Ask Your Income Tax Questions here

I am not an expert in Income tax laws but I do have decent knowledge of it so if you are an Indian having some queries about income tax laws and how much income tax you should pay then you ask your question here in the comment box and I will try to answer them.

Just to clarify, everyone has to pay taxes who satisfy these conditions -

1. You are an Indian citizen
2. You earnings are mote then Rs 1,50,000 if you are a male and 1,80,000 if you are female.
3. You have got money or gift from someone or have got any kind of asset which is taxable.

From whatever I have seen, most of the people are confused about what kind of items are deductible and in what ways they save taxes. Many people are also confused about taxes on loads, house purchase and earnings from sources like rent etc. Anyway ask your questions and let me see how can I help you.

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Posted by Abhimanyu @ 01:48:05 on 2 May 2009 Filled under Finance

106 Responses to “Ask Your Income Tax Questions here”

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1Puspa on Jun 15, 2009 :

Hello

I am a houswife(62 years). My income consists of interest on post office deposits. My income is below taxable income since last 10 years but I have been filing I.T returns every year. I reside in ownership flat purchase 14 years back. The preset value if aout 30 lakhs. Will there be an taxation problem when I decide to sell flat in future of I do nt file income tax return henceforth.

Thanks
Puspa
2admin on Jun 16, 2009 :

there won’t be any taxation problem though you will have to pay taxes on the earnings of flat.
3satish karvekar on Jul 6, 2009 :

If government is depositing huge arrears into provident funds with five years locking, Shall it attract income tax on such money now? It is unduly covering limit of 1 lac under 80c.
4thomas on Jul 22, 2009 :

money spent on kidney operation - whether tax deductible
salary received under head fees for professional,technical services -which it form to use
having own flat self occupied purchased in a/y 08-09 - whether to show again in it form
loss made in shares - to be shown and tax deductible
5Sathish on Jul 22, 2009 :

Hi ,

I am currently residing out of the India for last few months and i have stayed in India is less 182 days during the current Tax year 2007 - 2008. I have received my Form 16 from my employer, i haven’t filled my tax return for this year yet. But mistakenly i have paid my self assesment tax. Then only i come to know, If my stay is less 182 days, i dont need to pay any self assesment tax. But I paid it mistakenly through my bank account through net banking

Could please help me, what is procedure to get back the amount which paid for the Self assesment tax, what i need to do while filling the tax return.

Any help in this much appreciated. Thanks

With Regards

Sathish
6pooja on Jul 31, 2009 :

IAM A HOUSEWIFE WHO ERAN THROUGH TUITIONS ,SOME KNITTING AND TAILORING.WHICH ITR FORM WILL I HAVE TO USE TO FILL THE RETURN
7Tarun on Aug 15, 2009 :

Hi

I have FD of 3 lakhs with my wife as primary applicant and myself as secondary. My wife is housewife.

Would like to know, will the interest on FD be part of my taxable income or will it be counted under my wife’s taxable income.
8admin on Aug 15, 2009 :

Tarun, it will come under your taxable income
9Tarun on Aug 17, 2009 :

So it will be part of my taxable income. Is it ?
10Praashant on Aug 18, 2009 :

May I get tax rebate on long term capital gain, if I use this capital gain in purchasing agricultural land.
11sanjay on Aug 18, 2009 :

Hi,
First thanks for hosting this blog. Really helpful. I work for a BPO and my salary structure has the reimbursement component as below. Previous year I used to bear the FBT for the reimbursement componet.

Reimbursements (Part B) Per month
Medical: 1250

Vehcile running & Maintenance: 15000

For Vehicle running and maintenace, I provide receipts for Car rental every month amounting to Rs. 9,000 and Driver’s salary receipt for Rs. 6000. All these years these receipts were substantiated towards the reimbursements.

Now due to the FBT abolishment in budget, will these reimbursements be included as part of earnings and taxed as per slabs (10, 20,or 30%)

Have LTA also included in my salary structure amounting to Rs. 30,000. Please do let me know if this also would be taxable.

Looking forward to your advise.

Thanks,
Sanjay
12prabha on Sep 18, 2009 :

If an employee joins the company in the middle of the month then do we need considered his whole month rent for HRA calculation?
13Hina Manerikar on Oct 21, 2009 :

Do I have to pay capital gains tax after selling 100 year old agriculture property in backward area of Maharashtra
14chhaayyaa k g on Oct 23, 2009 :

I have got married on 24/Aug/09 after which my complete name has got changed including my first name. The change is as follows :-
Old name - Chhaayyaa Kiran Gajinkar
New name after marriage :- Kahvya Venugopaal Potala

My PAN CARD was with the old name, which i got changed after my marriage in the new name.
Could you please help me out as to how I proceed with my housing property which I bought before my marriage, hence in the old name.
Is it possible that I continue the property to remain in my old name and avail of the tax rebate on it, because only the Name in Pan card has changed, the PAN Number remains the same. Also regarding my LIC policies and the PPF A/c which is in my old name, will the income tax authorities accept it.
I have been relocated from Pune to Bangalore after my marriage and is becoming quite difficult to get these records changed, thats the problem.

