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You are here: Home / Archives for October 2009

Is Money Received Due to Death of Relative Taxable?

October 31, 2009 By taxworry Leave a Comment

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Excerpt: 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 taxable as income. My son is 19 years old student; if I gift this sum into his saving/FD account, can I save income tax because interest would also be credited in his account and his income being below the taxable income. What are the documentation…

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

October 30, 2009 By taxworry Leave a Comment

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Excerpt: 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 serving National Research Professors has been enhanced from Rs.25,000 to Rs.75,000 with effect from 1.4.2009; (ii) Rate of monthly pension for Pensioners enhanced from Rs.9,000 to Rs.25,000 with effect from 1.4.2009; …

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

October 21, 2009 By taxworry Leave a Comment

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Excerpt: 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 of transfer of sold assets or constructing the house within three years from the date of transfer of sold assets . But the question is whether a tax payer has to spend on new residential house the same money which he got out of…

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Can Derivative Loss Be Adjusted With Other Income?

October 18, 2009 By taxworry Leave a Comment

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Excerpt: 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 total income, should I consider loss from derivatives in business income and this loss can i set off against normal business income of previous year [F.Y. 08-09]. Means which section this losses I can write off only, or not carry forward for next year. …

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

October 18, 2009 By taxworry Leave a Comment

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Excerpt: 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. Praveen , Delhi Section 194C Substituted by the Finance (No. 2) Act, 2009, w.e.f. 1-10-2009 which provided vide subsection 6  that tax shall not be deducted in case of plying,hiring or leasing of goods carriage if person who is paid for such services furnishes…

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

October 11, 2009 By taxworry Leave a Comment

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Excerpt: We own a swimming pool. Are the receipts collected from members liable to Service Tax? GOURAV GONDKAR , PuneIt 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 ” which is defined u/s 65(52) of the Finance Act 1994 to mean any establishment , including a hotel, or resort , providing health and fitness service.As per the definition contained in section 65(51) “health and fitness service ” meansservice for physical well-being such as …

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

October 8, 2009 By taxworry 1 Comment

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Excerpt: 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 ActHowever,the question “whether the return should necessarily be processed u/s 143(1) even when notice u/s 143(2) has already been issued? ” hounts both the mind of tax practitioner and even A.O.The answer to this question has been legally settled by Supreme Court in Commissioner of Income Tax v. Gujarat Electricity Board [2003] 260 ITR 84 in…

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Should Tour Operator Deduct Tax On Hotel Booking ?

October 6, 2009 By taxworry Leave a Comment

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Excerpt: 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 , AhmedabadRental of space is covered u/s 194I . Therefore , your question is relevant.Question No. 20 of the Circular No. 715 dated 8-8-1995 issued by the Central Board of Direct Taxes is related to applicability of the provisions of section 194-I of the Income-tax Act in respect of payments made to a hotel for rooms. The relevant question and answer is reproduced below : …

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

October 6, 2009 By taxworry Leave a Comment

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

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

October 3, 2009 By taxworry Leave a Comment

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Excerpt: 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 is as under:56(2) In particular, and without prejudice to the generality of the provisions of sub-section (1), the following incomes, shall be chargeable to income-tax under the head Income from other sources, namely :( vii) where an individual or a Hindu undivided family receives, in any…

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