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E-payment of Income Tax
August, 14th 2012

E-payment of Income Tax

My bank has sent me a letter with details of the tax deducted on my fixed deposits. The tax deducted is 10%, but I fall in the category of 30%. My questions are: a) Do I need to pay the balance tax, and how? b) Can I save this tax next year by transferring the FDs in my wife's name? My wife is a housewife. RAVINDER PANTHRI

Yes, you will have to pay the balance tax. You can make the payment by cheque or cash accompanied by a duly filled in challan No. ITNS 280 in a bank. Alternatively, you can visit https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp and make an e-payment of income tax.

Income Tax on Overseas Income

A friend of mine wants clarification for filing income tax return for 2011-12. He was an NRI and was abroad for a couple of years and worked as a salaried person. He came to India in November 2011 to take up some job here. He thus is technically a non-resident for the year 2011-12 having spent over 200 days abroad.

He has some assets abroad, which he acquired during his stay with the money earned there. He had got permanent resident permit over there which is valid for some more time. Does he have to declare his assets (house, bank deposits, shares etc.) held abroad as on 31-3-2012 in his income tax return? If yes; how and in what format? J SINGH

First of all, despite being outside of India for over 200 days during the financial year, your friend would still be considered as resident in India. Based on the information provided, he would be considered a resident of India as he was in India for more than 60 days during the financial year and for more than 365 days in the preceding four financial years.

If he was abroad just for a couple of years, he would be considered as an ordinarily resident in India. Further, being an ordinarily resident in India, he would be required to pay taxes in India on his global income. He would also be required to disclose his foreign financial assets in schedule FA in the tax return.

Capital Gains Tax on Land

Let me know the present capital gains tax rate for land, both short- and long-term with and without indexation. BALASUBRAMANIAM K

Short-term capital gains arising on sale of land is taxable as per your marginal tax rates. There is no indexation benefit on short-term capital assets. Long-term capital gains on sale of land are taxed @20.6%.

Indexation benefit is available on long-term capital assets. Further, exemptions under Section 54EC and 54F are available if the gains are long-term in nature.

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