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293 Comments

  1. ramdas says:

    Hi

    My uncle own a land and in this land there is 16 legal heirs including wife, brother, sister, son, daughter and their children. All are given power of attorney and NOC to uncle.

    He developed land jointly with builder and built a multi story building having two wings, one for each, uncle and builder, Now uncle wants to sold all flats of his wing,

    Is My uncle have to pay any kind of tax by selling flats of his property. If yes please let me know what kind of tax and how to save the tax

    Thanks in anticipation

  2. mandar says:

    Dear sir,I want to know the employer’s liability whether an employee not demanded and do not want to become a member of providend fund scheme in course of his 16 years service,where his other co-employers are enjoying the benefit for many years till today and If such a member demand this benefit after his resignation from his service,Is this right ? He joined service on 1.7.1999 and resigned on 1.7.2015,
    please reply us via email as soon as possible.
    Pmandar –

  3. mandar says:

    Dear sir,I want to know the employer’s liability whether an employee not demanded and do not want to become a member of providend fund scheme in course of his 16 years service,where his other co-employers are enjoying the benefit for many years till today and If such a member demand this benefit after his resignation from his service,Is this right ? He joined service on 1.7.1999 and resigned on 1.7.2015,
    please reply us via email as soon as possible.
    Pmandar

  4. Nitin Goyal says:

    HI Sir,
    For My Brother I filled E return for last and this year with 2.5 lakh income each year in this September. He want to make a fixed deposit of worth Rs 5 lakh.So is it suitable to do that so as to avoid any income tax access income notification.if not what is the maximum amount he should deposit.

  5. sachin says:

    Dear Ankur,

    As per section 54 you can get benefit against purchasing of single house even you sold more than 1 house.

    For further clarification feel free to contact.

    Mob.9953077140
    CA sachin jain

  6. sachin says:

    Dear Randhir,

    Employer contribution PF does not part of income and it is not include in your total income therefore this will not be part of section 80C.

    Employee contribution will be part of section 80C.

    For further clarification feel free to contact me

    CA sachin jaij
    Mob. 9953077140

  7. ASHOK KUMAR says:

    Subject: PAN No. ARIPK4069N issued Two Individual Persons -reg.

    With due respect, I am requesting to NSDL, Mumbai by Email ([email protected]) from last 5 months regarding (Same Permanent Account Number (PAN) to two different individuals allotted by NSDL, but till date no any action/correction done by the NSDL.

    I have issued a PAN No. ARIPK4069N (ASHOK KUMAR) on June 2006 by NSDL, Acknowledgement No. 010100200295500, Branch-1010, Alankit Assignment Limited, New Delhi. But My PAN No. ARIPK4069N have been again re-issued on September 2014 other person (AJAY KUMAR) Acknowledgement No.072799700032500.

    Now you can seem the above differences both PAN No.ARIPK4069N (Ashok Kumar) issued to me on June 2006 year. And second AJAY KUMAR re-issued on September 2014, and as such I am feeling very much tension in my mind as I have to fill the Taxes and the other legal deposits like Income Tax etc..

    I am a Central Government Employee of Directorate General of Inspection Customs & Central Excise, New Delhi. My PAN No ARIPK4069N does not match in my name for Tax Deduction and it seems to be an error at Income Tax department. My NPS (PRAN No.110063654557) issued me January 2014 by NSDL and deduction contributing amount per months from my salary per months.

    Please take necessary action as soon as possible.

    Thanks and Regards,
    ASHOK KUMAR S/o. RAN SINGH Date of Birth – 07.07.1979
    Mobile No. 99997 83177 E-mail: [email protected]

  8. ASHOK KUMAR says:

    Subject: PAN No. ARIPK4069N issued Two Individual Persons -reg.

    With due respect, I am requesting to NSDL, Mumbai by Email ([email protected]) from last 5 months regarding (Same Permanent Account Number (PAN) to two different individuals allotted by NSDL but till date no correction done by the NSDL.

    I have issued a PAN No. ARIPK4069N (ASHOK KUMAR) on June 2006 by NSDL, Acknowledgement No. 010100200295500, Branch-1010, Alankit Assignment Limited, New Delhi (copy enclosed). But My PAN No. ARIPK4069N have been again re-issued on September 2014 other person (AJAY KUMAR) Acknowledgement No.072799700032500
    Now you can seem the above differences both PAN No.ARIPK4069N (Ashok Kumar) issued to me on June 2006 year. And second AJAY KUMAR re-issued on September 2014, and as such I am feeling very much tension in my mind as I have to fill the Taxes and the other legal deposits like Income Tax etc..
    Thanks
    ASHOK KUMAR Mob : 09999783177 E-mail : [email protected]

  9. Randhir says:

    Every month R5000 is deducted towards EPF from my salary. Of this, R2500 is the employer’s contribution. I would like to know whether the employer’s contribution is covered under 80C deductions for income tax. My employer says that only employee contributions can be claimed under 80C. Is this true?

