Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: form 3cd :: ACCOUNTING STANDARD :: VAT RATES :: Central Excise rule to resale the machines to a new company :: cpt :: empanelment :: articles on VAT and GST in India :: TDS :: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« General »
 Tax queries: Contact employer to get Form 16 error rectified
 Finance Ministry may hike monetary limit for filing tax appeals
 Compilation of all notifications issued ON
 Banking transaction tax to have cascading effect: NIPFP
 While filing tax in India, NRIs do not have to state overseas income
 Tax ease on cards, some daily use items may become cheaper
 It’s one year of GSTN, too
 SBI home, auto loan interest rates cut, set to be effective from Nov 1
 MNCs will have to furnish extra disclosures from March 2018
 High Court Allows Woman To File Income Tax Returns Without Quoting Aadhaar
 If tax status is no longer NRI, all your income is taxable in India

Any interest on tax refunds is taxable
December, 18th 2012

My daughter is 12 years old. My father-in-law, who passed away last month, left her an FD of R80,000. The interest earned on the FD is R8,000 per annum. Does my daughter need to acquire PAN and file returns on the amount of interest?

There is no requirement for your minor daughter to acquire PAN and file returns. Such income can be clubbed with the income of either the parents (when the marriage of the parents subsists) whose income before such clubbing is higher. If the marriage of the parents does not subsist, such income is clubbed in the hands of the parent maintaining the child. Also, the parent with whom the minor’s income is clubbed can avail an exemption under Section 10 (32) for an amount of R1,500.

I filled my returns for AY10, claiming a refund of R10,055. I received a refund order for a higher amount. The letter from the IT department bifurcated the balance as interest. Is the interest taxable?
Anup Roy

The amount in excess of the refund claimed is interest under Section 244A paid to you by the I-T department. Such interest is payable where any refund arises due to any excess payment of tax and is payable at 0.5% per month, or part of a month from the first day of the assessment year to the date of grant of refund.
The interest is taxable in the year of receipt under the head, ‘income from other sources’.
Is there a need to disclose agricultural income

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions