Tax questions on Income Tax

How to claim retention bonus tax refund?

I was given a retention bonus lets say Rs X (post Tax received approx 0.7x) in Dec 2015 (FY 2015-16) with the condition that if I leave the organization during the next two yeras I would need to return the amount. i'm moving on from my organization in March 2017 and I need to now return the pre tax amount to the company. The organization is saying that since this is in the next FY they will n...

Questions for an informative interview assignment.

Hello, I'm doing a informative interview assignment for a course towards my Bachelors in Business Administration with a focus in Accounting, and I was hoping you could answer some questions for me. I only have ten to ask, and I'd appreciate it if you would be able to take the time to answer them. Question #1: Tell me about a typical day? Question #2: What do you do? What are the duties/fu...

Income from Sharing trading not disclosed so far

Hi, I am a salaried person. So far, I have been filling my income tax basis the form-16 from employer. At the parallel, for past 5/6 years I have some bit of direct investment in share market. I have never reported this income/loss from share investment in my annual ITR. Somehow, the annual assessment from department has been positive all the time. Now, how to get this straight since this...

Tax rebate for the losses in the Ponzi schemes

I have invested a sum of around Rs. 10 Lakh in this FY in couple of campanies (Ponzi schemes). But I only got some of the returns from those companies and rest is all loss. So, Is that possible if I can show that investment or payments towards those companies as capital loss or Theft loss in this FY. I have invested this 10 lakh in mine and my family members name. So, we all got some amount ba...

Gift tax

Hi I am living in USA. My wife's sister and her husband has bought some property last year. Now they are in need of showing their income, but as per their tax filing last year, they didn't mention sufficient income. Hence, they are asking me to help them by giving them a gift letter that I gave some 30 lakhs, with which they want to project as they have bought the property with that money....

TDS on salary not deducted

One of our clients has received Intimation under section 200A of the Income Tax Act, 1961 regarding short deduction of Tax on Salary paid to one of his employee under Section 192. However the amount of short deduction was paid by the employee on self assessment while submitting his own Return of Income. Our client have intimated the ITO TDS that the amount of short deduction has already been pa...

Tax deduction from Medical reestablishment

I am an employee of CMPDIL, RI-I, Asansol, a subsidiary of Coal India Limited. My yearly Income is Rs. six lakes. Due to continue treatment of my wife, its required reestablishment medical bill nearly Rs. 40,000/- per month which prescribed by Medical Officer of Coal India Limited, i.e. at ECL Central Hospital, Kalla, which is under Coal India Limited. as per Sl. No. 24 Section Proviso to secti...

Trc

Sir, good morning,i want to know regarding trc. i am ( nri ) indian passport holder staying in kuwait more than 20 years. i have account in icici bank. i have some policy in icici bank............now icici bank asking me to trc but in kuwait no tax and kuwait government not issue TRC also. I checked with the local authorities here ( Kuwait Ministry) as well as with the Indian Embassy in Kuw...

How to save on income tax (fresher)

Hi, I'm a fresher (software professional) working for an IT company in bangalore. I started working since mid July and continue to work in the same company at the same salary. Now the company has asked me to provide investment proofs so that accordingly my tax saving and calculation can be performed. Since I'm a freshers and this is my first job, I have no clue on how to save on taxes. I'm ...

Tax notice - AY 2015-16 - advice required

sir, my mother in law got a it notice through nms for AY 2014-15 for non-filing. i had submitted a response through compliance section of e-portal that her income was below taxable limit as it was so. information i got through compliance section was that a small amount of tds was cut. on the submission of this compliance i did not hear anything from the dept. till now for ay-2014-15. so ther...