taxworry.com http://taxworry.com Don't Worry , Be Happy ! Tue, 18 Jun 2013 16:34:27 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 Letter of Credit Service Charges Liable to TDS ? http://taxworry.com/no-tds-on-service-charges-for-lc-opened-with-indian-banks/ http://taxworry.com/no-tds-on-service-charges-for-lc-opened-with-indian-banks/#comments Tue, 18 Jun 2013 16:34:27 +0000 taxworry http://taxworry.com/?p=11267 When a buyer requests an LC or a Letter of Credit from an Indian bank ,  the bank levies some service charges . As the nomenclature of payment is  service charge, controversy arises whether the payment of service charges to banks for issuing letter of credit be liable to TDS . If really liable to [...]

The post Letter of Credit Service Charges Liable to TDS ? appeared first on taxworry.com.

]]> http://taxworry.com/no-tds-on-service-charges-for-lc-opened-with-indian-banks/feed/ 0 Download Tax Havens Accounts Holder Details http://taxworry.com/download-tax-havens-accounts-holder-details/ http://taxworry.com/download-tax-havens-accounts-holder-details/#comments Tue, 18 Jun 2013 07:10:26 +0000 taxworry http://taxworry.com/?p=11257 A list of 498 Indians are among the in a database of one lakh offshore entities in tax havens owned by various person of world have been released and is downloadable.The release of the information is from a  database  which is part of a cache of 2.5 million leaked offshore , currently in possession of [...]

The post Download Tax Havens Accounts Holder Details appeared first on taxworry.com.

]]> http://taxworry.com/download-tax-havens-accounts-holder-details/feed/ 0 Salary From Earlier Employer Must Be Reported to Current Employer ! http://taxworry.com/salary-from-earlier-employer-must-be-reported-to-current-employer/ http://taxworry.com/salary-from-earlier-employer-must-be-reported-to-current-employer/#comments Tue, 18 Jun 2013 03:39:45 +0000 taxworry http://taxworry.com/?p=11249 When you quit a job and join another  employer during the same year, a question regarding reporting of salary earned with the earlier employer do comes in , because it also determine the TDS required on the salary by the later employer.  This is post is trying to simplify the provisions of law for such [...]

The post Salary From Earlier Employer Must Be Reported to Current Employer ! appeared first on taxworry.com.

]]> http://taxworry.com/salary-from-earlier-employer-must-be-reported-to-current-employer/feed/ 0 Payments to Indian Branch of Foreign Bank Liable to TDS http://taxworry.com/payments-to-indian-branch-of-foreign-bank-liable-to-tds/ http://taxworry.com/payments-to-indian-branch-of-foreign-bank-liable-to-tds/#comments Sun, 16 Jun 2013 17:41:45 +0000 taxworry http://taxworry.com/?p=11238 After reading the post tax is deductible on payment to foreign branch of Indian banks , a premium subscriber has asked “whether payments to Indian branch of foreign banks is tax deductible”.Yes , the tax is deductible on any sum paid to such branches of foreign banks , because contrary to general belief,  most of [...]

The post Payments to Indian Branch of Foreign Bank Liable to TDS appeared first on taxworry.com.

]]> http://taxworry.com/payments-to-indian-branch-of-foreign-bank-liable-to-tds/feed/ 0 6 Types of Loss Allowed Even After Filing Late Return! http://taxworry.com/5-types-of-loss-allowed-even-after-filing-late-return/ http://taxworry.com/5-types-of-loss-allowed-even-after-filing-late-return/#comments Sat, 15 Jun 2013 17:37:57 +0000 taxworry http://taxworry.com/?p=11196 Carry forward of loss is very important as far as the tax planning is concerned. In previous post readers were made aware about the order of adjustment of carried forward of loss . However one of the most common way of losing the benefit of adjustment of carried forward losses is late filing of  return [...]

The post 6 Types of Loss Allowed Even After Filing Late Return! appeared first on taxworry.com.

