madhukar
24 March 2012 at 22:24
Dear Sirs,
Am employed in public ltd.company for last three years. My current salary is 3.6 lac CTC & Break Up is(yearly gross-318725, Bonus-12000, leave -12000, P.F employer- 17280). My investement of year 2011-12 are ICICI health saver plan Annual premium Rs 15000/- + LIC monney back Policy- Annual premium Rs 19150/-is & i have taken home loan in nov-2011 for which repaymnet instalment from dec 2011- march-2012 is Rs 36474. Even after this investement (30000/-) & Home loan repaymnet ( Rs 36000/-)+ pf( 17280). my account person says Rs. 6500/- will get deducted towards income tax. is it correct. pl guide
kewalkrishanjandial
24 March 2012 at 19:05
Dear colleagues.
A nri holding PR of Singapore while doing job there, acquired an residential apartment from his salary income savings and bank loan. Now about two years back he has shifted to India and is doing job in one of the metro cities.He if disposes of his above property in Singapore and after setting off the bank loan from the sale proceeds, transfers balance amount to his NRE Account being operated by him for the last ten years. How this amount will be treated in India for tax purposes i.e whether it will be taxable or not, if yes at what rates and under which provisions of Income Tax India.
visu
24 March 2012 at 12:55
Can one become income tax practitioner having qualified u/s288 (a commerce degree) by submitting form 39.
Is there any procedural formalities there to practice in Income tax..?
Is there any provision in Service Tax..
Experts pl. advise
Visu iyer
0 94 44 32 71 72
Vipin Kumra
23 March 2012 at 12:40
for the purpose of AMT we need to calculate the adjusted total income. does this total adjusted total income include capital gains income as well or not..
Can I please be provided with a detailed definition of "ADJUSTED TOTAL INCOME"..
ashmeet
22 March 2012 at 17:33
WE are a Pvt.Ltd company.we had a piece of land in bhubaneswar.We got the pland approved for commercial building and we are constructing a two star hotel over it.Pleae let me know what benfits we can avail under section 35AD for the fy 2011-2012
koteswara rao jonnalagadda
21 March 2012 at 23:34
respected sir's,
i am a small scale industry director at hyd.i have started this food industry at hyd in the year 1998,this unit does not have any subsidy.in the year 2003-04 and 04-05 i supplied stocks to a partnership co at delhi.this company is having two partners but i dont know weather it is regd or not.
i have supplied every thing by rail and road the respective r.r's and l.r's are available with us.since 2005 to till date they did not submitted form 'f'which in return i could not submitted to sales tax dept and we have not received any sale patti for our supplies and they have not remited the balance approxmately rs 20 lacs since 2005.now they are not even responding and threatening us in our lost visit to delhi.
we have collected all the data of sales pertains to our product,they sold at delhi,u.p,h.p and rajastan.
now i need your valuble advise on
a.collection of form 'f'
b.how we can get back our money.
c.how we can fullfill our responsbility with dept.
kindly show me light and pl note that our pvt ltd co become sick and n.p.a in the year 2006 it self.now no activity.
regards.
j.k.rao.
YASHPAL RAWAT
21 March 2012 at 19:32
Pls. confirm Nani(Mother's Mother) come under the defination of relative U/s 56(2)of IT Act, 1961 and if gift is reveived from Nani or Nana so it is taxable or exempted as per IT Act,1961.
Sanjeet
21 March 2012 at 18:40
Dear Sir,
I have made an equity portfolio of Rs. 5.0 lacs and hedged it with F&O. In this financial year value of my portfolio dropped to Rs. 4.0 Lacs (Loss not booked)and gain in F&O is Rs. 1.0 lacs. How taxation shall be take place.
regards
Sanjeet
Anil
21 March 2012 at 18:14
Practical Case of my close relative
Mr. Patel is 66 yr old man. Mrs. Patel - wife of Mr. Patel died 4 yrs ago. They have 4 daughters all are married. Now Mr. Patel is the only member in the family.
Situation: MR. PATEL owns Agricultural Land (mainly ancestral - received from his father and some purchased by him) and has few lakh rupees of cash in FDs. He is a retired employee and receives income from monthly pension.
Questions: Can Mr. PATEL form an HUF? How? Then it would be one member HUF as all daughters are married.
If yes, Can he transfer the agricultural land to the HUF? How?
What will happen to the HUF property after death of Mr. PATEL? How all daughters would get it?
Thanks in advance to all experts.
Looking for your practical valulable advise.
Regards
Mr. PATEL
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Advice
1.What is the non taxable limit for the assessment yr 2011-2012?