Kindly suggest how I go about with it.
15Madhur Sameer on Nov 1, 2009 :

Sir,
I am a central Govt employee was in the lowest income tax bracket. I have received 40% arrears of Pay for the year 2006-07, 2007-08 & 2008-09 in the month March 2009. My department has taken the 40% amount in to account for calculation of Income Tax in the current financial year 2009-10. Now Govt is paying 60% arrears in the current year 2009-10. Thus my department is taking all 100% arrears in the current financial 2009-10 for calculation of Income Tax, which causes my all salary goes to Income Tax.

Kindly suggest how I can take refund of the above amount which actually belongs 04 financial years.

Thanks
Madhur
16g.d lavania on Dec 24, 2009 :

i am a retired person.I have given a power of attorney to my daugter in law’s for the flat which is owned by me in bangalore ,to look after and to take benefit of it ,as i me residing in Agra.the flat is presently rented out ,plrease clarify in whose income the rental income will be accounted in the income f my daugther in law or myself for tax purpose

thanks
Gopal das
17Arnab on Dec 29, 2009 :

Hi
I am a digital artist and have an annual income of INR570000 @ Rs 47000 per month without any deduction.
Now I want to know the following :
1. Can I ask for form 16 from the company
2. If the company denys to give me form 16 what legal step is to be taken(this has happened last year and I didnt knew what to do)
3. If I want to file tax return myself what deductions I cud avail as there is no pf in our company
18Confused on Jan 8, 2010 :

Hi

I purchased a house in City A (on which the loan is continuing) and availed IT benefits.
Now, I have purchased a house in City B (can I avail tax benefits on this one too)

Note that I stay in both the houses as my job takes me to both the cities and can not rent out any of the flats.

Please help
19Narender Yadav on Jan 14, 2010 :

respected sir /madam,
i ,narender yadav ,am physically handicapped employee of central government & i was eligible for relief under section 80U. In financial year 2008-2009 i did not show relief under section 80U due to lack of knowledge and also my taxable income in this financial was less than Rs. 1,50,000 . now i want to adjust the same in the form 16 for the financial year 2008-2009. is it possible? because i want to divide 60% arrears of 6 CPC year wise to get relief under section 89(1). if it is possible please send me the required clarification urgently. i will be very thankful to you.
20Punit on Mar 8, 2010 :

I Have a Long Term Capital Gain From Sale of Residential Plot and the same amount i deposit in capital gain deposit account. Than my question is this that can i purchases more than one house property out of this capital gain deposit a/c within 2 year.

And secondly, can i construct more than one house property out of this capital gain deposit a/c within 3 years from the date of transfer.

Kindly say me on my mail id i.e. agrawalpunit@ymail.com
21Arindam on Mar 22, 2010 :

Is it true that Cut long term capital gains period to 1 year for realty instead of three year from 2010-11.
I got an allotment of flat from 23rd Febuary 2008 in 13.5 and I will sell it April1 2010 in 26 lac.
So please inform me that How can I save my taxes?
22Max on Mar 22, 2010 :

Question: I have been working with one of the MNC’s as a Part timer and I earned only 90k to 120K in 2008 to 2009 and 2009 to 2010 Financial Year, and I haven’t field Income Tax in these two years, I want to file an Income Tax return for these two years 2009 and 2010, as I am planning to go abroad for my Higher education and want to show IT return in the Consulate embassy, can I file the return now with a zero balance for 2008 and 2009??
23itu on Apr 2, 2010 :

Can I adjust excess payment in Tds on Commision with other head in Same year or next year? What is the procedure for refund the excess payment?
24Josh on Apr 2, 2010 :

Did my Chartered Accountant charged me high to file my income tax?
i had not filed my income tax since FY 2008-2009, i also had freelance income of about $12000 extra apart from my monthly salary of Rs 30,000.I contacted a CA and showed my bank account statement for three years, after reviewing the statement he said he would charge me Rs 80,000 to file for 2008-2009 and 2009-2010 including the tax amnt.I bargained and at last he is willing to do it for Rs 50,000 which includes tax amount, advocate fees, consultation fees etc.Did he charged me right? I have alredy paid him 35,0000.Till now he has only sent me an email with ITR 5 form with assessment year 2009-2010 to sign and have sent him back.I would like to know how can i make most out of my CA.What are the other documents i can ask from him? Whom should i ask for my form 16? Please, educate me?
25Gopal on Apr 12, 2010 :

Question- Iam working in India and getting monthly salary from Europe in euros, our Company is not holding any office in India.
Am I taxable? if so is there any way for tax exemption, please explain.
26admin on Apr 17, 2010 :

@gopal, yes, you do have to pay money on your earnings

What kind of tax exemption you are looking for ?
27admin on Apr 17, 2010 :

@josh, yes, your CA charged you way too much money, why did you paid him so much money when you could had gone with another CA ?
28B S Bisht on Apr 17, 2010 :

Hi
I have the 2 points. Please suggest. CA is asking much money.

