Income Tax Department Blog To Answer Tax Queries

Hi,
I want to make use of this blog for a querry of mine.
I want to know how I can check my Income tax refund.

Sachin

I have received the amount of Rs. 10 lacs from LIC as maturity amount of investment made by my maternal aunty, in my name. How should I show the same in my income tax return for the current return? What is the tax liability of my aunty? As I knwo the maturity amount from LIC is exempt from tax u/s 10 of income tax act, 1961. nut when the same is not invested by me, but it was invested by my aunty, then whether the same is treated as indirect gift. Kidly guide me ASAP

hi
i got form16 from my company when should i submit last date july 31st i am in japan.after 31st i want to it returns with penality this facility is available or not i want that details as early as possible.
Regards
Obul reddy

I have a car which i have lent it out for lease. I also do free lancing in All INdia Radio.I want to file my returns.Which IT form sould i use.

Sir,

I am a partner in a tax audit partnership firm which will be filing its return in Oct 07.

I am not drawing any salary / remuneration from the above firm. I will be getting only interest on my capital and profit.

The profit figures of the firm are not finalised till date.

Should I have to file my individual retun by 31/7/2007 with out mentioning the profit figures which are any how exempted from tax or wait till 31/10/2007.

Finally if I donot file my return by 31/7/2007 will I be eligible to c/f the long term capital loss that I got during the year 2006-07.

Kindly advise

NVS RAO

I am a NRI. I have given aprox 15 Lacs to my father. Funds transferred to his account from my NRO account by cheque/ partly cash / partly by remittance from overseas. What is the tax implication under Income Tax / Gift tax?

Eventhough I am filing my tax returns for last 12 years I am not very clear about Range/Ward/Circle meaning. Every time I get a doubt on them.

Could you please tell a common man how to identify his own Range/Ward/Circle?

I am not sure what document the ITO will ask for issuing form 15AA when I submit the application in form 13C. Th/is is the International Taxation in Chennai. They do not ask for documentation when one submits the application but after a month ask for dopcuments which are with them, having issued the 15AA previous years.
Why not the dept. specify the documents required so that the citizen is not harassed.
Please answer.
c r natarajan

I am not very clear about Range/Ward/Circle meaning. Every time I get a doubt on them.

Could you please tell a common man how to identify his own Range/Ward/Circle?

Hi ,

I want answer for a personal question .
I have filled the TDS and planned to invest some money in Life insurance ( which will be tax exempted) . But due to some financial problem I don’t think I will be able to invest that money .
So at the fiscal year end It will a taxable income . Can you tell whether there will any legal problem If I will no produce the proofs .
And if not at what basis or percentage I need to pay the tax on that money .

Respected Sir/Madam,
I want to Register for VAT & CST no. what is norms for that?
Pls advise.

I am selling my house purchased before 18 months and purchasing a new housing property. Pls clarify the following -

1. Can I claim the profit/gains under long term capital gains.

2. Will I be required to invest the full sale proceeds.

3. What is the limit of exemption under long term capital gains.

4. What is the time limit withing I need to re-invest after receiving the sale procceds.

Sir ,

At present , my status as resident of India , holding foreign nationality and holding ( OCI )Overseas Citizen Of India card since July 21, 2006 and in foreign I am entitled with disability benefit commencing from January 18 , 2006 , it has been determined 75% degree of permanent incapacity. The monthly amount of the benefit 500 $ Approx. credited to my foreign bank account paid by the National Insurance institute of my nationality country and It’s fully exempted from the Income Tax in the relevant foreign country.

My query is being the status as resident, the amount of disability benefit will be taxable in India as regular income of ordinary resident , in additional to tax payment on profit and interest income gained by saving scheme and other investment.

Thanking you for your assistance and co-operation.

Sincerely,
Abraham Bahar

My company is dedecting income tax based upon my declearation and as on today I have not invested fully and if I leave my company now then how company will deduct the tax and if I join new company, how will they deduct the tax and what proof will they reuire from my this company

Hi,
I worked in one of the private companies and they deducted tax for me for a year, and i have my Form 16 given by the company, By the time i could file the Tax returns i left the company. They deducted the tax amount for the Month of March & April 2007. I very lately knew about Tax return Filing. Please advice what should i do to File my tax returns, Will i have to pay any fine.
Thank you

I have taken a home loan from a nationalised bank as on Dec 30, 2007. As per the deal , I have 1 year grace period for paying the EMI’s. But during the 1 year grace period I will just have to make payment for the interest on the money disbursed by the bank to the builder. The interest comes to arund 15000 for 3 months of 2008, Jan, Feb and March.
For tax deduction, can I pay around 60,000 to the bank and get it deducted for Tax. If yes, under which header would this 60,000 come 80C?

