Under Which Head Royalty Taxable?

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 [...]

Seven Years Exemption From Wealth Tax to Non Residents or PIO!

I will return to India for permanent settlement in June 2007.Am I exempted from wealth tax for the next seven years?Please explain the existing wealth tax rule for bank deposits. purackal@hotmail.com
Section 5 of the Wealth Tax Act is regarding the exemption granted to certain types of case. Sub-section (v) of section 5 deals with the [...]

What Should You Do On Receipt Of Reassessment Notice?

Can assessing officer issue notice u/s 148 on the basis of report of investigation wing. Is reassessment u/s 147 valid despite the fact he has given the reasons of opening case that investigation department has carried out investigation and found that assessee had escaped income. I think in this case assessing officer has no personal [...]

How Much Money Can An Indian Gift In Foreign Exchange To A Person Resident Outside India?

How much money can an Indian mother gift to her son(British national now but Indian national previously) to be take to UK and what is the process of doing it. Does it require any special permissions or declaration.Amit Shah

Thanks to burgeoning foreign exchange kitty of India, Reserve Bank Of [...]

Can An NRI Gift Property Owned By Her Expired Parent ?

Our mother died recently and left some immovable (building) property to her children. I as one of the beneficiaries would like to gift my share to my niece who also received part of the property. We have two units to be [...]

Is Payment For Import Of Software liable To TDS?

I want to import a software from Singapore which is worth Rs. 2,00,000 & has no import duty, My question is
1) do i have to deduct TDS before making the payment to the party in Singapore?2) if yes then what is the % of TDS i have to deduct before making [...]

Under Which Head The Rental From Leasehold Property Taxed?

I own a Long Term Lease Hold Shop (i.e. for 100 years and after which I would become their permanent tenant) which I had given on rent for Rs. 10000/- (Rs. 8000/- in the as Rent and Rs.2000/- as Amenity Charges) as I have the right to sub-let or sub-lease the same. I pay [...]

Are Physical Disable Person Required To Have Proof Of Expenditure For Claiming Deduction ?

I am a handicapped ie.,deaf & dumb from birth. Also my spouse is handicapped ie.,deaf & dumb from birth. We are permanently deaf & dumb 100%. I am working as central govt employee and my spouse working in Public sector undertakings. I want to know if I [...]

Why Is Pension Fund Investment Not A Great Tax Saving Move?

Under which section surrender value of pension plan is taxable ? Sanjay Chavan, Pune
The contribution in pension funds gives the investor deduction u/s 80CCC upto Rs 1,00,000 . However,the combined deduction under 80CCC + 80C + 80CCD is Rs 1,00,000.
Why is it not great tax saving ?
The scheme of pension funds of LIC or other [...]

Is Distance Education Eligible For Deduction ?

Does a Distance learning course of Management via satellite also qualify for the aforesaid deduction? Rajesh ,HyderabadIs the tuition fees for M.B.A (Distance Education) paid for self is allowable for deduction u/s 80C of the Income Tax Act . Prem Kumar,ChennaiDo distance education fees gets IT exemption ? Ganesh R ,Banglore
Income tax Act provides [...]

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