R.V.RAO
06 January 2014 at 20:38
Pl. advise taxability of following in the hands of private sector employee
1.Exgratia, 2. car lease rental
3. Driver salary 4. Fuel and maintenance
5. Laptop payment
6. mobile reimbursement 7. Mediclaim
8. Group personal accident insurance
9. Grade allowance
10. office wear allowance
11. Prerformance pay 12. LTA
13. Gratuity
thanks and rgrds,
rvrao
devinderparkash
06 January 2014 at 15:49
Sir,
Our department giving tax exemption on children education allowance only 1200 a year ie 100/- rupees p.m.. I am drawing CEA 1250/- p.m. for one child ie. 15000/-. Kindly intimate what is the limit of exemption on CEA.
yours sincerely
Devinder Parkash
parkashdev_j@yahoo.in
ashwath
06 January 2014 at 13:57
Hi Sir,
we and company are sharing service tax @ 50%. when the company reimbursed their share of 50%, they deducted TDS and sent the amount to us. Is it allowable ? second, will it not amount to double taxation ???
YAGNESH HASMUKH DAVE
06 January 2014 at 13:15
I HAVE SUBMITTED RETURN OF INCOME OF AY 2013-14 PHSICALLY WITH THE DEPT SHOWING TAXABLE INCOME RS 4,90,000/- NOW AS PER REVISED INCOME MY TAXABLE INCOME IS MORE THAN 5LAC IE 575000/- SO I HAVE TO SUBMIT REVISED RETURN ELECTRONICALLY BUT CPC IS NOT ACCEPTING AS REVISED RETURN IN THIS CASE WHAT TO DO TO FILE REVISED INCOME PL EXPALIN
prashant toda
05 January 2014 at 18:17
Sir,
We build residential complex in jalgaon and planing to sale after completion certificate received from Municipal corporation, in this case is it necessary to get sales tax registration certificate,as per my information flat sale after completion certificate no vat is applicable.
Prashant
abhishek agrawal
05 January 2014 at 00:46
Dear Sir,
Myself, my wife and my father are in govt. services and are earning Rs.40000 each.
We have two home loans
First home is in the name of myself and my wife for which we are paying 12500 each i.e., 25000 as emi.
Second home is in the name of Myself, my wife and my father for which we are paying 9000 each i.e., 27000 as emi.
Myself and my wife are enjoying tax benefits on our first home.
My father is having tax benefits for the second home we bought.
I am planning to form HUF.
Query is -
1 Who should be karta for max tax benefits.
2 For the second home, to get maximum tax benefits, do we 3 need to transfer that home in the name of huf ?
3 If yes, than what is the procedure.
Thank you so much, waiting for your kind response
RANJEET KUMAR
03 January 2014 at 14:13
dear sir;
if employee is employed on contract basis in govt organisation then service tax applicable . then salary of this type chargeable under the head "other source" of income tax
Please suggest the provision in this regard
thank you
Ranjeet
Bhaskar Dey
02 January 2014 at 10:48
Sir,
My brother has a Two storied house in Kolkata. He resides on the first floor and the ground floor has been given on rent. About three months back he purchased a flat, also in Kolkata, the cost of which is more than thirty lakhs. So I understand that he will have to pay Wealth Tax in March 2014. He is ready to pay Wealth Tax but unable to decide which amount will be considered for Wealth Tax purposes and so we need Expert’s opinion and advice
He has paid Rs.44,00000/- to promoter, Rs.52000/- more as Service Tax, totaling Rs.4452000/.
Rs. 330000/- as Stamp Duty and Rs.52000/- as Registration Charge, totaling Rs.4834000/-. Then he spent Rs.180000/- for electrical fittings, painting, kitchen etc., totaling Rs.5014000/-. All figures in approximate.
I understand that he needs to pay @1% on the amount above Rs.3000000/-. But we are unable to decide which amount we should consider for Wealth Tax purposes. Is it only the amount paid to Promoter, or the amount including service tax, or the amount including Registration charge and stamp duty, or the total amount?
Respected Experts, please give your opinion and valuable advice. Thanking you.
B.Dey
Kapil Tiwari
01 January 2014 at 03:55
A relative turns 18 years on February 3, 2014. Can he file IT Returns for the AY 2014-2015 (FY 2013-2014) as a major for the full financial year 2013-14 or only for the period 3/2/2014 to 31/3/2014?
Kindly advise if the income of the financial year 2013-2014 has to be split into two categories:
(1) the income that arises during the period upto 2/2/2014 when he was a minor and this income has to be clubbed with the income of the parent;
(2) the income that arises from 3/2/2014 to 31/3/2014 which will be his income as a resident individual (not to be clubbed with the income of the parent).
In the case of a person turning 60 even in February 2014, he will be considered a senior citizen for the full financial year 2013-2014. So, if a child becomes a “major” in February 2014, will he not be a “major” for the full financial year 2013-2014? In this case, there will be significant tax saving as clubbing provisions will not be applicable and the total income will be split into two – that of the parent and that of the son. I will appreciate your opinion alongwith a reference to the applicable section of the Income Tax Act.
Thanks.
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Service tax and vat on redeveloped tenanted room
I was living in tenanted building. The landlord of the said building entered an agreement with builder for redevelopment of the said building. I have received new flat in reconstructed building equal to carpet area of old room plus some extra area purchased by me. I have to pay to builder construction cost for carpet area equal to old room and at a market rate for extra area purchased by me.
Queries:-
Whether I have to pay to service tax and VAT to builder if he demands? [In agreement there is no clause regarding payment of service tax.] if yes, then on what amount i.e. full consideration for old area plus extra area purchased or only on consideration for new area.