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Now Federal Bank Accepts New PAN Application !

March 30, 2010 By taxworry 1 Comment

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Excerpt: The facilities to get the PAN has extended . UTITSL and NSDL are providing facilities for allotment of PAN. The Federal Bank has now jumped to this and providing the same fascilities. According to its website , this facilities are not restricted to its existing customer , but even non cutomer can avail the facilities. Read what its website states in this regard * You can collect the application form from any of our branches or can be downloaded from our website.(take me there) * Complete the application form, affix a photo and submit it to your nearest Federal Bank…

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Filed Under: PAN Tagged With: application, Bank, Branch, coupon number, Form, India, PAN, pan cards, proof of identity, Read, relevant fields, utitsl

Income Tax Rates For FY 2010-11 (Asst Yr 2011-12)

March 28, 2010 By taxworry 2 Comments

Click here for tax rate FY 2009-10

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Filed Under: Budget News Tagged With: Click, rate, tax, tax rate

Income Tax Rates For FY 2009-10 (Asst Year 2010-11 )

March 28, 2010 By taxworry 1 Comment

The tax rate for Individual,Sr.Citizen and Woman for Fy 2009-10 i.e Assessment Year 2010-11

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Filed Under: Uncategorized Tagged With: citizen, Individual, rate, tax, tax rate, Uncategorized, Woman

How To File Return For Receipts Related to Late Husband?

March 28, 2010 By taxworry 2 Comments

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Excerpt: My Husband retired in 2004 and died in 2005. after death, his service book got regularized and I received 8 lacs after deducting 2.2 lacs as income tax at source for his service arrears from 1996 to 2004(retirement).I received 1.5 lacs as life pension,50,000 as gratuity and 8 lacs as pension from 2005 to Feb 2010. In total i received 18+2=20 lacs from which 2.2 lacs has been deducted as income tax in 2009-10. Now , how will i file my return both for my husband and myself as I dont have the income tax return files of my husband….

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Filed Under: Filing of Return, Uncategorized Tagged With: C.A, Husband, I T Act, Income, income tax return, lacs, Mumbai, Pension, representative capacity, Return, rs 8, standard deduction, tax, Uncategorized

Landmark Judgment by Supreme Court On Penalty u/s 271(1)(c) in Favour Of Taxpayers !

March 27, 2010 By taxworry Leave a Comment

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Excerpt: Very recent judgment of Supreme Court in CIT vs Reliance Petroproducts Pvt Ltd delivered on 17/3/2010, is a great relief to taxpayers as it has cleared the confusion in minds of Authorities regarding the imposistion of penalty. In fact the decision of Apex Court in Dharmendra Textile embolden Authorities to the extent that penalty proceeding was turned into just a procedure contrary to the scheme framed by law makers .  In the very recent judgment, the facts of the case was as under The assessee is a company and the relevant Assessment Year is 2001-02. The Return was  filed  on 31.1.2001…

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Filed Under: Penalty Tagged With: A.O, apex court, assessee, business policies, concealment, dharmendra, Income, N. Shroff, Penalty, penalty proceeding, Section, section 14a

Can One Get Refund Without Filing Return of Income?

March 26, 2010 By taxworry

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Excerpt: I am a student at IIT Madras. For the financial year 2009-10, I earned Rs1.5 lakhs by doing part time job for 2 companies. Both these companies deducted TDS from each months salary. Firstly I would like to know since I do not fall under a tax bracket, was it necessary to file for any taxes in March to be eligible for returns? I would like to know what can be done with this TDS I have already paid but I am not liable to. If returns are filed then what is the procedure since there are 2 companies involved….

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Filed Under: Refunds Tagged With: Chennai, cheque book, doing part time, Income, income tax return, Madras, part time job, refund, Return, tax, tax deducted at source, TDS

What An A.O Can Not Do in Scrutiny Proceedings?

March 25, 2010 By taxworry Leave a Comment

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Excerpt: I am a salaried employee. My case was selected for scruitiny for the Asst year 2008-09. During the course of assessment the AO has asked for the income tax returns and Bank statements of my husband for the Asst year 2003-04. Am I required to furnish the same?. Further the case was being handled by my Chartered Accountant. However the Assessing Officer has called me for recording my statement. However no written notice has been issued to this effect. My CA has been asked to bring me. I am extremely tensed. Please advice P.Jayanthi , Banglore First of all , you should…

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Filed Under: Assessment Tagged With: Assessment, chartered accountant, income tax returns, jayanthi, person 6, salaried employee

Is Compensation Received For Not Getting Job Taxable?

March 21, 2010 By taxworry Leave a Comment

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Excerpt: This is an interesting case . The facts of the case in CIT vs Rani Shankar Mishra [2010] 222 CTR 128 was as under” 2. In January, 1982, the assessee had applied for a job in the Voice of America which was a state owned broadcasting agency. In 1984, the assessee was informed that she had cleared the competitive test. But, she was never offered the job. It is relevant to note that in 1977, a class action suit had been filed before the United States District Court for the District of Columbia, United States entitled Carolee Brady Heartman, et al….

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Filed Under: Salary Tagged With: broadcasting board of governors, Madeleine K. Albright, rani shankar, states information agency, united states information agency

Is Leave Salary or NSS Taxable in Hand of Legal Heir of Employee?

March 16, 2010 By taxworry Leave a Comment

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Excerpt: Leave Salary Leave salary is part of salary as per section 17(1) of the I T Act. As such it is taxable in hand of employee during the employment  period. However, if the cash equivalent of leave salary is paid to legal heir on his /her death, the amount is not taxable in hand of legal heir. Following CBDT Circulars clarifies these psotion Circular : No. 309 [F. No. 200/125/79-IT(A-I)], dated 3-7-1981. 1. In terms of para 1(iv) of O.M. No. 16(2)-E-IV(A)/73, dated 9-1-1974 issued by the Ministry of Finance, Department of Expenditure, the family of a Government servant, who dies in…

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Filed Under: Salary Tagged With: amount, assessee, cbdt circulars, death, deceased employee, F.No, government servant, I T Act, legal heir, legal heirs, O.M. No, Salary, Section
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