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When to Deduct TDS 2009-01-09 07:01:06 (i) At the time of actual payment or credit, whichever is earlier: -
Tax is to be deducted at source a the time of credit to the payee’s account or on accrual of the payment at the end of the accounting year or at the time of payment in cash or by cheque .
or draft or by any other mode, whichever is earlier, in respect of the following payments:
(a) Interest on securities
(b) Internet on tome
Income Tax Calculator with interest calculation u/s 234A, 234B., 234C 2009-01-03 07:59:25 Income tax returns for individuals must be filed before July 31. That means, your income tax return for the income earned during April 2007 to March 2008 will have to be filed before the 31st of July 2008.
But don't worry if you have missed the last date. you are not liable to any penalty but only penal interest i.e. u/s 234A, 234B, 234C
So I am giving a calculator for calculation of Interest u Read more:Calculator
, Income
, Income Tax
Mutual fund's loss allow or disallow after dividend recieved 2009-01-02 07:58:57 Whether assessee was entitled to claim deduction of loss incurred on sale of units
of mutual fund purchased by the assessee for two days to get the benefit of the
dividend income under section 10(33)?
Vaneet Jain v. CIT, Panchkula (2007) 158 Taxman 410 (Punj. & Har.) 13
Relevant section: 28(i)
"The assessee had made investment for the purchase of units of mutual fund for Rs. 5
lakhs along Read more:Mutual
Rules Regarding Issue of TDS Certificate 2009-01-02 05:41:28 Issue of TDS Certificate
s
After deduction TDS of some one. we have a duty to issue TDS certificate to that person so that he will get refund of that TDS. So Income Tax Act provide some rules for the issuance of TDS Certificate that are as follows.
AS per Rule 31(3) , Tds certificate should, generally be issued within one month from the end of the month in which the sum is credited or paid.
Where Read more:Rules
Security Transation Tax (STT) 2008-12-31 08:28:22 Securities Transaction Tax (STT) is a tax being levied on all transactions done on the stock exchanges.Securities Transaction Tax is applicable on purchase or sale of equity shares, derivatives, equity oriented funds and equity oriented Mutual Funds.
Current STT on purchase or sell of an equity share is 0.075%.
When you have paid security transaction tax at the time of selling securities (shares
National Savings Certificates (NSC) VIII Issue 2008-12-31 08:19:55 Who Can Purchase NSC VIII ?
- Any adult individual can purchase NSC VIII Issue
- on his own name
- or jointly with another adult (jointly or survivor) or (either or survivor)
- Parents and guardians on behalf of a minor
- Karta on behalf of a Hindu undivided family.
Where to Purchase NSC VIII?
- Departmental Post – offices authorized to transact savings bank business.
How to Purchase NSC VIII Read more:Certificates
, National
, Savings
KISAN VIKAS PATRAS (KVPs) 2008-12-31 08:19:29 Who can Purchase KVPs
1) Any adult individual for himself or on behalf of a minor
2) A registered trust
Where to Purchase KVPs
1) KVPs can be purchase from all Departmental post –offices authorized to transact saving bank business.
How to Apply KVPs
1) Fill Application
2) Deposit payment (cash/ chequ/pay order/demand draft)
Nomination of KVPs
1) Available
Denomination of KVPs
1) Rs.100, 500,
Limit for tax rebate on home loans may go up to Rs 2 lakh 2008-12-31 08:19:02 NEW DELHI: In the second and last stimulus package to revive the economy, the government is likely to raise the cap on income tax exemption on interest on home loans to Rs 2 lakh and is working on measures to “ring fence” the country from cheap imports, particularly from China.
The present limit for tax rebates on interest on housing loans is Rs 1.50 lakh.
The Committee of Secretaries, hea Read more:Limit
Who is resposible to Deduct Tax At Source (TDS) 2008-12-31 08:18:15 The following persons are responsible to Deduct TDS.
1)Individuals (Including sole proprietory Concerns and HUFs, carrying on a business or profession, whose gross sales, turnover or gross receipts exceeds Rs.40 Lacs (in case of buiness) or Rs. 10 Lacs (in case of profession).
2)All other assessees i.e. Companies, Firms, are responsible to deduct TDS irrespective of their sale or reciepts. Read more:Source
Advance Tax Payment Calculator 2008-12-31 08:17:44 With this calculator you can find you advance tax liability on due dates and also interest u/s 234C for shortfall of advance tax payment.if (WIDGETBOX) WIDGETBOX.renderWidget('300868c1-5661-43d4-873f-0203fc6d7dee');Get the Advance
Tax Calculator
widget and many other great free widgets at Widgetbox!<!-- google_ad_client = "pub-5706630102278797"; /* 336x280, created 12/24/08 */ google_ Read more:Payment
Income Tax Calculator 2008-12-31 08:17:07 I have made some calculators which you can use online without any download. With these you can calculate your income tax, advance tax payment, interest u/s 234A, 234B, 234C. More calculators are coming soon. so please subscribe your email and mobile for latest updates.