Dear Sir,

This is Moinuddin from Chennai. I am a salaried person and require your help on the following topic, kindly clarify

My Gross annual salary is INR223000. I have purchased a flat last May 2007.

I am paying EMI of INR6645 to the bank. Total amount approximately INR6300 as an intrest and INR2500 as principal(Have certificate from the Bank). Expenditure towards stamp duty was INR64000.

Is the stamp duty amount of INR64000 is totally exempted under 80C?

Please advice

Thanks and regards

Moinuddin M R

Explain about two house property, one in home state, one at Place of work & also staying at rent in place of work. with Company giving HRA in Salary. is one house at Home state considered to be self occupied, one at place of work to be considered as let out (Notional rent(A)-prop tax(B)-30% of both(A-B) – Total Int on Housing loan without ceiling of 1,50,000 & also take exempt on Rent paid for personal accomodation?

Why is income tax levied on purchase / service amount which hass already undergone 12+ % Service Charge, Is it not a clear double taxation ?

i have taken an education loan for my daughter’s higher education.she is a co-borrower.shall i get any deduction/exemption in income tax

i would like to know that, whether the contributory pension fund under the guildlines of central government paid by the assessee and the employer are exempted U/S 80ccD or not? what if the amount paid by both the parties are 10% of the salary each, i.e 20%.

i would like to know about tax on Employee Stock purchase,restricted stock option and stock option for employee working in mnc. All stock listed only in foreign exchange only.
tax for holding less than 1 year and tax for holding more than 1 year and 2 years

Hi,
I need to know how to declare income outside a salary.
The freelance work income is not much about 70K. How do I go about it?
People tell me Advance Tax or something but can’t guide me further.
I hope you can guide me.

>
jozef

My son is studying at United states. For his higher studies education loan was received from Andhra Bank, Tirupati. I am co-applicant in this occation. I have paid interest for the loan received to the Bank. Whether the interest amount paid can be exempted from payment of income tax or not?

* Form 16 is a certificate issued by the employer at the end of the year and provided to the employee. This certificate provides details of the salary income of the employee and the TDS deducted from the employee’s income.
* Form 16 is all you need to file ITR if you have reported all your income to your employer.
* It is your right to obtain F16 from the employer within 15 days time after the end of the financial year.
* Obtain your Form 16 early, so that you can file your return early. The earlier you file, the faster you will get refund.
* Your chance of scrutiny reduces by filing early.
* Ensure that you have F16s from all the employers that you have worked for during the year.
taxspanner.com

How can I find the ward/ circle no for filing tax return?

How to find out the ward/circle name for IT return?

I have given all the papers( saving certificates,copies of copy tax saving MF’s and house rent certificates to my agent along with my ITR form.But some how he missed to submit rent certificate and due which I am not getting any IT Refund and about Rs 10,000 extra has been deducted as tax.
Please tell me how I can get back.
Thank you.

I am working in software company as accountant. I want to know whether the payment made to NRI freelance in USD attarcts tax. Whether the company wants to deduct any TDS for that amount. If yes can you please explain about that and the rate. please it would be helpful if you provide any related links for the same to verify in future.

Hi,
The IT India Blog is broken
link

Is this the correct link, or have they taken the blog off the web.

Plus the contact me at link gives the webmaster’s email.

so i guess there is no way for the “aam aadmi” afterall to reach these babus

If you happen to have the revied IT blog link, could you please share,
Thank you,
regards

Hi,
Please let me know the procedure to obtain a form 15AA for a unscheduled bank’s pygmy collector. What should be the income limit for obtaining this form? What is time limit? How much time will it take to obtain this form?.

Thanks

1) Whether arrears of VIth Pay Commission for three years i.e.2006, 2007, 2008 available in the month of Oct., 2008, all will be taken as income of the year 2008?

2) Whether Transport Allowance given to the Central Govt. employees will be considered as income?

Hi – recently there was a judgement from the Supreme Court that or claiming the LTA, bills are not required. But when I checked with my office, they said no intimation has come from the Income Tax department. What is the status of this and whom should we contact for clarity?

What is amount of deduction available for Assessment Year 2009-10 in respect of premium paid on Mediclaim Insurance Policy: if said Mediclaim Policy is held in joint names of self & parent not financially dependent (Name of Proposer of Policy: Self)?

Hi

I have a question on recent judgment of Supreme court On LTA. Can company allow the emoployees LTA claim without having any supporting of Travel (Tickets etc) ? Mean is that applicable with immediate effect or Once CBDT issue any circular on it?

whether rebate in the name of spouse/children for amount invested in nsc/ppf/tax saving fds/tax saving mutual funds etc. allowed.

Further, in case of interest rebate for house consturction/purchase, whether ownership matters? i.e. in case of plot/house in the name of spouse (maybe housewife) and husband avails loan as coowner, whether rebate allowed?