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Indian Taxation: Income from House Property
http://taxpayee.blogspot.com/2008/09/income-from-house-property.html
Income from House Property. Friday, September 19, 2008. Income from house property consists of buildings and/or lands appurtenant thereto. However, income only from vacant plot or land is treated as ‘income from other sources’. Following should be noted. In case of let out property, income will be ‘fair annual value’ i.e. sum reasonably expected to be received from letting or ‘actual rent received’ whichever is higher. Deduction is allowable for unrealized rent. 8216;Annual Value or Property’. Naturally,...
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Indian Taxation: Income from salary
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Friday, September 19, 2008. 1 Income under the head ‘. 8217; comprises of remuneration in any form (including perquisites) received by an employee from employer. Thus, there should be contractual employer-employee relationship. The contract may be express, oral or implied. Salary is chargeable on due or receipt basis. Arrears of salary paid or allowed are includible if not charged to income tax for any earlier previous year [section 15 of Income Tax Act]. Exemption will be lowest of (a) 50% of salary whe...
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Indian Taxation: Income Tax Liability
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Friday, September 19, 2008. 1 The legal position discussed is as applicable for financial year 2008-09 (Assessment Year 2009-10) unless specified otherwise. Provisions as applicable for financial year 2007-08 (Assessment Year 2008-09) are also given, where these are different from provisions applicable to AY 2009-10. Income Tax Act, 1961 imposes tax on income other than agricultural income. Tax on agricultural income can be imposed only by State Governments. Section 4 of Income Tax Act. Person - ‘P...
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Indian Taxation: Income Tax Act of India - Q & A
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Income Tax Act of India - Q and A. Friday, September 19, 2008. 1 What is Income Tax? 2 What do you mean by income earned in India? 3 Who administers the Income-Tax Act? 4 What is the period for which a persons income is taken into account for purpose of Income tax? 5 What is an Assessment Year? 6 Who is supposed to pay Income Tax? 7 Is Income tax Act applicable only to residents? 8 Who is a resident? 9 How can I know whether a company is resident or non-resident? 20 My daughter stays in USA. She ow...
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Indian Taxation: Wealth tax
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Friday, September 19, 2008. Wealth tax is not a very important or high revenue tax in view of various exemptions. Wealth tax is a socialistic tax. It is not on income but payable only because a person is wealthy. Wealth tax is payable on net wealth on ‘. As per Section 2(q), valuation date is 31st March every year. It is payable by every individual, HUF and company. Tax rate is 1% on amount by which ‘net wealth’ exceeds Rs 15 lakhs. No surcharge or education cess is payable. Net wealth in excess of Rs...
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Indian Taxation: Income From other Sources
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Income From other Sources. Friday, September 19, 2008. All income other than income from salary, house property, business and profession or capital gains is covered under ‘ Income from other sources’. Provisions in respect of some important sources of ‘other income’ are summarised below. Winning from lotteries, races etc. Winning from lotteries, card games, horse races are taxable as other income. This is taxable @ 30.3% without claiming any allowance or expenditure. Income from letting of furniture, mac...
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Indian Taxation: Fringe Benefit Tax
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Friday, September 19, 2008. Employer gives various benefits to employees. The benefits which are individually given to employee can be identified with the particular employee and taxed in his hands. However, where benefits are given collectively and it is difficult to identify individual employee, these should be taxed at the hands of employer. FBT (Fringe Benefit Tax) has been introduced with this idea in mind w.e.f. 1-4-2005 (AY 2006-07). 1-1 Who is ‘employer’? Fringe benefit tax will apply to foreign ...
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Indian Taxation: Rebate / Exemption from Income Tax Liability
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Rebate / Exemption from Income Tax Liability. Friday, September 19, 2008. Following rebates / exemptions are available. 9-1 Deductions under chapter VI-A and rebates. Investments in PPF, Provident Fund, LIC, repayment of housing loans, NSIC, 5 year FDR with scheduled banks, 5 year time deposit in post office, deposit in Senior Citizens Saving Scheme etc. are allowed as deduction upto Rs 1,00,000 u/s 80C. Deduction of medical insurance premium, pension fund. Exemption to EOU, SEZ. 10-1 Clubbing of Income.
taxpayee.blogspot.com
Indian Taxation: September 2008
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Income Tax Act of India - Q and A. Friday, September 19, 2008. 1 What is Income Tax? 2 What do you mean by income earned in India? 3 Who administers the Income-Tax Act? 4 What is the period for which a persons income is taken into account for purpose of Income tax? 5 What is an Assessment Year? 6 Who is supposed to pay Income Tax? 7 Is Income tax Act applicable only to residents? 8 Who is a resident? 9 How can I know whether a company is resident or non-resident? 20 My daughter stays in USA. She ow...
