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We ensure that our readers are up-to-date with the most recent circulars, notifications, amendments, and case laws related to these areas. In addition, we offer a range of useful tools and forms in Excel and Word formats, covering the aforementioned laws. These resources include ITR Forms in Excel Format, Income Tax Calculators, Income Tax Rates, Challans, and various other forms. Our website also provides information on the IT Act/Rules, investment options, tax planning strategies, tax-saving options, financial calculators, and other utility calculators.
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you should provide RSS Feeds
RSS feeds function is not there
I am an INDIVIDUAL. I have submitted my last ITR in July 2014 of FY 2013-14, which is ZERO Tax Return. After that I does not submit my ITR for FY 2014-15 and FY 2015-16. Can I submit my ITR for two year now.
If yes, can i take exemption of 80C. Is there is any penalty for delayed submission of ITR. Please clear my confusion
we are in the mining business in Goa where in we do not have any sale but we service our customers by way of transportation, handling etc.& we charge service tax wherever applicable. When we have purchased some spare parts for our equipments locally by paying VAT, then can we claim VAT ITC on the same?. Doubt is raised as there is no sale activity.
Sir,
We are manufacturing plastic carry bags and we have transfered now from DTA to 100% EOU unit. is it required FIEO registration for our industries?. if yes, how to get registration in FIEO for EOU unit.
Dear sir,
I have deposited Rs. 75000 in a joint account which is in the name of me and my wife & my wife is a prime account holder in this a/c. When i deposited the money at that time my wife’s pan card was not updated with the bank so i gave my own pan card copy. The deposit slip, which I filled at the time of depositing the money, was also in my name.
Now please clarify me whether this deposited amount will be considered in my name or my wife’s name.
Eagerly waiting for your reply.
I am interested to get regular news updates on income tax, service tax and related subjects.
My accountant made mistake he filled 250000 rs income from tailoring but my wife got 250000 rs from stock market .
My wife got scrutiny.
I m filling very scary.
Pls suggest what can i do now ?
No income from tailoring my wife is not tailor.
My accountant not answer properly.
Can revise it return in this situations?
Can I speak to someone in regards to a blog about the future of money cryptocurrency?
Ours ia a SSI unit and central excise is exempted up to 1.5 crores every year. This year in our first quarterly return we forgot to give notification number.The return is showing error in excise calculation and the return revision period of one month has lapsed.We request you to let us know the remedy for this.
Hello i made a serious mistake during filling my income tax return. While preparing return i have to pay a net amount of 11k approx as a pending tax, but unfortunately i some hurry i clicked on submit button without paying the remaining tax. Kindly guide what to do further to correct the mistake done…
if our employer is paying conveyance @ 800 per month then can we claim the conveyance deduction Rs 19,200/ ( 1600*12) in the return for 15-16
My Client has sold Property at F.Y 2014-15. Result in a capital gain of rs. 20,00,000/- the original property was purchase 20 year back and was not book in the account. the capital gain was not disclosed in return file on a.y. 2015-16 can i declare this income under the income under the new disclose scheme ( Income Declaration Scheme 2016 ) and can i get benefit of indexing.
kindly advise as soon as possible.
hiii sir ……if i have deposit my minor child A/c fix deposit that this is my investment????????
how to register in tax guru and how to get taxguru updates.
Pl let me know at once.
hi sir
Electricity or Power is Goods for the purpose of service tax………….?
Case Study: A would supply electricity of 100% (say 500MW) in 1st year to B, and B would return the electricity of 102% (say 510MW, i.e. 500MW*102%) to A in 2nd year, A&B are state utilities or government bodies and we are the facilitator of the transaction charging facilitation fees/charges in the name of trading margin.
So is service tax liability present in the present case?
Points to be considered:
Is electricity a goods?
If we are transacting with A & B on principal to principal basis and having our trading margin as a difference of sales and purchase, will the liability of service tax still be there on us?
WHAT IS LEGAL PROCESURE TO OPEN BEAUTIFUL PARLOUR?
Dear Sir,
PFA Question about Small Service Provider Exemption limit for service tax
I need a brief upon excise verification certificate
Daily updates not received daily for my registered e mail id
I have completed MBA Finance in 2012. My Job profiles in Finance Department(Asst. Accounts) currently job in FMCG Company . I Have 4 Years Experience in Accounts Handling Work in Tally, but sir I have should best command in Taxation part , so how can i understand taxation part please suggest me.
