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: articles on VAT and GST in India :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: list of goods taxed at 4% :: VAT Audit :: due date for vat payment :: TDS :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD
 
 
Indirect Tax »
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory
 Nearly 15 pct growth in direct tax collections for fiscal 2017-18
 Transformation of indirect taxation landscape

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.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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