Tax questions

Clarification on Section 80DD

Sir, My mother is bed-ridden following cerebral stroke. The authorities of the district hospital have certified her disability extent as 80%. She has a monthly family pension of Rs.6075/- which falls miserably short of the expenses for her maintenance and treatment including frequent doctor visits, medicine, physiotherapy, nursing by engaging attendants round-the-clock. Although my brother co...

Service tax on car lease

I am director for a Private Limited Company and I also work for a corporate company. My corporate company has taken car owned by private limited company (Where I myself is director) for me and pays to private limited company on monthly invoices raised. The invoices raised to the corporate company (where I am working) for monthly lease were without service tax, as per service tax chart i...

Subject : Non filing of income tax return – reg

Madam/Sir, Subject : Non filing of income tax return – reg 1. The income tax department has received information on financial transactions activities relating to you. A list of some of the information for financial year 2012-2013 is provided below. As per records you do not appear to have filed income tax return for assessment year(s) 2013-14. 2. You are requested to furnish your response i...

Whether long term or short term capital gain tax or no tax

Hi Sir, I have one query regarding capital gain tax. A 60 mtr. Plot in Rohini, Delhi Plot was allotted thru draw of priority nos on June 2012 and Allotment-cum-Demand letter was sent on [deleted] for payment of premium of Rs. 15 Lac which is paid by me in three instalments (June, March & May 2015). The physically possession of plot was given to me jointly with my house wife on [deleted] after 3...

Is this true in case of pvt. placement of shares

Hello, Earlier, under old Companies Act regime, many companies accepted share application money under private placement and utilized the same for the business purpose even without allotment of shares. Only Schedule VI of the Old Companies Act provided the manner to treat the same in the Balance Sheet of the Company. I read in some blog that Now, Section 42 of the Companies Act, 2013 puts ...

After withholding to non-resident @ 20% without PAN, no receipts?

USA company that has issued Indian company (payor) their USA Certificate of Tax Residency, did not want to apply for a PAN and be liable for tax returns etc in India (understandable). USA company is asking for the tax withholding receipts based on the amount Indian company withheld and paid, so USA company can offset the amount they lost or that was withheld from India as a Foreign Tax Credi...

Non-Filling of income tax return - letter from IT Department

Sir, I am a farmer(61 yr old) and have agricultural income, my son is abroad who generally send money to my bank account to support family expenses. Yesterday I received letter from income tax department sub "Non-Filling of income tax return" with details like income tax department has received information on financial transactions/activities relating to you and you do not appear to have...

What do I owe

Hello, Thank you in advance for helping me. I am an online freelance graphic designer and I have a few Filipino employees. I do freelance designing for candidates from the US and Europe. I have full control over the pricing of the designs. I am a sole proprietor and receive payment of let's say $2000 a month in my paypal account. Here is what happens after that: => Paypal deducts it'...

Do i have to pay tax on income which i transferred to india

Hi Team, Thanks for your support always. I don't have much knowledge about taxation rules. This if my first onsite assignment. I have been deputed to client location Denmark (Copenhagen) on 25th October 2015. I have been getting indian salary without deducting tax and onsite salary+allowances both into danish bank account in DKK. The onsite salary which i get is after deducting all the...

Income Tax Advise wrt Property / Capital Gains Tax / Loss from Pr

I have my residence in Noida taken 10 years back and I am planning to close the housing loan of the same immediately. The property is in joint name of myself and my wife and we have been claiming the deduction of 1.5 lacs each for interest paid on this property. My wife has taken another residential property nearby and possession of the same has been taken 3 years back. Since she had taken loa...

How to maximise income tax deduction on home loan interest?

My name is Sandeep Mallya. I live in Bangalore. I have purchased an under-construction apartment in Bangalore. I have taken a home loan, which was sanctioned in oct 2012. First disbursement happened in Jan 2013. There has been delay from the side of the builder in handing over the possession of the apartment. I will be getting possession in July 2016 or later. In 2015, I purchased a plot in ...

Notice from Income tax department for non-filling income tax

Dear Sir, I have received notice from Income tax department for non-filling income tax return for AY 2013-2014. My employer had deducted TDS on salary & there is no taxes due. Information summary mentioned: 1. TDS-192A TDS Return - Salary to Employees (Section 192A) 2. TDS-192B TDS Return - Salary to Employees (Section 192B) I had Gross total income of Rs: 4,76,265 for financial year 2...

levy of service tax on construction of flats by builders

Issue of classification of service whether work contract or construction of complex service:- The assessee is engaged in construction of a complex having common area, parking space, swimming pool, airconditioned gym, community hall, separate lounge for staff at stilt level, garden, park and common elevators intended for sale to prospective buyers. The assessee has entered into agreement with ...

Nri property sale transaction - tds query

Hi, I am planning to buy 2 bhk flat in Pune from NRI for cost of Rs 63 lakhs. NRI has Indian PAN card(Mumbai address) currently lives in Dubai. He purchased this flat from his NRE account as investment in year 2008. Address mentioned in property documents agreement between seller and builder is his Dubai address. I will be paying 33 from my own saving and 30 lakhs from home loan. Amount f...

Capital gains tax liability of legal heir

A residential property in Delhi in the single name of my mother (father expired in 1991) was sold in April 2013 and the sale proceeds (received through Pay Orders) was deposited in her savings bank account. Me and my younger brother are the only two legal heirs of our mother. Some portion of the sale proceeds received was utilised in purchasing a built up residential property in Delhi in August...

Sale of apartment in Gurgaon

- I bought an apartment in Gurgaon March 2004 for Rs. 16.5 Lacs from Army Welfare Society (AWHO) through a sale agreement - For purchasing the apartment I took a loan from IDBI Bank. The loan was only in my name - I was the sole applicant - In February 2008, the sale agreement was registered in Gurgaon court through a conveyance deed. The conveyance deed was executed by the AWHO in favour of ...

Arrival day ( around 1020 pm) to India to be counted as full day

We arrived late into India around 10.20 pm to 11 pm in the night. And we have e-tickets showing passenger names, name of airline, the flight number, the confirmation number or record locator number, departure and arrival time shown on e-tickets and immigration stamps in our passport both before boarding at Frankfurt and arrival in Delhi for the day of travel and second and third time for travel...

It claims

My husband is a doctor who relocated to India this year with an income of 24,00,000 per annum. His TDS deduction is 10percent per month from salary. 1) He has invested 1.5 lakhs in PPF, one under his name and one under my(wife) name each. Please suggest what amount of tax exemption will he get from this investment. If the tax assessed for the year 2015-2016 is 5,45,000 for instance, is 3 la...

Tax on PF withdrawal

I retired from a PSU at the age of 60 yrs and withdrew my entire PF then (that was maintained by Trust). After four months of my retirement from PSU in 2013, I joined a private firm in regular role and retired from this company after attaining age of 62 in July 2015, as per policy of this private organization. I am continuing to work in this private organization as an individual consultant and ...

Regarding outstanding tax demand which I see after I login

After I login today (23-09-15) at IT site I see "my pending actions" flashing. Clicking this shows me details of out standing demand. "Date of notice u/s 235" is written on top: AY is given as 2011-12; "Section Code" is given as 1431a; Next a DIN number is given; Date when demand is raised is given as 13/01/12; Outstanding amount is given as Rs 400/-; Under "uploaded by" Jurisdictional AO is st...