Latest Expert Exchange Queries

Make 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) | 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: ACCOUNTING STANDARD :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: due date for vat payment :: VAT RATES :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd
 
 
« General »
 Non-performance: I-T dept transfers 245 commissioners
 Income Tax efiling: Tax implications resulting from clubbing of income
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd
  GST: How companies are gaming the system
 Goods And Services Tax transparency: Elimination of added taxes to boost investment in realty
 In a first, Income Tax department to charge govt official under new benami law
 Income Tax Return Filing: 10 common mistakes people make while filing return of income
 Income Tax efiling: A few essential facts for senior citizens to keep in mind
 Pre-GST discounts get Maharashtra 16% more sales tax in three months
 Here’s how self-employed should efile their taxes
 Advance tax given by individuals in June quarter rises more than 40%

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 2017 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