(a) Income tax department has not refunded my excess deducted amount of last year 2008-09. Next return is likely to be due.

(b) I have received arrears of Pay & allowance Appx 150000/- of last 05 years 05-06, 06-07, 07-08, 08-09 & 09-10 during the year 09-10 in which income tax has deducted by the department at source in one go, where as it belongs to 05 years. Should I revise my all return or revision be submitted in the current year return to claim refund.
29admin on Apr 21, 2010 :

@Bisht - I will still advice you to hrie a CA, you can get cheaper one too if you find them through personal contacts, as I am not a CA, I can’t give any finance advice.

IMO, You can submit the return in this years filing
30Shalini on Apr 26, 2010 :

Hi,

Can you tell me if I only have the Long Term Capital gain Income then can I Get the Slab rate Benefit in calculating the Tax on Capital gain.
31thomas on Apr 30, 2010 :

dear sir
i had filed the returns last year and was waiting for refund.
i was told by the consultant that refund will be paid after 6 months of filing which was done in july 09.then i was told it will be paid by march2010.then i was told that it will be paid by march 31. on enquiry at income tax office i was told that they have not processed the file yet. when should the dept pay the refund by rule

thomas
32hardayal singh on May 16, 2010 :

Hi
I am a retire person completed 65 yrs, the only income comes to me is from my property given for lease around - 120000p.a.

its clear that i am not in IT slab bracket, can you please let me know that is it compulsory to still file IT return.
33admin on May 16, 2010 :

@hardayal singh - Hi, yes you are no in IT slab but still you have to file return, though you don’t have to any income tax. If you want to pay any fees to consultant, I will advice you to file the form online yourselff, it won’t cost you anything.
34vikas kumar on May 19, 2010 :

wat is the it exempution for physically handicapped for the f y 2009-10
35ssr on May 29, 2010 :

I have a pending tax liability of Rs. 1569 for FY 2009-10, arising due to fixed-deposit-interest-income. (The bank already deducted 10% at source, I have to pay the remaining.) My question is do I have to pay 1% interest per month on this liability?

Here are the details,

Total income tax …. 38823
TDS by company …. 35772
TDS by bank …. 1482
Tax payable …. 1569
Interest on tax payable …. ????

Thanks,
36kumar on Jun 1, 2010 :

Hi, I have been filling for the past 4 years the income tax return in chennai. Now i am started a business at kerala in pallakkad district.My question is, shall I do the filling in kerala itself without changing the address
37kumar on Jun 1, 2010 :

Hi, I have been filling for the past 4 years the income tax return in chennai. Now i am started a business at kerala in pallakkad district.My question is, shall I do the filling in kerala itself without changing the address?
38Ishwarsingh on Jun 28, 2010 :

Dear Sir/Madam, I got 4500 shares in company ESOP so time of excersise company had taken Tax from my side in advance..That time Stock price was arround 135 Rs and share was alloted me at 30 Rs so i paid tax on 105 Rs which was arround 31.5 Rs per share (30% on profit because as per new clause from this year ESOP would be count in income not in short term capital gain) which amount was 1.42 lac, after few day i sold my all share @110 which was 25 Rs below from excercise price..I paid 30% becoz as per my income breaket my income was going in 30% slab..Now can i claim 30% of 25 Rs which i had paid earlier??
When i talked with my CA then he told then as per rules salary n share could not club so u can refund the same.
39Samar Sinha on Jul 3, 2010 :

I have gifted a sum of Rs.2,00,000 to my adult son by placing it in a Bank Fixed Deposit in his name. Will the interest accruing on the FD be treated as my income or that of my adult son?
40Vinay Kumar BS on Jul 8, 2010 :

Dear Sir/Madam, I dont have a income taxable income and i dont have a pan card, so will there be any income tax deduction for me, only because i dont have a pan card
41sudhakaraganesh on Jul 19, 2010 :