Hello, I am a practicing Chartered Accountant..want to post articles on tax guru. Please advice.
Very Good Website, but Just a request if you could delete OLD tax related articles so that only the latest articles are reflected when we do a search, otherwise instead of the latest articles the most popular article shows up.
Eg. All articles related to Old 3CD format which does not have any bearing now still come up when we do a search.
Hi,
I was working with MNC and they have shutdown operations in my city. Compensation equal to 1 year salary was provided by company. However my company has deducted tax on that compensation along with salary that i got in that financial year. My question is – Compensation that i got, was that taxable? and if not taxable, how i’ll file refund.
As i have checked online that compensation received on discontinuation or termination of job due to shut down of business is not taxable.
regards.
Daman
Respected Sir,
I bought a flat in Delhi in the year of 2008. I took loan of 7500000/= seventy five lakh from Delhi cooperative housing finance corporation DCHFC. I am working in Air India. Me and my wife both are co owner of property in equal ratio and co borrower of loan. we both are submitting loan EMI equally. My loan interest per year more than Rs 400000/=.
I am availing housing loan interest rebate since 2008 equally and independently. This year my office is raising a question and saying that i can get only Rs 100000/= housing loan interest rebate because my wife are also getting housing loan interest rebate from her office.
I read the details on your site by which we both entitles for rebate of Rs 200000/= each individually. Sir if I am correct then kindly tell me the rule/section/circular of income tax department. so I can show to my department and get the correct and proper rebate.
I shall be thankful to you.
Regard
(Rakesh Kumar Verma)
Dwarka, New Delhi 77
Sir,
I have sale i residentai property (LTCG) & after 1 year I Purchases Commercial Property how to tax calcultaed
i have to pay the fee for registration as a valuer. This fee is to be paid by income tax challan. Which challan should I use? If challan 280, then type of payment will be (300) Self assessment tax or (400) Tax on regular assessment?
If payment mode is 400, then why online payment it is not accepting Assessment year 2016-17?
On NSDL site faq mode 400 is recommended for miscellaneous payment while in pdf copy of challan 280 on income tax department website, mode 300 is suggested for same payment?
I have registered with yourself, but not getting mails so kindly request you to get me update.
thanks,
cs shreyash doshi
I am working for Symantec Corporation, which is a US based company.
I get Restricted Stock Units (RSU) and I participate in Employee Stock Purchase Plan (ESPP).
I fill us W8-BEN form to avoid double taxation. My questions are as below:
1. RSU vested in say 01 June 2013, If I sell it in July 2015, will it constitute a long term capital gains or short term capital gains. Do I need to pay 30% tax (if I am in 30% tax bracket).
2. I was allotted ESSP in 16 Aug 2013. If I sell it in July 2015, will it constitute a long term capital gains or short term capital gains. Do I need to pay 30% tax (if I am in 30% tax bracket).
A Clarity in this area will help lot of folks who are not sure what consider long term capital gains or short term capital gains.
What is the rate of LTCG and STCG for above use case?
Regards,
Anjani Singh
Dear Sir
I want to post some articles on your esteemed portal.Please Guide me about How to post articles
Plz advise. Thank you
Hi,
My Family travel from 30th May 2015 till 7th June 2015, where as I took leave from 3rd June till 7th June and I travel on 3rd June and return back on 7th June.
Will I am eligible for tax exception for Myself and for my family??
1.In return also I travel through AC 1st and My Family travel through AC 2nd. Still I am eligible for Tax exemption for return Journey for Myself and my family??
2. For onward Journey I am eligible for Myself expanse only??
Dear Tax Guru
My question is:
1. If I gift X amount to my daughter who is college student and not minor but not earning.
2. Who will be having tax liability on interest occurred on gifted amount. (father or daughter)
3. Pl. answer.
Anuj Mahajan
Mobile: +91-9818433513
Mehta Street, Diwan Bagh
Nagrota Bagwan, Distt. Kangra, Himachal Pradesh – 176047
Hi Sir,
I need consultation service of yours on applicability of service tax on our software service for school. We own a website which helps school in informing all activities including Exam Marks etc to the parents in real time. Earlier our service was exempted clearly. Here we charge school on the student count, lets says Rs 250 per student / year. We bill to the school and in return school charges from the students. Now looking at the different aspects, as this facility or service is provided to the students by School so they collect the amount with service tax and pay us the same. So as per the service tax negative list services by the educational institute is exempted.
