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10 answers every NRI wants to know about demat account !

August 27, 2010 By taxworry Leave a Comment

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Excerpt: Where can an NRI/PIO open a demat account? Ans. NRI/PIO can open a demat account with any Depository Participant [DP] of NSDL. Almost every bank in India today also gives service of demat account . So, you can contact your bank , and they will do the rest . Does an NRI need any RBI permission to open a demat account? Ans. Generally permission is not required from RBI to open a demat account. However, credits and debits from demat account may require general or specific permissions as the case may be, from designated authorised dealers. If NRI/PIO desires to make…

Filed Under: Uncategorized, non-resident Tagged With: basis, credits and debits, demat, depository accounts, depository participant, india today, NRIs, Repatriable, repatriation, status

Guest Blogger Rules

August 22, 2010 By taxworry Leave a Comment

Seven Simple Terms for Guest Bloggers

Only original writing is invited.
Taxworry.com is not responsible for any writing which is lifted copy, if by chance get published. The author will be responsible for any controversy.
There is no payment for writing articles.
The Guest writer decides what name should be reflected as author.
The article may be edited and the decision to edit is final with administrator of the blog.
All articles published shall be property of the taxworry.com , however , it will always carry the original writers name .
Submitting the article does not mean that it necessarily get published .

Filed Under: Uncategorized Tagged With: blog, Blogger, Bloggers, com, controversy, guest writer, payment, Taxworry

Are retirement benefits subject to TDS ?

June 13, 2010 By taxworry Leave a Comment

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Excerpt: Retirement benefits are taxable under the head salaries as ‘profits in lieu of salaries’ under section 17(3) of the Income Tax Act. Therefore, retirements benefits attract tax at source (TDS) prescribed in section 192 and other relevant sections. However some of the retirement benefits are exempt from taxation u/s 10 either fully or partly. So, no TDS is required on that portion of retirement benefits.The details of these exemption are being given below. 1. Gratuity : exemption under Sec 10(10 ) -maximum Rs 10 lakhs . 2. Commutation of Pension : Section 10(10A ) provides that exemption as under : the entire commuted value of…

Filed Under: Salary, Uncategorized Tagged With: c amp, Exemption, gratuity, income tax act, payment, pension section, provident fund, retirement benefits, state, tax

Who should be contacted if you do not receive income tax refund but gets refund advice showing refund status as paid?

May 16, 2010 By taxworry 1 Comment

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Excerpt: In case you have have filed return of income and there was claim of refund which you had opted for online credit. You can check the refund status us online. One day you suddenly get refund advice on which you find that the status as “Paid ” . But when you check with your bank account , you find that there is no amount credited . Puzzled . Okay in that case you should contact State Bank of India who are handling refund banker scheme on behalf of income tax department. Cash Management Product (CMP) State Bank of India SBIFAST 31, Mahal Industrial Estate Off Mahakali Caves Road Andheri…

Filed Under: How Tos, Uncategorized Tagged With: Bank, bank of india, case, cash management product, Caves Road, Income, itro, Mahakali, mahakali caves road, Mumbai, online, refund, state bank of india

What Goods are exempt from VAT tax in Chandigarh?

May 1, 2010 By taxworry Leave a Comment

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Excerpt: (1) Hand Hoe o r K h u r p a (2) Si ckl e (3) Spade (4) Bagur i (5) Han d – w h e e l H o e (6) Hort i c u l t u r a l t o o l s l i k e b u d d i n g , g r a f t i n g k n i f e , s e c a t e u r , p r u n i n g s h e a r o r h o o k , h e d g…

Filed Under: Uncategorized, VAT Tagged With: agriculture implements, commercial tax, ganda, har, palla, tasla, Uncategorized, VAT, vat rates

Goods on which Andhra Pradesh imposes only 1% value added tax (VAT)

May 1, 2010 By taxworry Leave a Comment

1. Bullion, Specie, Platinum and other precious metals. 2. Articles and jewellery made of bullion or specie or any other precious metals and jewelery embedded with precious stones and semi-precious stones”. 3. Precious stones, that is to say, Diamonds, Emeralds, Rubies, Sapphires and semiprecious stones and Pearls.