Sir,
I am working for a Project in Tamilnadu wherein i was recruited through a Business Providers , My salary is routed through them.Sir, Whether with help of Tax consultant can i myself develop my form 16 with my salary slip which will be duely acknowledged by a recognised Tax consultant.
Since my Service provider is new to this field, i have decided to get my form 16 on my own from a recognised source.
Needed ur kind advice in this regard, as i have to file IT return.
42Dattatray Kolte on Jul 23, 2010 :

Dear Sir
i have 2 questions

1. I Mr. Dattatray Kolte is working in CINDA engineering & const Ltd. 2 years before i filed Income tax return. But then i changed my company. In my new company as my income was below the limit so they didn’t prepare form-16 so i didnt file ITR. But this year my company prepare form-16 as my income above the limt.
So if this year if i want to file ITR what should I do

2. As working in CINDA eng.& const ltd for 2 years i was outside India for 1.8 years (only in india for 2 month) on visitor visa.
When i return back from taiwan i bring some US dollar which i saved. Is it taxable. (always below 10000$)

thank you

dattatray Kolte
43Ram prakash tiwari on Aug 9, 2010 :

hi

Please tell me that how long time we have foreign currency as a cash in hand in a partnership firm.
44Ram prakash tiwari on Aug 9, 2010 :

Dear sir/Madam

Please confirm me that in a exhibition exhibitor payment goes which nature. because someone say 194c and someone say 194I.
45Jai Prakash on Aug 30, 2010 :

I have submitted my return of income for assessment year 2008-09 on dated: 31-03-2009, The incometax officer served me a notice under section 142(1) of the income tax act,1961 on dated :28-04-2010 and asking the details regarding income, property, investment etc.Can u tell me what is the time limit for issue of notice under section 142(1)?
46shiv shankar atal on Sep 4, 2010 :

Dear sir
As a leyman, I have a query that If my father selling out their agricultural land in 4.5 cr, & DLC rate is 22 lakh pe hectare. If the buyer of land is paying us 1.5 crore as a white money or say by cheque than……
Is the buyer have to any tax? or he have any taxation liability to taxation department
47Bhasker Sen on Sep 10, 2010 :

Hi,
I joined new company, where They fixed the Relocation charges 50,000/-,
is this Taxable income if I attached the supporting bills along with Relocation claim.

In claim form the amount is 61789 with supporting bills against that they will pay 50,000/-
48purushotham on Sep 11, 2010 :

Dear Sir,

My friend is working in a MNC for the past 1 and half year now he is planning to quit the company(Most probably in March next year) he wants to withdraw his money from the PF, as he dont have any other investements he kept VPF also to avoid the tax if it has to withdrawn then he may lose large portion as tax as he hasnt served for 5 years now. Now he is planning for higher studies, not joining another company.

1.Will he be able to keep the amount in the pf account without withdrawing.
2.Can he create another pf amount and transfer the amount to it.
3.If not possible then he has to pay the tax can he claim the tax deducated if it can be claimed how can it be claimed.

please give us some advice.

thanks in advance,
Purushotham.
49BAGSINGH BISHT on Sep 12, 2010 :

I was a income tax payer before retirement 2006-07. After retirement my income pension does not qualify for income tax. After 2 years my department MHA (ITBP) has paid me Rs.42000.00 3rd pay commission arrears of pay & allowances after deducting Rs.4500.00 income tax at source, although I was not in income tax bracket and such information was given to department by me that I was not engaged in any business or trade. But they deducted my dues. I filed return for the income tax refund. They told that the amount not credited in your account, hence refund can not be made. The department told that
we have deposited in Govt account in consolidated amount. Now no body is refunding my money to me. Please advice what I have to do ?
50naveen ramesh mehta on Sep 24, 2010 :

hi,
i plan to sell my car in 1st week of october. i run a proprietor concern which was using the car. lemme know how much depreciation i can charge?
51bhat on Oct 3, 2010 :

My wife has pan number since past 10 years . I had initially filled income tax for her . Now since past 6-7 years I have not filed iNcome tax ,. Can I file income tax for last 5 years in one go online ?
52nitin dhavan on Oct 11, 2010 :

y client has following unabsorbed dep and unabsorbed business lossess A.Y 02/03 UD Rs. 75.00 lacs and UBL Rs. 50.00 lacs during the c.y. & AY 03-04 UD was Rs. 25.00 lacs & UBL was Rs. 40.00 lacs during the A.Y.10-11 total income is Rs. 70.00 lacs so how to take s/off and how to show in itr becasue itr is not having separeate column for unabsorbed lossess B/F.
in our orinion first take setoff of lossess however the itr is not allowing to c/f unabsorbed dep of a.y. 02-03 plz advice
53kumar gunjan on Oct 25, 2010 :

how much amount of tuition free exempted from tax
54Radhakrishnan.P on Nov 9, 2010 :

Sir,
One of my friends relative got some lakhs on selling of their ancestrial property. They are going to deposit the same in any of the banks now. They want to know whether this will attract capital gain tax . The property will come under agrcultural land but in municpal area. If so how is the calculation of capital gain.
55senthil on Nov 17, 2010 :

I wish to work in 2 full time jobs, I can manage as they allow work from home via remote connectivity to office. If I promptly pay taxes for the combined income, will there be any problems concerning -
Employer provident fund paid by two employers.
Health insurance benefits offered from two employers.

