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Eleven Tax Propsal of Budget 2010-11 Affecting Business & Companies

February 27, 2010 By taxworry Leave a Comment

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Excerpt: Settlement Scope Increased Now search and seizure cases pending for assessment is eligible for application for settlement to Settlement Commission . Extra Deduction of Rs 20,000 For Individuals & HUF A deduction u/s 80CCF for  an additional amount of Rs.20,000 for investment in long-term infrastructure bonds as notified by the Central Government has been proposed. .  This would be over and above the existing limit of Rs.1 lakh on tax savings. . Companies Tax Rate Modified The  surcharge of 10 per cent on domestic companies is reduced to 7.5 per cent , but  rate of Minimum Alternate Tax (MAT) has been increased from the…

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Five Tax Budget Proposal Affecting You Seriously!

February 26, 2010 By taxworry 2 Comments

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Excerpt: Tax Slabs Expanded New tax labs are as under Upto 1,60,000  Exempt Rs 1,60,001 to Rs 5,00,000       10 % Ra 500001 to Rs 8,00,000        20 % Over Rs 8,00,000                          30% Therefore , majority of tax payers will get some kind of relief from tax. Deduction u/s 80D  on Central Government Health Scheme Till now , deduction was being allowed on medical insurance u/s 80D . Now , it is proposed that contribution to CGHS by central govt employees will also be eligible for 80D deduction. Tax Deduction Threshold Limit Increased There are provisons under which tax is deducted from contractual payments, Commission, Interest,rent,lottery winning, horse race winning etc. There is…

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e-Payment of Service Tax Compulsory For Payer of Rs 10 Lakhs or More in F.Y 2009-10

February 26, 2010 By taxworry 1 Comment

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Excerpt: The electronic payment option for payment of service tax  was available only to those who had paid a service tax of Rs 50 lakh or more including utilisation of Cenvat credit. Now , the Central Board of Excise and Customes has made electronic payment of service tax compulsory from April 1, 2010, vide notification No.1/2010,  for those who have in 2009-2010 paid a total service tax of Rs 10 lakh or more, including the amount paid by utilisation of Cenvat credit. Apart from this , the service provider who pays the service tax online will also have to file the half-yearly…

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When Are You Liable to Pay Advance Tax?

February 17, 2010 By taxworry Leave a Comment

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Excerpt: I am 57 years old housewife and my total earnings from Bank FD’s for FY 2009-2010 will be approx Rs 388600 and i will be making an investment of Rs 100000 under ELSS. Need to know, how do i pay income tax on my interest income. Should i pay this at the time of IT Return cycle or should i pay it as an advance tax. How should i proceed, if i am required to pay this tax as Advance Tax. Also need to know, is it illegal to submit Form 15G to all banks where i have placed my…

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Is Children Education Allowance Taxed Twice?

February 14, 2010 By taxworry Leave a Comment

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Excerpt: Why children education allowance  is taxable ? The amount expended on Children Edu is paid from salary and taken into account for tax calculation, again when the same amount considered as income when it is reimbursed as CEA? Earlier RTF was also considered in the same way. F Saxena, Katni Children Education allowance is not taxed twice . All allowance is taxable income except for any express exemption granted. Under section 10(14)(ii) ceratin payments in nature reimbursement are also consdiered for exemption.But Rule 2BB of I T Rule limits the exent to which such payments can be considered exempt. Rule 2BB(2)…

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Can One Claim Deduction For Fee Paid to Coaching Institute?

February 14, 2010 By taxworry Leave a Comment

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Excerpt: My son is studying at NIT doing BTech in Computer Science. During this financial year he has joined TIME classes for doing preparation for CAT. He has paid Rs.18000/- towards Tution Fees. Duration of course is one year. Whether I can claim Tax Rebate for Rs.18000/-. Similarly during May 2009 he joined NIIT classes for Oracle certification and paid Rs.5500/- towards tution fees. This course was for 3 months. Whether I can claim Rebate for Rs.5500/- also. A K Srivastava Section 80C does not extend the deduction for any kind of coaching despite the fact that the purpose of coaching is…

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What is the Easiest Method to Value Unquoted Share of a Company?

February 11, 2010 By taxworry Leave a Comment

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Excerpt: A PVT LTD Co.is owning a landed propertyonly since 1993 at a price at that time of Rs.12 lacs. At what price 100% shares be transferred when the Market Value of the property is about Rs. 40 lacs? Kishan Lal Agarwal,Kolkata There are many ways to value shares of a company and there is always the controversy about the correct way to value the share. I find one of the easiest way to value the share is Break up Method , which gives you a rough idea about approximate value of  share of a company. The basic formula for computing the…

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Under Which Head Royalty Taxable?

February 4, 2010 By taxworry 1 Comment

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Excerpt: I am a 34 year old person who has invented certain formulas related to nutritional supplements which will be manufactured in the USA but I am residing in Noida and shall be receiving 50% of the sales proceeds (in USA) as royalty fees regularly every month or quarterly as decided by me. Until now my income was too low to be taxable working as an Medical transcriptional making roughly 5 to 8 thousand a month only, so question of filing taxation issues didn’t arise but as you can see my income from royalty will rise exponentially now. So my question…

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Circular on FBT Advance Tax Adjustment Issued!

February 4, 2010 By taxworry 1 Comment

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Excerpt: Section 115WM of the Income-tax Act, 1961 – Income-tax on fringe benefits – Chapter XII-H not to apply after a certain date – Adjustment of advance tax in respect of fringe benefits for assessment year 2010-11 against advance tax Circular No. 2/2010, dated 29-1-2010 The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII H (Section 115W to 115WI) of Income Tax Act, 1961. By the Finance (No. 2) Act, 2009 a new Section 115WM was inserted to abolish the FBT with effect from Assessment Year (A.Y.)…

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