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
Latest Expert Exchange
« General »
 RBI-Special Deposit Scheme (SDS)-1975 Payment of interest for calendar year 2018
 How senior citizens can avail tax break on interest income under Sec 80TTB a
 Listed companies paid a little less than a third of corporate tax in FY18
 Gifts received from relatives are not taxable
 Income tax return benefits: National Pension System (NPS) also offers this 'hidden' tax relief
 Big 4 audit companies may suffer revenue hit due to conflict of interest norms
 How much tax do you pay on your bond investments?
 Companies rush to reconcile financial results with state wise audit, seek extension of deadline
 Interim budget may include income tax announcements, says report
 All you need to know about tax benefits for senior, super senior citizens
 Where to invest money for the short term

Resident senior citizen not liable to pay advance tax if he doesnt have any biz income
September, 24th 2013

Iown a house from which I earn rental income. I paid R8,000 in February 2013 towards the total property tax payable of R15,000, and the remaining R7,000 was paid in July 2013. Can I claim deduction for the entire property tax, i.e., R15,000 while computing the income from house property for FY13.
— Kunal Parikh

Deduction in respect of property tax is permissible subject to the condition that it has actually been paid during the financial year. Property tax due but not paid during FY13 is not allowed as deduction. Thus, you will be eligible for deduction of R8,000 only. However, property tax paid in July 2013 (R7,000) can be claimed as deduction for computing income from house property for FY14 even if it relates to the previous year.
My query is regarding computation of long-term capital gain on sale of a residential house. I do not wish to claim indexation benefit and, instead, want to pay tax at 10%. Can I do so?
— Nilesh Agarwal

The benefit of a lower rate of tax at 10% (without indexation) under Section 112 is restricted only to listed securities, units or zero-coupon bonds. Thus, you will be required to compute long-term capital gain after taking indexation benefit and pay tax at 20% on the resultant capital gains.
I e-filed my I-T returns for FY12 on July 31, 2012, without using digital signature. I could not send a copy to CPC, Bangalore, on time. Can I do it now?
— Prabhakar Shah

Yes, you can send ITR-V (duly verified and signed) to CPC, Bangalore, till October 31, 2013, as the time limit for filing ITR-V has been extended by the I-T department. Note that without acknowledgment of ITR-V from CPC, it would not be possible for the I-T department to process your return or issue any refunds as these would be treated as not having been filed with it.
A New Jersey-based friend gifted me a laptop worth $2000 (R1,25,000) on my birthday. Will this be taxable in my hands?

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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