I hope the above policies are with regard to a particular employer-employee relationship, and there should be no problems if there is more than one such relationships. Please clarify.
56gulab on Nov 17, 2010 :

I am 49 years old male working in Central Government of India in one of the A1 class city. MY salary details for the year 2010-11 are as follows.(figures represent total earnings for the year)
basic pay Rs 219060
Grade pay Rs 57600
HRA RS 46290
DA Rs 115401
TA Rs 12800
DA ON TA 5440
TOTAL Rs 456591

I was saving an amount of Rs 2000 towards GPF subscription from 3/20010 to 10/2010 and from 11/10 I have to increase it according to my tax requirements.

I am paying interest for the purpose of higher studies of my son in Canada who is studying an advance diploma in electronics which is of post secondary level as per canadian standard but admission is given in this course only to those who have completed 15 years of education in India.

I am having an own house in the city which will be used by my daughter and her in laws and for this purpose I will not be charging rent.

I am staying in a rented accumulation for which I am paying rent of rs 7000/- pm.

My questions are.
What is the best way to save income tax and to what maximum extent I can save tax.

Whether I can claim HRA exemption in presence of my own house which is given to my daughter without rent and that I am residing in a own house.

My mother is a family pensioner who is drawing a Gross pension of about Rs 4700/-. Whether any amount invested for her treatment is eligible for deduction from taxable income. Is she dependent upon me and for what purposes she is dependent upon me.

What are the other ways for saving income tax from my salary.

Apart from saving in GPF what are the other ways to save to get deduction other than Rs one lakh which is elegeble under section 80C. (eg any ELSS scheme). How to select good scheme which will be useful for my son who has completed his engineering and who is in the age of 24 years.
Reply can be mailed on mohsir_4218@yahoo.co.in
57Atul on Nov 29, 2010 :

Hello
Recepectd Sir/Madam,

I want to know that, I have taken home property and paying some amount
per month from my Saving Account/Fix Deposit Account. So will you please tell me weather, is that amount taxable which i am paying? because i have already paid income tax on my salary.And can I submit the receipt of that paying amount to income tax department for Rebate. please send me Answer.

Thank You.
58dina on Dec 2, 2010 :

joint account and pension account are calculated together in income tax or not
59Sandeep Sud on Dec 9, 2010 :

Hi
My company has given the last date for submission of proofs for Medical reibursements as 10th March, 2011. What is the process for claiming medical expenses incurred after 10th March.
Regards
Sandeep Sud
60B S Bisht on Dec 9, 2010 :

My nephew presently at USA since last 3 years and likely to return India finally after quiting job due to job cut in the American company . He is coming to India with his all saving approximate 30 Lakhs.

What will be his tax liability on return to India ?
Please clarify
61Mohtashim on Dec 12, 2010 :

Respected Sir,
I’m really in peculiar situation and need your advice to proceed. I maintain a web site whose server and other infrastructure is setup in USA. I’m stay outside of India from last two years. I have some income from my website through google ads and google is sending this income at my Indian address which is finally going in an Indian bank. Now my question is where I would need to pay income tax? I have three options:
(a) In USA because my complete infrastructure is available in USA which I’m using to earn the money and I’m not using any resource from India except bringing my income to India.

(b) The current country where I’m staying from last two years because I’m maintaining my website staying in this country.

(c) Should I pay my tax in India because I’m getting my income in India in Indian currency and I’m using Indian bank to safeguard my money.
Being a tax guru, Kindly help.

Best Regards
Mohtashim
62Parmeet Kaur on Dec 29, 2010 :

Dear Sir/Madam,
I have sold my company along with all its shares to a third party for a certain amount thereby transferring the shares. Majority of the value of shares has been relised but some value of shares is yet to be realised which will take another 2 years. In view of transaction not completed till date, I want to know if I am liable to pay any taxes at this moment or after the completion of transaction.

Thanks
Parmeet
juhi439@yahoo.co.in
63Aparna on Dec 29, 2010 :

how to calculate house tax ?
64Sarita Bhagat on Jan 7, 2011 :

Hello,

I started earning since December 2007 and I have not filed any Income tax returns till now. Please let me know the procedure for filing IT returns for previous years.

