abhimanyu
17 March 2013 at 20:26
1.Please advise options for a retiring employee to invest his retirement proceeds of around rupees 35 lakh in such a way that he is required to pay minimum income tax.
2, How much amount he can gift to his wife and children each on which no taxes will be payable by him.
v rao tangudu
16 March 2013 at 18:42
a registered educational trust which is having exemption under 12 a have sold long term property, is it attract capital gain on the consideration please suggest
surjit singh
16 March 2013 at 16:46
My query is whether income tax is calculated on net or gross. illustration follows
A is getting a yearly salary of 4,00,000/-. He has invested in insurance of 50,000 yearly.
He pays for children school fee Rs. 50,000/- yearly.
He pay house rent of Rs.80,000/- per year.
He has paid about 25,000/- for his medical expenses in the present year.
WHAT WILL BE HIS INCOME TAX PAYABLE AMOUNT. KINDLY WITH ILLUSTRATION IN DETAIL.
k r purushothama rao
15 March 2013 at 20:49
IMMOVABLE PROPERTY SOLD FOR CLEARING DEBTS.
REPAYMENT OS SUCH LOANS CAN BE CLAIMED EXEMPTION FOR PAYMENT OF CAPITAL GAINS TAX.
rahul sharma
15 March 2013 at 11:54
Our company come under fertilizer industry in which many type of catalysts used for enhancement of chemical reactions, after their shelf life such catalysts sold to vendors who recover copper iron etc. from such scrap,
my concern is whether such scrap can be said as generated from manufacturing process.
further whether TCS calculated on invoice value including Sales tax/VAT amount.
thanks in advance
girish
15 March 2013 at 10:12
one of my client is having unit in SEA. As per SEZ Act, CST is exempted from payment of CST for sales from SEZ to DTA or to EOU , please advise can Gujarat Commercial VAT demand CST on sales from SEZ to EOU / DTA unit located outside gujarat
J.Sridhar
14 March 2013 at 12:29
I am a 63 year old professional. I joined the ABC Group in late 2009 in the Materials Department of their infrastructure project. The letter of appointment was issued by ABC Technical & Consultancy Services Ltd. I have posted in their Group Company, XYZ Infrastructure Projects Ltd., in the Materials Department. In the letter of appointment given, the following are clearly mentioned:
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• ‘… the company has decided to engage you as Dy. General Manager-Materials on the following terms…..”
• Place of posting: Your intial place of posting shall be at our …… project site at ……..
• Fee & Reimbursements: For the services rendered you shall be entitles for a retainership fee of Rs 1,00,000/- per month. The said fee shall be inclusive of all expenses and taxes.
• Consultancy: You will be available at the office/site during office hours ……..
• Relationship: Relationship between our company and yourself will entirely be on a principle to principle basis and nothing in this appointment shall be taken as/consider you as an employee of the company.
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The above was renewed wef 1.10.2010 to 31.3.2012 and then extended upto 31.3.13 on a remuneration of Rs 1,20,000 per month.
Operationally, the following points are to be noted:
1. I have been allotted a 20 days leave per annum.
2. I have to submit a leave utilized report every month.
3. I am the Head of the Materials Department at the site and the entire Purchase Department and Stores Department staff report to me.
4. I sign all Purchase and Stores documents as DGM-Materials.
5. I am an authorized signatory for the cheques issued by XYZ Infrastructure Projects Ltd. I have so far signed hundreds of cheques valued at several crores of rupees.
I have received a mail that due to some changes in service tax rules, I should register myself with service tax department. However, the company is unwilling to reimburse the service tax stating that our appointment is including “all expenses and taxes”.
Another knowledgeable colleague advised that for my nature of “consultancy” service tax is applicable only from 1.6.2012.
My queries are as follows:
1. Do I come under the purview of service tax? If yes, from what date?
2. Based on the nature of operational activities listed above, can I consider myself as not covered under service tax and defend myself? Will that logic hold water?
Kindly guide me and oblige as I am very tense on this.
Sridhar
Note: To protect privacy, the names of the companies have been changed.
Member (Account Deleted)
14 March 2013 at 10:49
Mr.X is an employee of a Public Ltd.Company.His employer has made excess deduction of TDS from his salary for the previous -year 2012.Further they have not deposited the TDS with the Govt.How can he claim refund of excess TDS in his I.T.Return?
Info Seeker
13 March 2013 at 18:14
Dear Sir/Madam,
I would like to know whether i should file for IT Return.
I left India since dec 2006 and use to visit india for 30 days every year since 2007.
1) I want to know whether i have to file for IT Return.
2) what is the procedure ?
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Income tax on minors family pension
I am 33 yrs old. My wife expired and she was working in postal department. We had a son (5 yrs old now) and I am receiving a family pension for him as guardian. Also I am remarried and working in IT.
1. Do I need to file income tax along with my son's pension income? Is pension income exemptible from my tax calculation?
2. If I invest this pension income in my son's name in RD, FD etc., should the interest gained be clubbed with my income while filing tax? or it can be treated individually?