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Why are there 2 versions of ITR 1 form?
Moneycontrol.com | June 21, 2007 09:00 IST
Excerpts from a Q&A with tax rxpert Subhash Lakhotia on CNBC AAWAZ:
Moreover, in new ITR-I no annexure/Form 16 etc are allowed, so where will we show the property which is less than Rs 30 lakh purchased in FY 2006-2007, by housing loan from Bank.
There is no requirement to show the purchase of the property less than Rs 30 lakh in the new Income tax return form. You better use Form No 2, in which you can submit details of the loss against house from property income.
My son intended to transfer some shares in my demat account by off market transfer. We both are taxpayers. Please give me guidance regarding tax implication in both of our cases.
Yours son can transfer the shares to you by demat. No problem at all. However, please see whether it is a sale for which you will pay the consideration or whether it is a gift. However, both the answers are correct. If it is a gift, just take a letter also from son that he has gifted the shares to you.
Is receipt for previous year's income tax returns needed to file tax returns?
Receipt of previous year Income-Tax return is not needed for the filing of return for the current year.
I want to know what is the maximum deduction available under section 54, for commissions via Post office, LIC [Get Quote], UTI and other MFs. What are the prerequisites for obtaining such deduction?
The provisions concerning deduction to agent of insurance company etc., is contained in CBDT Circular No 648 dated 30th March 1993. The relevant extract of this Circular is as under:
"The benefit of ad hoc deduction to insurance agents of the Life Insurance Corporation having total commission (including first year commission, renewal commission and bonus commission) of less than Rs.60,000 for the year, and not maintaining detailed accounts for the expenses incurred by them, may be allowed as follows:
In both the above cases, the ad hoc deduction will be subject to a ceiling limit of Rs 20,000.
I have a demat account with HDFC [Get Quote], and trade regularly. In some I make some money and sometimes also loose in stocks. Due to high number of transactions, I am unable to figure out how much I have gained in a year and what is my Capital Gains Tax Liability.
Is there any way that I can get a consolidated report of all transactions in a year telling me what is my total gain/ loss and what is my tax liability?
Is it possible that the demat depository HDFC can itself cut the tax and deposit with the government on my behalf?
There is presently no system available whereby the demat depository can deduct tax on your capital gains. You are required to compile profit or loss of each separate transaction, enclose the same with the Income-tax return and pay tax accordingly.
Till last year I was filing my income tax return in Nainital. Now I am shifting to Jhansi. Can I file my income tax return in Jhansi? I will stay in Jhansi for two years only. Then I will come back to Nainital. I am in government service
You can file the Income-tax return in Jhansi. For this purpose, you have to inform the Assessing Officer at Nainital to transfer your file to Jhansi but as you are going to shift back to Nainital after 2 years, hence it is better to continue to file return at Nainital.
I am a Senior Citizen. I have not received in FY 06/ 07 any salary or pension from any organisation. I have received the following only which are in the nature of interests:
Kindly let me whether I can submit the return in ITR-1 or ITR-2?
On the basis of facts stated by you, you must file the Income-tax return in Form No.2.
Dear Sir There are two versions of ITR1: version 1 and 2. What is the difference between the two?
The Income-tax return Form No.1 is to be used by those individuals who are having only salary income and interest income. While the new Income-tax return form No.2 is to be used by individuals and HUFs having all incomes of any type of other than business income.
I am a pensioner but also receiving some non-taxable dividend and interest. There is no place for showing non-taxable dividend in ITR 2. Which form should I fill and how to show this dividend. In my case there is no employer but form ITR requires name of employer to be shown. What should be done in this case?
You are a pensioner but give details of the previous employer from whom you are getting pension. In the return form there is a column of exempt income. In this column, you may give the details of incomes that are exempted
My father is a retired senior citizen and he has a total income less than 1.5 lakhs per annum. He has plans to invest in ICICI [Get Quote] fixed deposit a sum Rs of 5 lakh for a term of three years. The advertisements show an interest of 10%. Will he really get 10% interest? Is it post tax? Does he have to pay tax if so how much? Is there any hidden matter that we have to be careful about?
You have no problem, definitely you will enjoy 10% interest from the bank if the income of your father is less than Rs 1,50,000 per annum on which is no income tax will be deducted on this amount. There is no hidden matter and you have nothing to worry about.
Source Tax Guru