MOHAMED FIROZ
02 August 2014 at 20:51
A PERSON IS WORKING IN A SCHOOL AND IS DRAWING A SALARY OF RS. 20000/- PER MONTH AND PAYS EPF RS. 780/- AND CARRIES HOME RS. 19220. IS TDS APPLICABLE FOR EACH MONTH ? THE SAME PERSON HAS TAKEN LEAVE FOR THREE MONTHS AND THE TOTAL EARNINGS PER YEAR HAS BEEN LESS THAN TWO LAKHS. IS TDS APPLICABLE ?
Satya Dev
01 August 2014 at 22:28
Sir,
I have registered 3 Acres of my Agricultural land in July, 2014 based n an agreement (unregistered) made in July, 2011.
The buyer had already paid total amount (Rs. 15 Lakhs) when we made the agreement in 2011. But in July, 2014 when I actually registered the property (3 acres), the Market Value (Based on which stamp duty is calculated) the property increased to 1 crore 14 lakhs.
As the registration is complete now, will I face any Income Tax issues because on the Sale deed it shows a higher amount than what I had actually received ?
prithwish sengupta
01 August 2014 at 10:24
Dear Sir,
I have purchased a residential plot in AY 2014-15, and paid stamp duty of rs 21900 on the same. Whether i can take deduction under 80 c for stamp duty paid on purshase of residential plot.
Regards
Rajib Kr Majumdar
01 August 2014 at 10:08
I have utilized input credit on GTA service on 30.01.2014
paid GTA in cash on 03.02.14 with interest to regularise the
matter but now C Ex authority demanded that i have to pay
Tax on GTA afresh with interest and penalty - please guide
me... thanks
SHAKIL SHAIKH
31 July 2014 at 14:23
Our soc is reg low cost co.op.ho.soc.make low cost flats on social base and allot direct to the share holders wihout any pfoti-loss. pl.guide us that the service tax on sale of property is applicable to us or not ??
If yes what is the way of exemption ??
shakil shaikh
secretary
rahat co.op.ho.soc.
gabheni surat gujarat
9913727127
pundalika achyuta bhat
30 July 2014 at 22:24
Sir, whenever Banks deduct TDS from the customer's Fixed Deposit, they issue Form No.:16A. In that Form I have observed various headings specifying to which category TDS has been applied. However I have observed 2 such headings as below:
1) " Interest on Securities"
2) "Interest other than 'interest on securities'.
Now I want to know the meanings of both the above headings. I request experts or any one well versed in the subject please help me to understand the meanings of above 2 headings.
Sir, after the reply is received I have some more questions to ask, which please note.
With regards, Pundalika Achyuta Bhat.
pundalika achyuta bhat
30 July 2014 at 22:05
Sir, my daughter works for IT company as a permanent employee and earns regular salary income. On verification of her 26-A income tax credit details I have found out the following:
Int. on Bank Fixed Deposits ... Rs. 21,912
Payment received from XYZ Co... Rs. 5,760
Total ...Rs.27, 672
As per existing I.Tax law Interest on Bank Deposits up to Rs.10, 000=00 is not taxable. In the case of company deposits interest up to Rs.5, 000=00 is not taxable. Now my question is how much of Rs, 27,672=00 is treated as Income from other sources? Which one of the following is right? :
( A) 21,912 - 10,000 = 11,912 + 5,760-5,000=00= 760 (Rs.11, 912 + 760 = 12,672=00 -OR-
(B) Rs.11, 912 + 5,760 = 17,672=00. Which of the following is right? (A) -OR- (B)
With regards, Pundalika Achyuta Bhat.
Ajay Agarwal
29 July 2014 at 20:27
Dear Experts
Please tell me rate of tax i.e vat/cst
- when a trader of haryana send/sale Mustard seed to buyer of U.P
1. is there cst charge or not
2. if yes, rate of tax on mustard seed
3. And what is treatment in vat return when haryana trader paid vat @ 5% on mustard seed to seller of haryana.
Thanks
Ajay
MOTILAL JHALANI
29 July 2014 at 10:21
Sir,
My friend is residing at Dubai since 5 years. His status is NRI as per Income-tax Act. He has salary income of Rs. 30,00,000/- yearly there. He is regularly filing his Income-tax return regularly in India showing his interest etc. earned in India.
1) Whether his income is taxable in India? If taxable, than under which section. If exempted under which section of Income-tax.
2) Rate if Income-tax if any and the rebate allowable to him as NRI.
With regards,
(Motilal Jhalani)
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Tds on contractors
sir i have one ques regarding tds on contractor..supoose we have done some sanitary work in our institution and we have to make payment to that contractor for labour charges of Rs.195000 without deduction of tds.
now if the contractor raise 3 bills in the name of 3 individual labourers of amount
labourer 1.
bill no 1.rs. 29000
bill no.2 rs.29000 and
bill no.3 rs.7000 and so on for 2 more persons of same amount to cover the payment of 195000
is the person who is making the payment still laible to deduct the tds.????????