Regards
Sarita
65ncs babu on Jan 8, 2011 :

sir

I am planning to sell a agriculutre land which is located within the municipality limit of a channapatna city in ramanagar district, karnataka state. The property is ancestrial property. i am enjoying the ownership from 2002.

As per the income tax act section 2(14) : definition of capital asset: notification No. 9447/F.NO.164/3/87-ITA-I, dt 6-1-1994, there is a list of city municipalityand details of areas falling outside the local limits of municipality under the state karnataka.

since channapatna is not covered by the above mentioned notified list, the agriculture land in the vicinity should not be considered to be a capital asset as per the provisins of section 2(14) of income tax act.

My question is, since my agriculture land does not fall under the definition of capital aasset according to the notification, does it still attract capital gain or not. if it attracts what are the best possible options for me.

with regards

ncs babu.
66Rony on Jan 8, 2011 :

Hello Mwolk,

Do we need to pay service tax on Adsense income in India?

Thanks
Rony
67shivratan on Jan 13, 2011 :

hi sir,
I am shivratan. i have file a ITR last year..and i tick mark on deposite monet directly to my account and i had provided the account information…but i got one later from ITR dept . about my return but money not deposited in my account…so can u help me out how can i get money
68Anuj on Jan 16, 2011 :

Hi,

I want to know the rules to take Tax benefits related to Home Loan repayment under Section 24. I have been paying Pre EMIs on my home loan since June 2006. I have received possession of the house this year on 1st January 2011. I have been paying Rs 1,50,000/year as Pre EMI. Now once i submit possession letter to the bank i shall be able to get my EMIs started. Please educate me as to how can i claim exemption under the head “Income from house property” for the total interest paid in Previous year(1,50,000 * 5) + interest that i will be paying in the upcoming years while i do the repayment of my loan. As clearly the

(Total interest paid for the previous years)/5 + Interest payable in upcoming years would exceed the limit 1,50,000 hence what is the limit.

Also please tell me that if i want to sell this house, whether i would be able to still claim the tax benefit for the interest paid as Pre EMIs in the previous years or not.
69Rajesh Anand on Jan 17, 2011 :

My current salary is falls in 10% income tax slab now i am getting arears of last 10 years from 2000 to 2010 which is around 160000 and my current income slab goes to 20% please suggest me how can i save tax.
70jainendra barmecha on Jan 19, 2011 :

DEAR SIR/MADEM

My self jainendra .. I Have file my I.T RETURN of the A/C year 2007/2008 (assitment year 2008/2009) In that filing I forget to claim my TDS amount 37161 /- deducted by my parties. Lately I realized. That I have missed the TDS refund to claim . I have tried to rewise the return but it had been said that I have missed the date of rewise return .Please kindly suggest me how can I get my tds refund.
71Parmeet Kaur on Jan 20, 2011 :

Dear Sir/ Madam,

I have sold my company along with all its shares to a third party for a certain amount thereby transferring the shares. Majority of the value of shares has been relised but some value of shares is yet to be realised which will take another 2 years. In view of transaction not completed till date, I want to know if I am liable to pay any taxes at this moment or after the completion of transaction.

Regards

Parmeet
juhi439@yahoo.co.in
72Vikranth on Jan 20, 2011 :

Hi,

Iam working in a multinational company.at the same time iam doing M.S from
Reputed Institute(Co-respondence Mode).iam paying 25000/- per sem.
Can i put my self study fee Recpit for tax exemption.
73Sudip on Jan 24, 2011 :

My employer is not agreeing to give exemptions that I am eligible of under section 192(2A) for claiming relief under section 89(1), is he right in doing so? should my employer give this rebate before calculating my this years tax or I have to claim this on my return? During this financial year, I received arrears payment for last three years. I want it to be distributed amongst previous three years? Please advise.
74Nitin on Jan 27, 2011 :

Hi,

I have a few questions:
1. I want to know weather post office MIS interest is eligible for deduction under section 80l or is it withdrawn
2. I want to to know weather it is possible to save tax on short term capital gain on shares or can they be included in normal income
75Nitin on Jan 27, 2011 :

Hi,

I have one more question
What is advance tax and is it compulsory for individual to give advance tax if his income is more than the limit
76I.Tax for scholarship on Jan 29, 2011 :

R/sir,
I used to read your useful tips regarding the income tax.
Now I have a tax related problem, for which I could not find any solution.

” My son Prerak Sachdeva, aged 12 years participated in a contest “Igenius Scholarship”
held by Max Newyork Life and won the 2nd prize of Rs. 1,00,000/-. I have recd. the letter that the
scholarship is for Mr, Prerak, however they have issued the cheque of Rs. 70,000/- in my name,
being father of Mr. Prerak Sachdeva after deducting Rs. 30000 as TDS.

If I include this amount in my income, it would attract 30 % tax, as my personal income is more
than 10 lacs.

