased with my wife the entire sum was paid by me to original purchaser rs 1800000/in April 2005.The last instalment of Rs 82000/ was paid to the…

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

August 5, 2009 By taxworry Leave a Comment

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Excerpt: 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 asked CBDT decide -Whether the incentive bonus paid by LIC to Development Officers would be assessable under the head “Salary” or whether it is income from other sources on which 30 % deduction claimed by the Development Officer towards estimated expenditure to earn…

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Filed Under: Salary

Pay Income Tax For Buying Property Below Stamp Duty!

August 3, 2009 By taxworry Leave a Comment

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Excerpt:   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 marriage of the individual or under a will or by way of inheritance or in contemplation of death  of the payer or donor …

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Filed Under: Budget News

Indira Vikas Patra Is Not A Capital Asset!

August 2, 2009 By taxworry Leave a Comment

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Excerpt: 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 excerpts The specific contention raised by the assessee is that IVP is a capital asset and therefore interest accrued is profit assessable as capital gains. The Tribunal rejected the claim by holding that IVP is nothing but a deposit with the…

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Filed Under: capital gains

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

August 2, 2009 By taxworry Leave a Comment

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Excerpt: 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 that there is no service tax liability in case of payments of remuneration to directors of companies whether whole time or part time. Read the excerpts below: Circular No. 115/09/2009- ST, dated 31-7-2009 …

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