Looking further, if we assume that service given to the school by us relates to the exam as we notify all the information to parents about exam marks also, then can it be exempted under this rule. But we notify the parents about attendance of student and other informations also.
Kindly help
Dear taxguru (tg),
Let us know learn about the manner in which independent directors are selected together with the maintenance of a databank of independent directors ( Section 150, Companies Act 2013)
The above can be read with Rule 6 of the Companies ( Appointment and Qualification of Directors) Rules, 2014. They are explained as follows:
1. Maintenance of data Bank:
(a) An independent director may be selected from a data bank containing names, addresses and qualifications of persons who are eligible and willing to act as directors.
(b) The data bank shall be created and maintained in accordance with such rules as may be prescribed.
(c) The data bank may be maintained by any body, institute or association, as may be notified by the Central Government, having expertise in the creation and maintenance of data banks of similar types.
(d) The data bank shall be put on the website for the use of companies looking to appoint independent directors.
i have 3 doubts on my mind on the Renting of immovable Property. Please clarify with section and clauses
1. if a Property Owner have 2 Commercial property on rent, Income received from One tenant of Rs. 8Lakh and other tenant of Rs. 6 Lakh, is service tax aaplicable on Owner? if yes then how can they charged from Tenant . Given with example
2. if a Property Owner have 2 Commercial property on rent, one is individual and 2nd property in joint with other Co-Owner? Rental income from first Tenat of Rs. 8lakh and Rs.6Lakh from other tenant (3-3 Lack Each). Now Service tac applicable on it? if yes given detailed with example
Please give bifurcation of service tax i.e.@ 14%
dear sir
I had gained LTCT of 4 lacs after selling my property and I had purchased another property before selling old one.
I had purchased new property @17.50 lacs where I did down payment of 1.75 lacs and rest amount is in home loan , I have paid around 1.25 lacs of stamp duty cost, 25k legal fees, 30k broker and around 1 lac did renovation.
sir now while calculating LTCG of old property I have taken all such expences of my old property , I am confused what are the component I can take while calculating investment of section 54.
request you to please guide me, I have also did one mistake by not invested LTCg amount in LTCG scheme.
your guidance can help many tax payer.
Regards
Ravi Surolia
9830255903
Kolkata- India.
Unable to receive daily update notification via email since 30 Jan 2015. tried to subscribe but showing already subscribed. Last email received on 29 Jan so requesting to you please look this matter.
Regards,
S B Kamble.
sir
i am regular visitor of tax guru for various topics. now i find that highlighted words fro your site promoting Islam. why ?
thanks
Prashant
Dear Sir,
Many Corporate professionals including CAs, CS and CMAs etc., are nowadays joining QuestNet business. I want you to enlighten us through your forum on the QNet business, whether it is allowed in India, any SEBI observations on QNet, in the Internet we are coming across many positive and negative information on Q Net and its founders. Please educate us. When I clicked on its website : qnet.net/ the below message is appearing
Thanks & Regards,
Madhav
The web site which used to provide good brief of various decisions under various important sections of income tax is now lacking and has become less attractive.
we have 5 acre coconut field. Does it included in welthtax act
We are Trading in Cement
For Eg.
We buy from Dalmia Cement
@ Rs.125 in C Form for Cement
@ Rs. 80 in Railway Freight Debit note
@ Rs. 45 in Road Tranport from Goods yard to Party site (STAX not Charged n invoice says payable by consignee that is me)
@ Rs.250/- per bag is COST PRICE
We sell in our Name in LOCAL VAT
@ Rs.140.63 (Rs.125 +12.5%MVAT)
@ Rs.80 in Debit Note for reimbursement of Railway Frieght
@ Rs.50.37 in Debit Note for reimbursement for Transport from Goods Yard to Party Site+profit margin)
@ Rs. 271 per bag is the SELLING PRICE with Profit of Rs.5.37 (on which we will pay INCOME TAX)
Where does service tax come in this?
My CA says we have to pay STAX on Road transport(12.36% of 25% of Value of Rs.45)
Regards,
Anuj Kabra