  10. ankur chaudhary says:

    if i sold 2 HOUSE
    let sale consideration of both house 525000+375000=9000000
    and purchase ONLY ONE HOUSE of rs 9500000/-
    THEN what is limit OF Exemption U/S SECTION 54

    Can i claim exemption of whole amount 950000/-

    Rule says that if one house property sold then one should be purchase then we can claim exemption u/s 54

    but in my case i sold 2 house property and purchase only 1 house
    but value of purchase is higher than both sale consideration

    Please advice me

  11. amit says:

    Epf meerut department missing my 200000 rupees where to make complaint
    मेरे PF अकाउंट से 200000 rupees गायब हो गए है. मेरा PFअकाउंट है- MRMRT00287520000000436.

    सर मेरा ईपीएफओ मेरठ है। जिसका नंबर MRMRT00287520000000436 है. सर मेरा अकाउंट २००७ से

    २०१३ तक था. सर पुरे इंडिया में EPFO Meerut department*सबसे फ्रॉड डिपार्टमेंट है. EPFO Meerut

    department* के एम्प्लाइज सबसे ज्यादा बईमान ऑफिसर्स हैं. ये मेरे PF अकाउंट के 200000 रुपए खा

    गए. मुझे मेरे 7 साल की जमा पूंजी के सिर्फ 24 जुलाई को 13169 रुपए और 3246 रूपए ही मेरे अकाउंट

    में मिले. ये मेरी सैलरी से कटे हुवे PF से 200000 रुपए खा गए. आप में से कोई भी पता कर ले मेरे

    अकाउंट की जानकारी से. मैंने अपने अकाउंट की इनफार्मेशन के लिए ३ जुलाई को RTI भी जमा करी.

    लेकिन उन्होंने जवाब देने से साफ़ मना कर दिया। सर मेरे अकाउंट की जानकारी निकलवाए आपको

    खुद पता चल जायेगा मेरे अकाउंट में कितनी बड़ी गड़बड़ हुवी है. EPFO मेरठ डिपार्टमेंट के घर इनकम

    टैक्स की रेड पड़नी चाइये. ये सब चोर है. जनता का पैसा खा के ये डिपार्टमेंट वाले कही प्लॉटों के

    मालिक है. EPFO डिपार्टमेंट वालो के अकाउंट में लाखो रुपए मिल जाएंगे. इन्होने विदेशो में भी कला

    धन जमा कर रखा होगा। EPFO डिपार्टमेंट वालो के घर में इनकम टैक्स डिपार्टमेंट की रेड पड़नी चाइये.

    तभी कला धन वापस आएगा।

    मेरा EPFO मेरठ डिपार्टमेंट में 2007 से 2013 तक अकाउंट था. जिसका नंबर है-

    MRMRT00287520000000436 . मुझे सिर्फ 24 जुलाई को 16615 रुपए मिले जबकि मुझे 2 से 3 लाख

    के बीच मिलने थे. पर इन EPFO मेरठ डिपार्टमेंट के एम्प्लॉय ने मेरा सारा पैसा खा दिया. मेरे जीवन

    भर की कमाई खा गये. सर ऎसे तो हो गया मेके इन इंडिय. मोदी सर मेरा आपसे निवेदन है की आप

    इनके खिलाफ कड़ी करवाई करिये. ये सिर्फ मेरे साथ ही नहीं हुआ होगा। न जाने कितने लोगो के साथ

    इन्होने किया होगा। हमारी सैलरी से जो PF अकॉउंट में काट दिया जाता है. उसमे से हमे सिर्फ 16000

    रुपए मिले। बाकि ये डिपार्टमेंट वाले खा जाते है. अपने बीवी बच्चो के नाम हमारा पैसा विदेशो जमा

    करवा देते है. आप मेरे अकाउंट की डिटेल निकलवाए की इससे 2 लाख रुपए कहाँ गए और मुझे सिर्फ

    16415 रुपए क्यों मिले? मैं EPFO मेरठ डिपार्टमेंट की कम्प्लेन इनकम टैक्स डिपार्टमेंट, लेबोर कोर्ट, श्री

    नरेंद्र मोदी जी, सुप्रीम कोर्ट, हाई कोर्ट, लेबर मिनिस्ट्री , सीबीआई, में करूँगा।

    प्लीज सर मुझे मेरे PF की पैसा दिलवाए।

    AMIT*9568863027
    [email protected]

  12. Daisy Talukdar says:

    Sir,
    I have two accounts in SBI and HDFC banks. As per Form 26AS My TDS has been deducted from HDFC bank even i have not fall in TAX slab. But in SBI account I also get interest for which TDS was not deducted. Now if I shall file the ITR-1 for Tax refund should I show both interest from SBI and HDFC or I need to follow the Form 26AS which shown only HDFC interest.

