Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: empanelment :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: cpt :: ACCOUNTING STANDARD :: form 3cd :: TDS :: due date for vat payment :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARDS
Indirect Tax »
 Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding
 CBDT seeks monthly data of disposed I-T appeals
 Further indirect tax may be levied in 2017
 India has to make its own tax law
 Centre warns against criticism of GST network
 Indirect tax collection jumps 26% in April-September, direct tax 9%
 Indirect Tax collections up
 Thank you note from income tax department
 Tax dept scanning IDS disclosures filed through post
 Poor management cause of financial pressure on Centre
 GST to have short-lived impact on inflation: RBI

Concept of joint tax filing does not exist in India
January, 02nd 2015

Taxation of any income earned by an individual would depend on various factors such as residential status, nature of income, quantum of income, and others. Further, it may be noted that the concept of joint filing does not exist in India. Only in certain circumstances, the income of the wife shall be clubbed in the hands of her husband. For example, where a property has been transferred in the name of the wife without any consideration, the rental income, if any, shall be taxable in the hands of her husband. However, we understand that the income earned by your wife has been earned on her own account and therefore, such provisions may not be applicable. Every individual whose income exceeds maximum amount not chargeable to tax would have to file a return of income in India. In order to file an income tax return (ITR), a person must apply for and obtain a Permanent Account Number.

Does the amount credited by my friend come under a special tax bracket? Can I add that to my bank interest as my source of income?

Where any individual receives money in excess of `50,000 in any financial year without any consideration, such money will be taxed as income from other sources in the hands of the recipient. However, this rule does not apply to money received from any relative or on the occasion of your marriage. The definition of ‘relative’ does not include a friend. Therefore, the entire amount credited by your friend shall be chargeable to tax under the head “income from other sources” at the applicable slab rates, if such amount exceeds `50,000, is received without any consideration and not on occasion of your marriage.
The interest income earned from bank on the outstanding deposits and the income received from your friend, would be taxed as income from other sources. Interest credited by banks would be subject to tax deducted at source (TDS) at the rate of 10% (plus applicable surcharge and cess), in case of residents. In the case of non-residents, TDS would depend on the double taxation avoidance agreement entered into by the government of India and the country in which you are a resident, as applicable. The taxes so deducted would be available as a deduction against your total tax liability. The return of income (ROI) requires a specific disclosure to be made in relation to TDS being claimed. You could input the TDS claim in your ROI on the basis of the certificate that would be issued by the bank from which you earn interest.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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