1) Income
Tax Calculator
for A.Y. 2008-09, A.Y. 2009-10
2) Income Tax
Calculator with interest u/s 234A, 234B, 234C A.Y.2008-09.
Can I claim deduction u/s 80C for LIC premium paid by me for my wife and childern? 2008-12-31 08:16:43 Yes you can claim
. In case of individual for the assessee himself, his or her spouse, and childern. In case of HUF, the payment of LIP for Insurance of any member/members of HUF.
You can check Sec. 80C for further clarification. I am not giving whole sec. 80C but only related part of this topic which is in blue color.
Sec. 80C.(1) In computing the total income of an assessee, being an
National Saving Certificate (NSC) VIII Issue accrued Interest Table 2008-12-31 08:14:42 You can see your accrued interest with the help of this table. I have given example how to see this table. You can also calculate your accrued interest with the help of NSC accrued interest calculator. For detail information about NSC. Read this post.if (WIDGETBOX) WIDGETBOX.renderWidget('67cb5dc2-7a8d-490d-9871-bf80d4b35ce3');Get the nsc accrued interest table widget and many other great free Read more:Certificate
, Interest
, National
, Saving
, Table
Tourism Sector Suffer, Hope for Tax exemptions 2008-12-19 05:22:16 In the wake of the terror attacks in Mumbai, the ministry is finalising a new campaign trying to spread the message that the security situation in India is well within control and the government is well equipped to guarantee the safety of every tourist coming to the country.
Indian Association of Tour Operators (IATO) has written to the Tourism
Ministry seeking a package to tide over the crisis.
Luxury Tax on Hotels and Banquet Halls in Punjab 2008-12-19 05:20:46 The Punjab government has passed an ordinance called "THE PUNJAB TAX ON LUXURIES ORDINANCE, 2008" w.e.f. 28-11-2008, which has levied luxury tax on hotels and banquet halls in punjab. Every Proprietor, required to be registered under this ordinance otherwise he will not be able to provide luxury in his hotel or banquet hall. Some question related to luxury tax are as under.
What is a lu Read more:Banquet
, Halls
, Hotels
, Luxury
Form 26AS Annual Statement u/s 203AA 2008-12-19 05:20:09 Don't worry it is not another form which is filed by you on the other side you should be thankfull for Income Tax Department because now you can verify your TDS deducted by deducter whether it is deposited or not.It is the obligation by department in formal words we can say it is the ledger of department in which they create your account with debit or credit balance. Income Tax Department has all Read more:Annual
Advance Tax Payment Online or Offline (2nd Installment) 2008-12-10 00:58:07 The Last date of Advance
tax payment (2ndInstallment) for non-company assessees is on 15th Dec. 2008. If you have not deposited your earlier installment till today. You can deposit on 15th Dec.2008.
It is mandatory to deposit online for some persons to know please read this post. For deposit online please click here. Plz Stop before deposit online read this post. Download Challan form No. 280 Read more:Offline
, Payment
Data Processing Fees Paid to Non Resident is in the nature of fees for technical services 2008-12-08 08:11:06 The Delhi Bench of the Income-tax Appellate Tribunal, in the case of Dr. Hutarew & Partner (I) Pvt. Ltd., held that the data processing charges paid to a German company were in the nature
of fees for technical services under section 9(1)(vii) of the Income-tax Act, 1961 (the Act) and was subject to deduction of tax at source under section 195 of the Act. Read more:Processing
, Resident
Punjab govt mulls hotel luxury tax 2008-12-08 07:46:14 Facing the prospect of running a government without finances, chief minister Parkash Singh Badal has already started dropping hints of broadening tax structure, and the first ones to fall in the net may well be those offering “luxury services”.
According to the Times of India the state government is mulling over introduction of “luxury tax” on marriage palaces, banquet halls and hotels. T Read more:mulls
Public Provident Fund (PPF) 2008-12-05 23:37:27 Accountingweb has a post in which they say that 95% tax advocate and CA don't tell their client all about tax saving schemes because of negligence or with busy schedule.
There are various schemes for claiming deduction u/s 80C. I will give detail one by one of all schemes. Today i am giving detail of Public
Provident Fund Which is most popular and favorite for salary class.
For various up
Vodafone International vs. UOI (Bombay High Court) 2008-12-05 11:42:31 Vodafone has been ordered to pay up $2 billion in capital gains tax by an Indian court.
Where the assessee, a Dutch company, purchased shares of a Cayman Company (which in turn held shares of an Indian company ‘Hutch Essar’) from another foreign company
(HTIL) and the AO issued a notice asking the assessee why it should not be treated as an assessee in default for failure to deduct tax at Read more:Bombay
, Court
, International
, Vodafone
Is it mandatory to file income tax return if i have PAN 2008-12-04 11:39:27 This question has been asked by most of people who have a little knowledge of income tax, so i am going to tell you that
"No you don't need to file income tax return if you have not taxable income. There is optional for you to file or not. "
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