  13. SAG Infotech Taxation Software Company says:

    I would like to join your group and share important tips and articles that are related to tax.

    Thanks

  14. Ravi Makharia says:

    Hello,

    Need a clarification if the short term capital gain from short term liquid mutual fund can be offset against interest paid on loans taken.

    Thanks

    Ravi

  15. M D Nagda says:

    An American citizen of Indian origin based in California, founded an American Company which has a branch in India (not a public limited company). He employed his uncle, ie, his fathers brother who is a doctor, on a retainer for professional medical services (after the uncle retired from salaried employment of another company) in India, in the early 2000s until late 2009. His uncle is now 87 years old and retired, is an Indian citizen living here, and files his returns.
    American citizen first gifted his uncle stock options in the company in 2005 and 2008. Then, he made an outright gift of common stock to his uncle in 2011, 2013 and the last one in October 2014 for which there are stock certificates. Meanwhile, in 2009, the uncle had left the services of the company. These shares were never disclosed in the IT returns which were filed every year.
    As it happened, the company was sold to another international company in April 2015. The first installment was paid out to the uncle in May 2015 after signing various documents. Proceeds of transfer of stocks are to be received in installments.
    Given that the uncle had not disclosed any of the Stocks / shares received, in the IT Returns as assets held outside India in any of the years, and did not pay tax on it –
    – Now, that the stocks are transferred and proceeds are received in installments from May 2015, should he pay advance tax on short term capital gains on sale of stocks for A.Y.2016-17 and disclose these in the regular IT Return for A.Y.2016-17 or should he file these under the new ‘Undisclosed foreign asset Bill’ and pay capital gains tax plus the penalty?
    – If he must file it under the new bill, does that apply to the last lot of shares received in October 2014?
    – The second installment comes in Feb 2016 and 2 or 3 more installments held in escrow account in late 2016. Should he pay tax on what is due in 2016 only or on the whole amount?

  16. Poonam Aggarwal says:

    We have just signed State Bank Statutory branch audit report. All Reports were prepared in bank computers. Our rubber stamps are also lying with the branch head as the work was completed in late night hours. They assured us that they will provide us one complete set for our office record after arranging all documents;

    Now the Head office of the bank is requiring soft copies of the reports from us. WE requested the branch officials but they postponed the matter. Now they are not connecting.

    We want to know auditors rights after signing the audit report. Auditor is in office until AGM. Auditor has a right to attend the AGM and be heard. Whether same applies to branch auditors;

    We do not want to request them any further. Please tell us our powers and rights, so that they recognize our presence and not avoid us;

  17. Sanjay says:

    Dear Sir, I have FD’s in my spouses name and this year TDS was deducted as interest crossed 10k and it reflects in her 26AS. As she doesn’t have any other source of income and I included her income as part of my return (clubbing). Will ITR2 form allow me to include her TDS deduction in my return or I need to pay total tax as a part of my return. And in that case, how I can claim TDS which is deducted on my spouse name?
    Thank you.

  18. Ashsih says:

    I am a contractual working in kendriya vidyalaya getting salary but TDS is being deducted u/s 194J however it should be duducted u/s 192, so my concern is which ITR should i file , ITR 1 or ITR 4 ?

  19. krishna says:

    Sri Laxminarayana Jew is a deity. Some term deposits are in bank. There is TDs on the accrued interest.
    Such deposits were made in way back 1980 so as to meet the expenses of deity’s daily puja expenses. There is no other income.
    Whether the deity under the status of A J P , could claim expenses from such interest income. Which Return Form to be files for AY 1415 and 1516.
    Is there any case law to support.
    thanks and regards
    kasahoo

  20. Ashwani Srivastava says:

    Hi, I have a property in Pune on which I had taken a Loan. I am planning to rent this property and staying on rent in the same city. Now I am sure I can claim Priciple and Interest componant of the Loan. But for HRA (for which I am paying rent) and Rent received from my property (Income from other sources), Can I claim HRA and show the rent received or HRA cannot be claimed or it is not required to show Income from other sources. Please explain?

  21. anjaan says:

    Hi I went to goa for a trip with family. Total Expenses Incurred 100000.Can I get any exemption or deduction under any section.

