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N SURYANARAYANA   03 June 2015 at 13:11

Incometax act, 1961

Sir, Whether under ULIP(Wealth-Plus) Policy the pre-matured withdrawal is taxable. It is a case where the policy has been taken by a person aged 62 years on 25/02/2010 for a term of 8 years and paid single premium of Rs.4 lakhs. Sum assured is Rs.5 lakhs. An amount of Rs.373672/- was received from LIC on surrender on 11/10/2014 with TDS of Rs.7472 u/s 194DA. My query is whether the entire amount is taxable under I.T.Act, 1961 for the AY 2015-16 . Please offer your valuable comments. Also state whether loss so incurred (premium paid minus maturity value) on account of investment can be allowed to be set-off under other heads of income.

Biplab Swain   01 June 2015 at 15:46

Tds on daily wages

Sir/Madam,
Sorry if I am repeating a simple question. We are an Association under trade union act in Motion picture industry. In order to ensure equal work to all members and surety of payments, we used to send workers on rotation basis to different production houses in serial industry on daily wage basis, which are paid at the end of the month by the production house to the association(in some cases directly to the workers also) for disbursal.

Hence under the circumstances, is any tds is liable to be deducted by the production. If so, what would be the percentage and under which section. Please also note that the no worker in any case gets more than 5000.00 per month.

Most important, since theses workers are hardly 10th pass, primarily agricultural workers, with part time work in movie industry during lean periods, what can be the best way to help them avoid any TDS as they will definitely find it difficult to file Returns and claim a refund.

A prompt guidance will help us put forth our side of the story to the production houses.

sanjitroy   29 May 2015 at 17:27

Input service tax adjusted against excise duty payment

Dear Sir,

can you explain in details adjustment of input service tax against payment of central excise duty & what is the process to adjust the input service tax & time bound for service tax credit.

1)input service is taken for advertisement,telephone bill,commission bill on cc loan & rent of the factory of the product.
2)for the month of dec-14 we forgot to take adjust of all the input service tax bill,can we now adjust remaining input service bill against excise duty payment for the month of may15, (note-advertisement bill is not yet paid to the vendor)

Monesh Agrawal   27 May 2015 at 13:58

Income tax refund

सर
मेरा इनकम टैक्स रिटर्न FY. 2009-2010 के लिए फाइल किया था जिसमे मेरा Rs. 11340= का रिफंड बना था. जिसका चेक मुझे डेटेड 08-11-2012 को प्राप्त हुआ और मुझे पता चला कि रिटर्न फाइल करते वक़्त मेरा बैंक अकाउंट नो गलत लिख दिया गया था. जिस वजह से मेरा रिफंड का चेक क्लियर नही हुआ. मैंने अपने अधिवक्ता से बात किया लेकिन उसका अब तक कोई उपाय नही निकला और मुझे मेरा रिफंड प्राप्त नही हुआ. इस सन्दर्भ में कृपया मेरा मार्गदर्शन करे कि कैसे मुझे वो रिफंड प्राप्त होगा.

Niladri Bhattacharya   22 May 2015 at 14:04

Wbvat on kerosene dealers

Vat on Kerosene Dealers is ceased in West Bengal and this happened in 2011 . I need to know the exact date and also find out whether any old demand can be claimed by the Department or is that also ceased .

Nagesh Swami   22 May 2015 at 08:54

Exemption under Capital Gain Tax

R\Sir,
My friend F.Y. 2010-2011 ,i.e.Feb 2011 Purchased One Commercial Property in Rs.1 crore 12 Lakh.
Now he is wish to sellout this property, some offer also coming for him.now that deal will be finalize near abt. 1 crore , 80 Lakh.
now we well known Capital Gain Tax charged @ 20 %. But what are the exemption and deduction are available for him for Tax savings purpose.

Medha Bhattacharyya   21 May 2015 at 21:28

Refund of income tax

I filed my return on 19-10-2014 for the Assessment year 2014-15 with a claim of Rs.26,550/- as refund in comparison with 26AS statement under ITR-4.Dept.gave me refund of Rs.4,490/- and informed TAN number mismatch for the rest amount.I filed rectification of those TAN number.Under rectification order u/sec.154 dept. admitted in sl no.53 total income tax refund amount was Rs.26,650/- but they did not given any.What steps should I take to get the refund for the rest amount?

sagar   20 May 2015 at 10:25

Job in law firms

Dear Sir/Madam

I want to ask about the job career in law firms. I have completed my LL.B.from Meerut University in 2014. so I want to start my job career in taxation with law firms. So how should I apply job in law firms and what is the procedure to join law firms. Please suggest me.

Thanks & Regards
Sagar Vaish

kishor kr. majumder   19 May 2015 at 22:26

gst

Hi light of gst

Sudhir Lohar   19 May 2015 at 17:22

Payment of excise duty under wrong head

Respected Sir,
We have inadvertently paid excise duty under wrong accounting head (paid under other receipts)for the month of Apr'15.Will it amount to non payment of duty till it is corrected at P&AO.Range Supdt is of the view that it amounts to non payment of duty.
Kindly guide in the matter.

Thanks in advanvce