Filed Under: Uncategorized Tagged With: Bullion, commercial tax, Diamonds, emeralds, entry, jewelery, jewellery, ORIGINAL, Platinum, precious metals, semi precious stones, semiprecious stones, Specie, Uncategorized, vat rates

Should 50 % of tax demanded must be paid before filing appeal before CIT(A)?

April 30, 2010 By taxworry Leave a Comment

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Excerpt: No, the rule says that the only payment is filing fee which must be paid as part of application to CIT(A). The appeal filing fee is as under Income assessed Filing fee Assessed income is below RS 1,00,000 Rs 250 Assessed income is exceeding Rs 1,00,000 but below RS 2,00,000 Rs 500 Asseed income exceeds RS 2,00,000 Rs 1,000 In any other case Rs 250 However, in some exceptioanl type of appeal there are rules regarding the payment of tax before filing appeal. These are : Where the return has been filed , but self assessment tax has not been paid? In case no return has been filed , amount equivalent…

Filed Under: Uncategorized Tagged With: appeal, Appeal for Relief, case, fee, Income, rs 2, rs 250, rs 500, self assessment tax, tax, type of appeal

What is the time limit for filing tax appeal to CIT(A) against order of A.O ?

April 30, 2010 By taxworry Leave a Comment

The income tax Act provides that appeal must be filed within 30 days from

the service of demand notice in case of assessment order or penalty order.
The date of service of order , in any other case
The date of payment of tax in case person denise his liability to deduct tax and wants to file appeal u/s 248 of the I T Act.

Filed Under: Uncategorized Tagged With: appeal, Appeal for Relief, case, I T Act, income tax act, order, Service, tax

What are the orders of A. O. against which appeal to CIT(A) can be filed?

April 30, 2010 By taxworry Leave a Comment

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Excerpt: Section 246A of Income Tax Act 1961 provides exhaustive list of A.Os orders which are appealable. But in simple terms , one should know that appeal can be filed against 1.intimation u/s 143(1) served on you. 2. Assessment order passed by A.O 3. Penalty orders 4. Any other order passed by A.O The exhaustive list given in section 246A is as under : 246A.(1) Any assessee aggrieved by any of the following orders (whether made before or after the appointed day) may appeal to the Commissioner (Appeals) against – (a) an order passed by a Joint Commissioner under clause (ii) of sub-section (3) of section 115VP…

Filed Under: Uncategorized Tagged With: A.O, A.O . The, A.Os, appeal, assessee, Assessment, Deputy Commissioner, Deputy Director, dispute resolution panel, fringe benefits, income tax act, income tax act 1961, intimation, order, Penalty, Section, section 155, section 1b, Uncategorized

Should Excise Duty or VAt be Included in Sales for Determining Turnover u/s 44AB?

April 5, 2010 By taxworry 1 Comment

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Excerpt: Tax audit limit of Rs.40,00,000/- includes Ex-Works + Excise Duty + VAT or only Ex-Works amount to be considered. Excise duty and VAT not debited in profit and loss account. It’s accounted as current liability. Girish Pithwa , Ahmedabad Section 145A of the I T Act states that purchase , sale and inventory shall be valued by taking into account the amount of any tax, duty, cess or fee . Please read section 145A as applicable from 1/04/2010 below 145A. Notwithstanding anything to the contrary contained in section 145, (a) the valuation of purchase and sale of goods and inventory for the purposes…

Filed Under: Uncategorized Tagged With: A. Notwithstanding, Ahmedabad, current liability, duty, Excise, excise duty, I T Act, Method of Accounting, sales turnover, Section, tax, Tax Audit, VAT, word sales

India Income Tax Made Simple

10 answers every NRI wants to know about demat account !

Guest Blogger Rules

Are retirement benefits subject to TDS ?

Who should be contacted if you do not receive income tax refund but gets refund advice showing refund status as paid?

What Goods are exempt from VAT tax in Chandigarh?

Goods on which Andhra Pradesh imposes only 1% value added tax (VAT)

Should 50 % of tax demanded must be paid before filing appeal before CIT(A)?

What is the time limit for filing tax appeal to CIT(A) against order of A.O ?

What are the orders of A. O. against which appeal to CIT(A) can be filed?

Should Excise Duty or VAt be Included in Sales for Determining Turnover u/s 44AB?

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