  22. Datta says:

    I have a client. he has good running business (Pvt ltd). he want to expend his business. for that he required funds. he don’t want to go for financial institution. he has money. he don’t want to invest as a capital. can he get loan form friends? please let me know.

  23. Nitu Jain says:

    Dear Team ,

    I have a query on Wealth Tax .

    One of my relative have 2000 gms of Gold(jewellery & bullions both) which she got during her marriage & from her fore fathers . But till date no Income tax return as well as wealth tax return has been filed as there was no one to guide her on this matter .

    Now , i have taken charge of this . I want that all her return should be filed & assets should be disclosed.

    Now problem is that she don’t have any record for this 2000 gms of Gold. If we disclose it as Wealth what are the consequences which can be faced by her. Are ther chances of search & seizure under sec 132

    I have gone through the section but want guidance on practical ground . Please guide me on what to do with this

    Thanks & Regards,
    Nitu Jain

  24. shrenik kumar sancheti says:

    Dear sir,
    An HUF receives a sum of Rs.425000/- in the beginning of this financial year, of 30 yrs. old litigation this year through cheque as settlement amount through court. The basic amount was been shown since 30 yrs. Rs.115000/-in HUF Balance sheet (assets side). Since 30 yrs. no provision of interest was made on that litigation amount. What would be the tax implications for that as that HUF income is only interest income about 80000/- annually from other sources.. Kindly suggest ways to save income tax . Are there any investment plans to save the entire amount from taxation. kindly guide me.

  25. SHAIDMAHAMMED SHAIKH says:

    Hi,

    I have filled E-filling of IT Return, I having refund of Rs.17000/-(Approx.) in the f.y. 2012-13 and Refund of Rs.20000/-(Approx.) in the F.Y 2013-14, IT department has raised a demand amounting to Rs.820/- for the f.y 2009-10, and i have not paid this demand of Rs.820/- hence my refund may be put on hold??????

    [email protected]
    [email protected]

  26. Rawal Singh Bhati says:

    Shital yes you can settoff short term loss in share against next year gain in property

    Subject to share is held as investment not as business trading

    Read section 74

  27. Rawal Singh Bhati says:

    Mr. VENKATESH HUNASIGI:

    Income arising from profit of firm shall not be forming part of your total income [ i.e, share in profit is fully exempt for partner]

    For Salary and interest you have to calculate, there is no excuse in law

  28. Rawal Singh Bhati says:

    MR. Manoj

    You are eligible for full amount since 80C gives benefit on payment basis, arrear or prepaid is irrelvant.

    so at the time filing of return you may claim refund

  29. tarun mathuria says:

    I want to sell the share I am holding and want to invest the money for the purchase of my second house . kindly let me know whether it will reliable for tax relief,
    kindly let me know

  30. Reji says:

    I have equity of few companies which has been purchased long back whose purchase price details is lost. How do I submit the return for sale of these shares (ITR2)?

    Thanks in advance

  31. Tax Article Author says:

    Hello-

    I have found a publication on your website that was clearly plagiarized from an article I wrote two years ago. How do I have this article taken down from your website and make sure this author does not publish here again?

    Thank you.

  32. Anup Singh Singh says:

    Dear Sir,I Am Beneficiary Owner Of Agriculture Income Is IT Include In My Income For Tax Purpose And The Agriculture Land is not On My Name Legally

  33. KIRAN PAL says:

    if any government employee present a rent agreement ( 1/3/2014 to 31/03/2015 ) on stamp paper issue2/3/2015 attested by notary or oath commissioner will be valid or not valid . Can DDO take rebate on HRA 12 month

  34. Nagoji says:

    I have three properties, two residential and one commercial.I using one property for me and another two letout. i have taken loan on one property and total interest is 516000, interest deduction is 200000 and remaining 316000. Rent for two properties Rs.181395 after all deductions i.e tax and 30%, can I compute in deduction rent rs. 181395 from balance interest.

  35. MOHAMMAD ARIF ADVOCATE says:

    Dear Sir
    While filling up ITR5 in case of partnership firm we normally fillup profit and loss account showing all the turnover and expenses depreciation etc and profit is worked out as profit before allowing interest and remuneration to partners and in Schedule BP we deduct allowable interest and remuneration amount from column no. 31 as any other amount allowable as deduction and finally taxable income of firm is worked out. But now I have received notice u/s. 139(9) pointing out that deduction shown on account of interest and remuneration at column no. 31 of Schedule BP is not correct and needs rectification, kindly advise me from where which column i have to deduction interest and remuneration out of profit of firm.

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