Exempt

Is it per person or household.? For example, if a husband and wife file joint brankruptcy as all debt is joint. Can we have two cars?, value up to $5600 each? Or if we only keep one car after filing, can we be given a gift of another during bankruptcy?. The logistics of our family [...]

I am receiving dividend from cooperative bank.Coop banks are paying full tax before paying dividend.So my question is that whether I have to pay income tax on dividend ? Whether it will amount to double taxation?Please clarify and guide.Shrivallabh Randad , PuneThe dividend from co-operative society is taxable in hand of recipient of dividend and yes, it amounts to double taxation.As far as double

Hi: Me and my wife are planning to file Bankruptcy individually (we have individual debt). The values of our asset (forced sale/garage sale value) are within the exempt amount of Ontario. Now my question is can we claim the following assets in the exemption list as part of exmpted property. 01. A used car valued 3,500 in [...]

I have claimed the equity in my principal residence as exempt for $12,000. I have not been discharged; however, I want to move and sell my house. Do i get the $12,000 from the sell of my house. I would like to use the proceeds for moving expenses and rent. Thanks. Posted from: [...]

Brett Arends from the Wall Street Journal had an excellent article recently on how to manage your finances in these troubling times. I have already taken one of his suggestions and moved my cash reserves* into the Vanguard Tax-Exempt Money Market fund (VMSXX) that is currently yielding 5.84% - far above money market averages and with an industry bottom 0.17% management expense ratio. If you're in

By Eric Jilson Like anything else involving money, credit cards are subject to fraud and theft. In most cases, in fact, fraud protection is even more important with credit cards, where big balances can be run up without the real cardholder ever knowing. Protecting your credit cards from fraud is a two-stop process that begins [...]

Everyone watched, cheered and shared in Debbie's happiness as her son won gold after gold after gold after gold. He's so attentive when it comes to his mother. He looks for her in the crowd and credits a lot of who he is to her presence in his life.I never even thought about his Dad. And I guess he doesn't either. It's been well-documented that Debbie and Fred Phelps divorced when Michael was 9. B

SYDNEY, Aug 11 - Foreign exempt companies listed on the Australia Securities Exchange will be eligible for index inclusion from Sept. 1, the ASX and indices provider Standard & Poor's said in a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

The Organization of the Islamic Conference wants war crimes trials for white European leaders (and obviously Dubya) but not for muslim heads of state who kill their own people (like Ahmadinejad, Bashar al-Assad, Omar al-Bashir, etc...).

If my spouse is earning tax exempt income and is not bankrupting do we have to claim that income monthly on the forms. Our trustee is airing on the side of caution but this is not income in any other government paper work? Is this something a lawyer should answer? Posted from: British Columbia

This is not my first go at this post. As you may or may not know my wife proofreads all my blogs before I post them. Normally all she has to fix are typos and "brain farts". Occasionally she'll highlight a sentence or a paragraph where I don't make my point too well and that's fine. However, my original version of this post came back to me in neon. She says if I'd posted it in its original form I'

Is Your Child Exempt? - If according to the National Center on Addiction and Substance Abuse, nearly 80% of high school students have tried alcohol, it is easy to come to the conclusion that the potential for alcoholism or drug addiction is put into motion very early in life. What may start out as an "innocent" activity to fit in with friends, to have some fun, or to look older, turns into a life-

Whilst catching up on my feeds yesterday, I came across a disturbing article (disturbing because of the appalling events it reported) from my friend and fellow blogger, Lottie. The piece tells of the treatment received by a kindergarten pupil, Alex Barton. Alex is five years old and is in the process of being diagnosed with Asperger’s [...]

