Is Money Received Due to Death of Relative Taxable?

I have received some amount of money due to death of my relative who had nominated me as beneficiary. I want to ask whether this would be treated as my income and taxable as per Income Tax rules. I also want to know if the amount is invested in bank, whether interest earned would be [...]

Honorarium, Pension and Allowances under the Scheme of National Research Professorship Revised !

The Union Cabinet today approved the proposal of the Ministry of Human Resource Development for revision of rates of honorarium, pension and contingency allowances under the Scheme of National Research Professorship with effect from 1.4.2009.

  The revised rates are as follows : (i) Rate of monthly honorarium for [...]

Is Exemption u/s Sec. 54 Allowed Even if New House is Purchased from Borrowed Funds ?

Section 54 provides relief to a tax payer who gets gains on account of sale of residential house. The provision u/s 54 provides that tax will not be imposed on long term gains on sale of residential house up to the extent gains  same is utilised for buying house within two years from the date [...]

Can Derivative Loss Be Adjusted With Other Income?

I got loss from derivatives [Future and option] nifty stock [ F.Y. 08-09]. and I also got loss from short term and long term shares [F.Y. 08-09 loss]. I can not carry forward this loss by virtue of late filing of return. so please tell me how to present [write] this losses in computation of [...]

Are All Kinds Of Transporters Out of TDS Now On Production of PAN?

Nowadays you don’t need to deduct TDS on Transporters. I want to know which payments you considers for non deducting the TDS. Like freight & cartage Loading and unloading transportation of employees please explain in details. [...]

Are Receipts Collected for Using Swimming Pool liable to Service Tax?

We own a swimming pool. Are the receipts collected from members liable to Service Tax? GOURAV GONDKAR , Pune
It is no doubt that providing swimming pool to members for a fee is a kind of service .In my opinion ,swimming pool fascilities for charges may  come within the service category “Health Club and fitness centre [...]

Should Return Necessarily Be Processed Even When 143(2) Notice Issued?

Central Board of Direct Taxes in its Circular No. 549 dated October, 31, 1989 [see (1990) 182 ITR St. 1] has advised the Assessing Officers to issue intimation under Section 143(1) before issuance of notice under Section 143(2) of the Act
However,the question “whether the return should necessarily be processed u/s 143(1) even when [...]

Should Tour Operator Deduct Tax On Hotel Booking ?

We are providing services of hotel booking . Is TDS applicable at the time of payment to a hotel ? At what percentage if it is applicable ? Saurin Mehta , Ahmedabad
Rental of space is covered u/s 194I . Therefore , your question is relevant.
Question No. 20 of the Circular No. 715 dated [...]

Return Filing & Obtaining Tax Audit Report Date Extended For Pune, Satara, Kolhapur and Sangli Taxpayers !

Central Board of Direct Tax has extended the date of filing the return as well as for obtaining the tax audit report to 31st October 2009 for taxpayers of Pune, Satara, Kolhapur and Sangli districts in Maharashtra in view of Swine Flu and riots in those places. Download the notification from here

How Buying Property After 1st October 2009 May Make You Liable to Tax ?

1st October is a black day for individual and common man as far as taxation law is considered. In its attempt to stop black money , Finance Act 2009 brought in drastic amendment in section 56(2)(vii) by which two class of tax payers are affected : Individual & Huf.
The said provision is section 56(2)(vii)(b)(ii) which [...]

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