Can We Continue to File Return in Name of Deceased Till Maturity of FD?

My client having FDRs in Banks, Investment in NSCs, & 5 year tax saving deposits etc., Nominations for the said deposits made in the name of family members like wife, Son, daughter and grad son etc., Each year he is reporting the Income from said deposits on accrual basis.He expired on 17-8-2008. My doubts are [...]

Is TDS Required If Only Provisions For Expense Made?

I would like to know about TDS deductible on provision for expenses. Suppose at the end of the year, many provisions are made, say as on 31/03/09 for various payments like payments to contractors, auditors, where in normal course, TDS is applicable. In this provision case, I am simply making a provision & not crediting [...]

Can You Prevent TDS on Payments To Non Resident?

Yes, there is a  way to prevent TDS on the payment to Non Resident. It may be partial or full . The provision regarding relief from tax at source is provided in the same provision i.e section 195 of the I T Act. The scope is given under subsection 195(2) which  states that if the [...]

Are Individuals Foreign Citizen Exempt From TDS?

Should a private ltd company in India has to deduct TDS on payments made to an individual, who is a foreign citizen of Holland? Prabha G, Chennai
Your question is very general in nature.
Section 195 of the I T Act  provides for deduction of tax at source in case of payments to non resident. It [...]

How To Find Registered Valuer in Your Area?

My Grandfather purchased a SHOP at 1975. After death of my grandfather , my father became the owner of that SHOP at 1992. My father has died on 11/5/2009. I have sold that SHOP in AUG- 2009. Cost in 1975 Rs 20000.00 Sale in 2009 Rs 428000.00 [...]

Can You Claim Exemption on Leave Salary Received in case of Resignation from Job ?

The receipt of leave salary is taxed as salary. However, section 10(10AA) provides for exemption computed as per Rule if the leave salary is received on superannuation or retirement or “otherwise”. Section 10(10AA) is as under
10(10AA)
(i) any payment received by an employee of the Central Government or a State Government as the cash equivalent [...]

Is Additional Compensation on Land Acquisition Awarded By Court Taxable?

I have been awarded addl.compensation for property acquired in 2002. The initial compensation has been duly accounted for in the return of income as long term capital gain.The acquiring body has filed an appeal against the judgement for addl. compensation and the appeal is pending for hearing in the High Court. Pending hearing and judgement [...]

Can You Claim Exemption u/s 54F for Modification or Expansion of An Existing House ?

No , said the Kerala High Court in Meera Jacob vs ITO [ dt of order 9/06/2008 ] 313 ITR 411 . The small order of Hon,ble High Court is as under :
 
The question involved is whether the assessee, in the computation of long term capital gains, is entitled to deduction under Section 54F of [...]

Can Loss of F & O Be Adjusted with Capital Gains?

Earn profit from Short Capital gain Rs. 1,05.400/- and Long term capital gain Rs. 89,375/-and Future & option loss Rs. 68,248/-. Pl. tell me future option loss is trading loss or speculation loss it is adjustable or / no.
Satyanaryan Agarwala , Kolkata
The transaction in Future & Options is business activity now because of amendment [...]

What is Rule of Filing 15G to Prevent TDS?

I am a male of 60 yrs, resident, having business in Delhi. My estimated total income for FY 2009-10 is 200,000/.I have invested Rs 70,00/= in PPF. Now my taxable income is 200,000- 70000 = 130,000.  Since Rs 130,000 is below the taxable limit of Rs 160,000 this yr ,I want to invest in senior [...]