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: due date for vat payment :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: cpt :: VAT Audit :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Indirect Tax »
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8
 Income tax notices to religious, charitable trusts
 ICAI starts course on accounting technicians
 More trouble ahead as Tata Trusts get I-T summons for tax avoidance

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 2016 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