Is there any provision that I file Income Tax return of my son (Minor) and show his income as Rs. 100000/-
In that case his tax would be nil and we can claim the refund of 30000/- deducted by Max as TDS.

My son does not have any PAN card so far.”

Pl. respond soon,
Thanks,
S.K.Sachdeva,
Executive Engineer,
77Surjeet Jangra on Feb 1, 2011 :

R/sir,
please tell me about new pension scheme(PRAN) amount can be deducted as saving a employee. thanking you
78satyaswarup sahu on Feb 1, 2011 :

i Have leased a petrol pump its turn over is 1.00crore in the A.Y 2010-11.How can i file my income tax.What income can i reflect in my own file.can i audit in my own name.answar me.
79Surjeet Jangra on Feb 1, 2011 :

sir,
main ek govt. employee huon, kya new pension scheme ki amount total income main add hogi or batain ki is per main rebate le sakta huon ya nahin.
80Raj on Feb 2, 2011 :

why no one answers the queries… this post should be closed for commenst so that time of people don’t get wasted any further..
81SR on Feb 3, 2011 :

Dear Sir,

I am working full-time in a Company A which provides rent for me and collects rent recovery (i.e. no HRA component - employer paying rent cheque to my landlord). I also do part-time from company B that provides HRA for me. In such a case, would all the HRA of company B would come under taxable income? Kindly let me know. I need to file tax before March 2011.

Regards,
Ram
82Thirumal Rao on Feb 4, 2011 :

I am a government employee working in autonomous organization. I am studying my M.Tech part time course to acquire additional higher qualification. The part time course is permitted in a proper channel by my department. I request you please provide me the clarification for claiming the income tax exemption for the tuition fee paid for my part time course.
83K J S Dadwal on Feb 4, 2011 :

Will a person get rebate on PF contribution made during the year under Sec. 80C on superannuation ? As he get back total amount of PF lying in his account including contributions made during the year on his retirement.
84Sarita Rahate on Feb 5, 2011 :

I am 71 yrs old, retired teacher receiving pension of Rs. 4400/- per month plus I get family pension ( after my husbands death) of Rs. 12,500/-. I would like to know:
1] What is the income tax exemption limit for people above 65 yrs iof age? and Do I fit into it?
2] After my husbands death I had got an apartment ( under government scheme on compassionate grounds) in 1988 which I now intent to sell for 20 lakhs. So how much tax will I have to pay for that ( the government valuation rate there is now 12 lakhs for my apartment) Is it prudent to sell it now i.e before March 31st this year or should I sell it off in April?. Kindly guide me on this issue. Sarita Rahate.
85Ashutosh Joshi on Feb 5, 2011 :

What will be the sales consideration for the purpose of computing capital gain under Income Tax Act, if I sold a residential property below DLC rates? e.g. DLC rate is 25 lacs and I enter into a sale contract of 20 lacs.
86zulfiqar on Feb 9, 2011 :

hi i am a state govt employee i want to ask that if i show actual h.r.a from my salary in net pay then i should to pay tax if i recover this i get tax benifit sir what to do h,r,a is 800 per month basic 13350 .can i recover this for tax benifit & if i recover only actual amount then it is necessary to produce rent reciept from owner plz rply
87archana on Feb 11, 2011 :

if i get lic for my mother can i get 80 c deduction for f y 2010-11
88R.Baburaj Jain on Feb 16, 2011 :

Sir!
I am NCC Officer in my School. I am receiving 800/- (Eight hundred) honorarium every Month for NCC works. This amount is Taxable or not?
89p.visweswar Rao on Mar 1, 2011 :

I am a salaried employee my salary is accounted for IT, but I recived am amount of Rs 5.5 laks selling my property given to me by my father as gift and again this amount plus bank loan plus gold loan totalling 14 laks I purchased a flat on joint registration self and daughter. Is this amount taxable and how.
pvisweswar2@gmail.com
90p.visweswar Rao on Mar 2, 2011 :

I am a salaried employee my salary is accounted for IT, but I recived am amount of Rs 5.5 laks selling my property given to me by my father as gift and again this amount plus bank loan plus gold loan totalling 14 laks I purchased a flat on joint registration self and daughter. Is this amount taxable and how.
91S.A.Bhide on Mar 4, 2011 :

My son will receive consultation fees below the taxable limit yet the company will deduct 10% tax at source adn pay the rest. Hence he has to file returns and recover the tax. Is there some form that can be filled and submitted to the company so that the tax need not be deducted at soource.
92Mahesh on Mar 5, 2011 :

Hi

Is the income received from a UN organization like the World Bank taxable in India?

