Five Tax Budget Proposal Affecting You Seriously!

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 [...]

Whether Commission Earned in Foreign Exchange Taxable in India?

I am negotiating with a US based supplier of goods to arrange the order from India. They will pay commission to me based on the confirmed order/payment from the buyer. The commission will be in foreign currency. What is the income tax liability on such commission received from the overseas supplier.
Vandana Kumar , Gandhidham

 
Since the [...]

Download Circular on TDS on Salaries For FY 2009-10 !

CBDT has relaesdd the guideline circular regarding deduction of tax at source on salaries. Everyone affected by the tax on salaries and Drawing & Disbursing Officers should consult this circular as a guideline in case of any confusion regarding TDS on salaries during FY 2009-10
Download by clicking icon below

Download Books on Salary Taxation By Income Tax Department!

Income tax Department publishes books for increasing awareness about tax laws in country. The preface of the book says
“Taxation of Salaried Employees, Pensioners and Senior Citizens” is one of the most popular booklets among the taxpayers. Its last edition was brought out in the year 2006. The present edition incorporates further amendments made upto [...]

Is there Any Relief Available For Earning in Foreign Exchange by Astrology & Vaastu Consultant?

Hello, I am a Vastu & Astrology consultant & most of my clients are in USA, I provide them my consultancy services online or on phone, As my income is generated from Abroad, is there a section in which I can claim tax exemption, for my consultancy Income from Abroad? As the software consultancy service [...]

How To Explain Undisclosed Purchased Caught in Survey u/s 133A?

X business premises has been surveyed U/s 133A of the Income tax Act. Those purchase invoice have been impounded for earlier year which has not been incorporated in his books.
A.O. has issued notice U/s 148 of the I.T.Act and made addition u/s 69 of the Act, to the effect of Rs 800000/ out of [...]

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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 [...]

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

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 [...]

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

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. [...]

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