Whether pension received by gallantry award holder is taxable as per Income Tax Act. Somya Krishnan ,KochiYes, pension received by gallantry award holder is tax free , but the types of award is also notified. Section 10(18) of the I T Act provides exemption for such gallantry award winner and even to the family pension received by member of the family of gallantry winner. Read the provision below :18) any income by way of— (i) pension receivedby an individual who has been in the service of the Central Government or State Government and has been awarded “Param Vir Chakra” or “Maha Vir Chakra” or “Vir Chakra” or such other gallantry award as the Central Government may, by notification in the Official Gazette, specify in this behalf;(ii) family pension received by any member of

1.Dear Sir,I am on a Commonwealth Professional Fellowship to UK for 03 months. If I save some of my stipend would be tax exempted. However, I would be paying tax for the income I had for rest of 09 months in India. Thus please suggest about the status of stipend I receive here in United Kingdom. Pushkin Phartiyal , Nainital2.I am a research scholar doing my integrated PHD in Harish-Chandra Research Institute, Allahabad (an autonomous institute funded by department of atomic energy ). I get fellowship of 14000/- per month. I want to know whether I need to pay any income tax on it or not. How is it exempted from tax (if it is) ?I ask this to account officer here, he says it is taxable as its not scholarship but a fellowship. Are fellowship and scholarship are treated different

picApp_publisherId = 447;picApp_imageId = 11102;picApp_imageWidth = 357;picApp_imageHeight = 235;picApp_configUrl = "";picApp_Picview="";picapp_numberOfLine=2;ImageServe(); In a surprising move, the IRS has announced that it is considering exempting bloggers from paying income tax on money earned from blogging. In its proposed regulations on the matter, the IRS pointed out that bloggers provide a valuable public service by making information available to [...]

I am a trustee of an educational Trust. The Trust is registered u/s 12AA. Should the banks deduct TDS on our FD interest? Chandan Naha , Kolkata Yes, the Bank is correct to deduct the tax at source even though you are registered u/s 12AA . The bank is only doing their duty and they can not take the role of Assessing Officer . As per CBDT Circular : No. 4/2002, dated 16-7-2002, all entities having income fully exempt u/s 10 is not out of TDS clutch. The said circular is given below which states in what conditions ,TDS may not be made . Applicability to entities whose income is fully exempt under section 10 - Subsequent to the amendment to section 197A made by the Finance Act, 2002 whereby a new sub-section (1B) has been inserted with effect from 1st June, 2002, representations

I am an Indian resident, and had some ESOPs which I had exercised and paid in January 2004. These were paid in USD and money on sale will also come in USD, the company went public in October 2006.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Whether gratuity and leave salary becoming due on the death of an employee are taxable in the hands of nominee/legal heir? Please explain in detail.M K L Chand First of all , it should be known that... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

We are having a Software Outsourcing IT enabled Company. This is approved by the Software Technical Park of India (STPI), Govt. of India and it is a STPI Unit. We are completely exempted from... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

ESOP has come into focus once again on account of its inclusion as benefits chargeable to fringe benefit tax. To know more about it click here.As far as , employees are concerned , newly inserted provision prescribes for tax on capital gain arising at the time of sale or transfers. However, for those employees who are given shares of companies which are listed on India stock exchange need not worry if they be patient a bit. Two simple steps should be adopted for making the gains non taxable. These are :Do not sell the shares within a year of being vested by the company". This will make those shares as long term capital assets. and Sale only through stock exchange.This will make the long term capital gains on the sale of the ESOP shares tax free on account of exemption provision in section 10(38) which is given as under :"(38) any income arising from the transfer of a long-term capital asset, being an equity share in a company or a unit of an equity oriented fund where (a)

What do you think about plagiarism? While reading thru my google reader, a post about how to take someone else's post or idea and make it into your own appeared. Everyone has their own ideas and blogging is about expressing your opinions on different subjects. But are there any standards that people should live by? I myself do not want to be like any other blogger out there. I am Dwayne, and that is who I shall stay. But as you know there are many many copy cat bloggers out there. One piece of advice from me, if you see someone else's idea and think you can make it better, that is fine. But if you see someone's idea and want to re-word it to make it sound like it is yours. Well just look in the dictionary for the word plagiarism.Never mind I will look for you.Literary theft. Plagiarism occurs when a writer duplicates another writer's language or ideas and then calls the work his or her own. Copyright laws protect writers' words as their legal property. To avoid the charge of plagi