]]> http://taxworry.com/5-types-of-loss-allowed-even-after-filing-late-return/feed/ 0 Tax Planning Through Private Trust :5 Mistakes to Avoid http://taxworry.com/tax-planning-through-private-trust-5-mistakes-to-avoid/ http://taxworry.com/tax-planning-through-private-trust-5-mistakes-to-avoid/#comments Wed, 12 Jun 2013 08:55:07 +0000 taxworry http://taxworry.com/?p=11192 In the past, creating private trust for tax saving was so rampant , that government was forced to bring in amendments and provision under Income Tax to plug the tax saving route. This was done primarily for trusts which carry out business. They are made to pay highest of tax rate , called maximum marginal [...]

The post Tax Planning Through Private Trust :5 Mistakes to Avoid appeared first on taxworry.com.

]]> http://taxworry.com/tax-planning-through-private-trust-5-mistakes-to-avoid/feed/ 0 Scholarship Received in India or Abroad Tax Free http://taxworry.com/scholarship-received-in-india-or-abroad-tax-free/ http://taxworry.com/scholarship-received-in-india-or-abroad-tax-free/#comments Tue, 11 Jun 2013 17:25:59 +0000 taxworry http://taxworry.com/?p=11187 Scholarship has been clearly given exemption from being included in the total income of a person as per section 10(16) of the Income tax Act . Further the provision u/s 10(16) does not distinguish between Indian scholarship and scholarship given by foreign entities. Thus , any student who receives scholarship grants either from an entity [...]

The post Scholarship Received in India or Abroad Tax Free appeared first on taxworry.com.

]]> http://taxworry.com/scholarship-received-in-india-or-abroad-tax-free/feed/ 0 No Penalty u/s 271(1)(c) For Addition u/s 50C : Kolkata HC & 5 Tribunals http://taxworry.com/no-penalty-us-2711c-for-addition-us-50c-kolkata-hc-5-tribunals/ http://taxworry.com/no-penalty-us-2711c-for-addition-us-50c-kolkata-hc-5-tribunals/#comments Mon, 10 Jun 2013 13:07:14 +0000 taxworry http://taxworry.com/?p=11183 While the scope of addition to total income u/s 50C is wide and now happing very frequently,. various courts are  consistently holding that the penalty u/s 271(1)(c) can not be made for just making a deemed income . Despite this initiating penalty u/s 271(1)(c) for addition u/s 50C of the Income Tax Act recklessly and [...]

The post No Penalty u/s 271(1)(c) For Addition u/s 50C : Kolkata HC & 5 Tribunals appeared first on taxworry.com.

]]> http://taxworry.com/no-penalty-us-2711c-for-addition-us-50c-kolkata-hc-5-tribunals/feed/ 0 What is The Order Of Adjustment of Carried Forward Loss ! http://taxworry.com/what-is-the-order-of-adjustment-of-carried-forward-loss/ http://taxworry.com/what-is-the-order-of-adjustment-of-carried-forward-loss/#comments Sun, 09 Jun 2013 20:25:11 +0000 taxworry http://taxworry.com/?p=11180 The losses which are not adjusted in a year , can be carried forward to various period of time for adjustment with income in in future.As readers know, barring the head “salary” , losses can arise in all other heads of income . These losses are carried forward as per law given in section 70 [...]

The post What is The Order Of Adjustment of Carried Forward Loss ! appeared first on taxworry.com.

]]> http://taxworry.com/what-is-the-order-of-adjustment-of-carried-forward-loss/feed/ 1 Filing of Return: 5 Common Mistakes While Filling out the Schedule for Capital Gains ! http://taxworry.com/filing-of-return-5-common-mistakes-while-filling-out-the-schedule-for-capital-gains/ http://taxworry.com/filing-of-return-5-common-mistakes-while-filling-out-the-schedule-for-capital-gains/#comments Sat, 08 Jun 2013 20:54:34 +0000 taxworry http://taxworry.com/?p=11170 CPC Banglore have identified five most common cause of errors in the Schedule CG for  income tax return. Since the season of filing the return has started , taxworry believes that readers should be reminded not to repeat these mistakes while filing the tax return of their own or for clients.  These are explained below [...]

The post Filing of Return: 5 Common Mistakes While Filling out the Schedule for Capital Gains ! appeared first on taxworry.com.

]]> http://taxworry.com/filing-of-return-5-common-mistakes-while-filling-out-the-schedule-for-capital-gains/feed/ 0