Thanks & Regards,
Mahesh
93Sajal Kanti Mal on Mar 6, 2011 :

i am getting annual pension of around 2 lakh and my MIS income is 38000. i am 62 years of age. whether I have to pay tax or not
94SUNIL on Mar 9, 2011 :

Sir,
I am working in Gov. PSU company, and i am Paying the educational fee of my Sister who is pursuing Bachelor Degree in Engineering. I did not take any loan from the Bank. My parents are my dependent, but i have not shown my sister dependent.
Will i get the TAX BENEFIT on this. If Yes what are the documents required for this and what is the procedure.

Thank You Sir.
95R R KAPOOR on Mar 15, 2011 :

I AM POSTED AT PROJECT SITE (CONSTRUCTION COMPANY) AT ONE OF DMRC PROJECTS IN DELHI. MY COMPANY IS PROVIDING HRA AS WELL AS RENTED ACCOMODATION (RENT IS PAID BY COMPANY) FOR WHICH IT IS DEDUCTING Rs.500/- PER MONTH FROM MY SALARY.IT HAS ADDED ACCOMODATION PERKS IN MY SALARY.PLS CONFIRM HOW IS IT CALCULATED.MY GROSS SALARY IS 7.8L P.A WHICH INCLUDES LTA AND OTHER ALLOWANCES ALSO.
96Sheema on Mar 23, 2011 :

I have FD of 30,000 in LIC for 20yrs. Whether this comes under Taxable income, if taxable how much will be deducted per year?
97admin on Mar 27, 2011 :

@Sheema - the interest that you are earning on that 30,000 is taxable, so say if each year you are geetting Rs 3000 on interest, you have to pay tax on that though normally banks deduct taxes from the interest rate, it is called deduction on source
98Vikas on Apr 1, 2011 :

My Family had deposited 1 lakh rupees into my bank account by cash (agricultural income). This was to help me sustain myself as I had left my job to pursue further studies. But my PAN number was given during the transaction as is necessary.
I paid no tax this year as I had no other income during 2010-11, Will this cash deposit invite IT notice?
99adolf_h on Apr 4, 2011 :

Hi

I am a resident Indian and trade Nifty futures on Singapore exchange from India. There is no tax liability for earnings on STCG or LTCG [ short or long term capital gain ].

Singapore has tax treaty with India to avoid double taxation. Can you pls let me know what are my tax liabilities in Singapore and India for profit arises from such trades?

Is there any change in tax liability for a NRI from overseas [ for eg. from USA ] trading Nifty contracts [ Underlying asset in India ] on Singapore exchange.

Thanks
100kunal on Apr 8, 2011 :

can a grand parents could pay insurance permium for there grand children
101admin on Apr 16, 2011 :

@sheema - the interest you are getting on FD is taxable and you have to pay taxes on it

@vikas - that 1 lakh will come under your income but as your total income in teh year is < 1.6 lakh, you don’t have to pay any taxes.

@adolf_h - you have to pay all your taxes in India, unfortunately I am not much aware of NRI laws and double taxation

@kunal - yes
102suman on Apr 20, 2011 :

Hello,
I have a mediclaim policy & the cover starts from 8th April every year. Now, this year I’ve paid the premium on 23/03/11. Can I claim deduction under 80D for the premium amount(Rs.7000/=) in FY 2011-12?
103Sunil Srivastava on May 6, 2011 :

Hi,

I am an Indian residing in India and have been retained by a Taiwanise company to work in India for said company . I have two questions-

1- Can my employer transfer my monthly salary in foreign currency in my saving bank A/c

2- What would be my Income tax liability ?

Request you to please reply ASAP
104anand on May 13, 2011 :

I have sold a house in delhi for 1.70 cr. I want to invest the amount in two different residential houses. Can I get exemption U/s. 54 of the Income Tax Act,1961
105Kunal on Jun 21, 2011 :

Hi

I have two Form 16 due to a job change.

For filing ITR, I’ve calculated the tax to be paid and I see that it is more than that already deducted.
For e.g.,
Employer A: TDS - Rs. 5000
Employer B: TDS - Rs. 0

Actual tax to be paid - Rs. 7000 (I get this figure by adding the amounts in the two Form 16 and calculating the tax)

Now please let me know how much amount I need to pay.
1) Can I pay only the balance Rs.2000?
2) Is challan ITNS No. 280 correct for me?
3) Should I select Self Assessment Tax (300) under Type of Payment?

Please advice.
Thanks
106Ms.Shruti Narkar on Jul 12, 2011 :

Dear Sir / Madam,

Good Afternoon.

I (Shruti) want to know the IT Slab
i.e. Ols it was fo MEN = 160000 ,Female = 190000 & Senior Citizen = 240000
Now in the C.Y. How much it is.,Please Specify.

Thanks & Regards,

Shruti Narkar