I completed a training fellowship in Singapore in 2006-2007. The total duration of the fellowship from May2006 –November 2006 was 186 days. I had received a monthly stipend to take care of my stay and sustenance. I could save some amount which I deposited in my savings account in India after returning back. The total stipend received by me is not taxable according to Singapore tax laws. Will this amount deposited in my account attract income tax or is it exempt from income tax.?In case the stay in Singapore has not been uninterrupted (visit to India for 10 days in between to attend a conference) will the considerations change? drgajanan2002@yahoo.comSection 10 of the I T Act provides income which are exempt from income tax. Sub section 16 of section 10 is regarding scholarship received by a person. It states :'16) scholarships granted to meet the cost of education;"Accordingly , if you got fellowship for higher education , the amount received as Stipend is not taxable. In my view,

Gift of any amount received after 1.4.06 is exempt if received 1. From Relatives or , 2. On the occasion of marriage or, 3. Under a WILL or, 4. By way of inheritance or, 5.In contemplation of Death. 6.From any local authority 7 7.From any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or 8. from any trust or institution registered under section 12AA. In all other cases, gift above Rs 25000 received from any person other than list of persons given above is taxable. However, from Asst Year 2007-08 ,it has been provided that receipt of gift exceeding Rs 50,000 in aggregate is taxable.Meaning thereby , a person can receive maximum Rs 25000 from one unrelated person and total receipt of gift in a year from all person can not exceed Rs 50,000.For example if Mr X receive RS 25000 each from Mr A , Mr B and Mr C . The total amount is Rs 75,000. Therefore fro

Gift of any amount received after 1.4.06 is exempt if received 1. From Relatives or , 2. On the occasion of marriage or, 3. Under a WILL or, 4. By way of inheritance or, 5.In contemplation of Death. 6.From any local authority 7 7.From any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or 8. from any trust or institution registered under section 12AA. In all other cases, gift above Rs 50000 in aggregate from one person or more than one person, who are not RELATIVEs , same shall be TAXABLE as "Income from other sources " under Section 56(2)(v) of the I T Act from Asst Yr 2006-07 .So gift upto Rs 50000 is not taxable , but gift in aggregate of Rs 50001 is fully taxable . So who are Relatives ? Your spouse Your brother or sister Your spouse's brother or sister Your parents' brother or sister Your lineal ascendants or descendents Your spouse's asc

This seems to be what the Dubya administration and the DHS want to do now, in another example of how America's security is risking hazards:WASHINGTON (AP) - The Bush administration is expected to announce on Thursday that it will exempt children from new rules that will require people to show passports when entering the U.S. at land or sea borders.The new passport requirements are expected to take effect as soon as January 2008. But under the expected announcement, children aged 15 or younger with parental consent will be allowed to cross the borders at land and sea entry points with a certified copy of their birth certificates rather than passports.Children aged 16 through 18 traveling with school, religious, cultural or athletic groups and under adult supervision will also be allowed to travel with only their birth certificates.Notice the part about religious groups? It doesn't any or which, but one can only wonder if this includes those travelling with Muslim groups. Possible?The

The Detroit Free Press reports that a little-known loophole in California's greenhouse gas emissions standards will allow some foreign manufacturers to avoid meeting the tough standards. Under the 2004 rules set by the California Air Resources Board (CARB), automakers averaging fewer than 60k annual unit sales in the Golden State would be exempt from the 2016 emissions standards. The Bi

the good old days when it was just a question of whether you had a salary or an hourly wage! If you were salaried, you got a yearly income figure and no overtime. If you were hourly, you got an hourly income figure and overtime. This basic set-up has been around since the inception of the Department of Labor’s Fair Labor Standards Act (FLSA) in the 1930s, but over the years things have become a