Roshini Arya
16 March 2016 at 09:34
Hi
I opened a PPF account in 2000 which as per law matured in 2015 after 15 years.
My query is regarding PPF and is as follows:
Now in FY 2015-16 the account is matured and there is an option to withdraw the entire or part of the amount or pay a minimum Rs 500 to lock it for another 5 years.
However I made no contribution in 2015-16 as I was planning to buy a house and needed the entire sum.But due to certain reasons I may not need to withdraw the money as of now.As it may materilize in 2016-17 I plan not to make any contribution in 2016-17 to my PPF account so as to keep the funds handy as if I make a contribution 40% would be again locked for 5 years.
Hence as per PPF rule if I do not make a contribution 1 year after maturity the same is considered to be a PPF account without contribution.
Now if I decide to continue my PPF account by paying an X amount in 2017-18 will the PPF accept the same as with contribution considering that I made no contribution post maturity for 2 years.
Also will such delayed contribution be applicable under sec 80C
If so will there be a penalty and to what extent.
Please clarify.
Sumit Aggarwal
15 March 2016 at 17:27
Hello,
My query is regarding Income Tax:
Father is earning Rs 3 Lac per month (36 Lac per annum) and filling his ITR (Income Tax Return) accordingly.
Son is working in a company for last 2 years and earning Rs 15000 per month (1.8 Lac per annum). The earnings of son are not sufficient for his monthly expenditure.
Therefore, father decided to pay his son an amount of Rs 50000 per month (6 lac per annum) to meet his son's monthly expenditure.
My query is:
Earlier the son's earning was 1.8 lac per annum, therefore no income tax was levied upon him.
is the income tax payable by the son on the amount Rs 6 lac per annum, what the son is receiving from his father for expenditure?
If yes, father is paying to his son from his earnings and father has already paid income tax on that, if son would again pay income tax on that amount then it wouldn't be double taxation or the amount received by the son from his father is tax free?
please advise.
Thanks
YASHPAL RAWAT
12 March 2016 at 19:04
Respect all
Kindly suggest me
1. Whether separate -2- assessee of same group having different PAN can apply for separate -2- excise registration on the same premise if area of premises is clearly defined for each assessee with different entry gate on the same premises
2. If one assess is registered as Ist Stage or IInd stage Dealer for trading and supply material to another manufacturing assessee and pass on the duty through excisable invoice so another manufacturing assessee can take cenvat on such invoice on the same premises.
P.SHANMUGASUNDARAM
12 March 2016 at 16:29
An assesse getting Business Income as Interest on Capital and Partner Salary from a Firm in which he is a Partner amounting to Rs.10,00,000/-. During the same financial year, he incurred loss from Derivative Business (Future & Option of Shares) done through Recognized Stock Exchange amounting to Rs.15,00,000/-. Whether this Business Loss can be set off against the Business Income of Interest on Capital and Partner Salary from a Partnership Firm
yagnesh dave
11 March 2016 at 12:44
NA PLOT ANCESTATAR PROPERTY SOLD FOR ACTUAL VALUE 95 LAC AND MARKET VALUE IS 3 CORE IN WHICH PER LEGAL HEIR GOT 10 LAC EACH THEY INVESTED 8LAC IN AGRICULTURE LAND EACH WILL THEY GET EXEMPETION FROM CAPITAL GIAN TAX OF 8 LAC AND ON DIFFERENCE THAT IS RS 2LAC THEY HAVE TO PAY CAPITAL GAIN TAX OR THEY WILL NOT GET EXEMPTION OF INVESTED IN AGRICULTURE LAND AND THEY HAVETO PAY CAPITAL GIAN TAX ON FULL 10 LAC AMT RECVD AND WHAT WILL BE THE EFFECT ON ACTUAL VALUE LESS THEN MARKET VALUE WILL THE DIFFERENCE WILL ALSO BE ADDED FROM INCOME FROM OTHER SOURECES PL EXPLAIN
Bhagwan das
11 March 2016 at 01:11
In 2014 June andhar & Telangana separated
And we open our branch in andhra and Ho at Telangana and we transfer stocks from Telangana to branch in Andhra And sales done in Andhra and we paid output tax and input tax is 0 now Telangana commercial tax officer restricted stock transfer and put
Tax labity on stocks transfer .what his obligation is thst we are taking input in Telangana where we purchase locally and sending stock transfer to other state and paying VAT their so Telangana govt loseing VAT. Pl advice us any act to clearly on this.
Ashwani gupta
09 March 2016 at 16:41
Dear Sir,
How to disclose black money which are earned through other sources...
sanjay sood
08 March 2016 at 10:01
Dear Sir,
My ancestors in 1920 had taken on lease agriculture land for a period of 100 years. In due course the lease was terminated by The Thekedari Abolition Act, 1965 and Bhumidari Rights were given to my family. Today by inheritance by way of Will some land has been inherited by my son. The land falls within the vicinity of municiple limits for Capital gain purpose. For computing tax what land acquisition value would be taken.
Thank
Sanjay Sood
pavar raviteja
07 March 2016 at 11:16
sir i am starting online coaching website for govt jobs and private job aspirants. we provide online exam service, videos and materials to access this aspirants has to register. we take fee for online registration is that fee is taxable or not. if yes how is the and is their any chances to exempt that tax...please reply sir....thank you for replying
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Cst rate for fabricated steel structures under mvat act
Sir,
I want to know CST rate without C form for fabricated steel structures under Maharashtra VAT Act.
Our supplier has engaged one party for fabrication of steel structures at Kolkota & dispatching from Kolkota but billing to us from Pune from their registered office.
Kindly help.
Regards,
Amarendra Sutar