One has to include one's savings bank interest while calculating one's taxable income and pay tax on the same, says direct tax expert Vikas Gandhi. In ITR, one needs to have schedule of income from other sources. For online payment of tax, visit tin.nsdl.com.
Gift received from relatives are exempt from tax and hence one does not have to pay any tax on such income, says tax expert Vikas Gandhi. One can show such incomes under Exmept Income schedule.
You can still file your return for last year. However, since you are filing late, interest on refund will be given from date of filing of return and not from 01/04/2007. If you are filing returns for the first time, you can file return in the city where you are currently residing, says tax expert Vikas Gandhi.
Income tax return has to be filed per person and not per income. Hence one has to file only one return with all the income included, says direct tax expert Vikas M Gandhi.
It is your obligation to file your income tax return. Although your employer is not providing you Form-16 it would be advisable for your file your return. While doing so just mention TAN of your employer to ensure that you get credit for the tax deducted frrom your salary income, says direct tax expert Vikas Gandhi.
If you have traded in shares, your income will be considered as business income. Hence you will have to prerpare a profit and loss account, similar to that prepared by a trader and cliam all the expenses that you incurred for purchase and sale of shares. However while doing keep in mind that you will not be able to claim Securities Transaction Tax (STT) as expenses from the income, says direct tax expert Vikas Gandhi.
Any education loan taken for full-time studies for any graduate or post-graduate course in engineering, medicine, management or for post-graduate course in applied sciences or pure science qualifies for deduction u/s 80E. The tax benefit is available only for the interest component and not for principal repayment, says direct tax expert Vikas Gandhi.
Tax expert Vikas Gandhi advises tax payers to keep their PAN data updated. In case of change in address, one can download a form from the website of NSDL http://tin-nsdl.com, fill it up and submit to NSDL with suppoprting documents. In addition it will be advisable if to intimate the Income Tax Officer about such change in writing. If an NRI is drawing income in India, he needs to get a PAN card and file income tax returns too as this income would be taxable in India.
If a house is sold and the proceeds are used to buy another, whoever contributed to the purchase of the first house can claim exemption on capital gains tax
Missed out on planning your taxes systematically in the last financial year? No problem. Benefit by planning your taxes this year.
Direct tax expert Vikas M Gandhi answers readers' queries.
You cannot get any benefit u/s 80C for fees paid for your own studies. this deduciton is available only when tuition fees is paid for your children, says direct tax expert Vikas Gandhi.
The income tax (I-T) department in Mumbai has requested Vodafone to make an application to the assessing officer for determining the exact tax liability resulting from buying out 62 per cent equity stake from Hutchison in Hutchison Essar Ltd.
To pay tax on capital gains, you first need to know whether the gain is short term or long term. If you have kept shares for more than one year the gain will be termed as long term otherwise short term, says direct tax expert Vikas Gandhi.
Gifts are not allowed as an expenditure and hence you can not claim any benefit out of gift given, says direct tax expert Vikas Gandhi.
Of the 700-odd Indians having foreign bank accounts, not all can be deemed to be operating these illegally.
Analysts believe the GST could boost India's economic growth by up to 2 percentage points
Interest paid on loan on mortage of house will not bring the same tax deduction as from rental income, says direct tax expert Vikas Gandhi.
One of India Inc's top demands is the abolishing of the MAT.
Gift is not regarded as an expense and hence whatever amount of gift you give, you will not be able to reduce it from your taxable income, says tax expert Vikas Gandhi.
In case of a physically handicapped person, he gets a threshold deduction of Rs 50,000 from the taxable income. Further if such disability is more than 80%, the limit of Rs 50,000 increase to Rs 75,000. Thus in your case you will be starting paying tax only when your income exceeds Rs 1,60,000.
Transfer of money from one bank to another will not amount to income and hence the same will not be taxable.
For being eligible for tax benefit, the minimum period of fixed deposit has to be of 5 years. Since the period you have mentioned is 4 years, you won't be eligible for the tax benefit u/s 80C.
As per norms, the returns have to be filed online on www.aces.gov.in.
Wealth tax is exempt upto Rs.1500000/-. Any excess wealth will attract tax at the rate of 1 per cent of the net wealth. This rate is irrespective of the slab rate of income tax in which you fall, says tax expert Vikas Gandhi.
Exclude travel allowance from your salary. This will reduce your taxable income. In addiiton to this you can invest upto Rs 100,000 either in Life Insurance, PPF, NSC, fixed deposit with bank and claim further further reduction, says Vikas Gandhi.
Under the provisions of Section 56(2)(vi) certain gifts are liable to income tax as "income from other sources". However, this provision is applicable only for individuals and Hindu Undivided Families (HUFs).
Car loan is not eligible for any tax exemption similar to that of house loan, says direct tax expert Vikas Gandhi.
Mortgage loan won't qualify for benefits under Income Tax, says tax expert Vikas Gandhi.
However, you need to prove that the money was inherited.
You do not have to pay Income Tax on investment in shares, says tax expert Vikas Gandhi.
You pay the mediclaim insurance premium of your brother's policy from your salary. Will you be eligible for tax deduction? Will your bonus and ex gratia be tax exempt?
Loan taken for higher education from any other organisation or person will not qualify for claiming deduciton u/s 80E, says tax expert Vikas Gandhi.
You don't need to pay tax while selling old car, says tax expert Vikas Gandhi.
If your income consists only of salary and bank interest, you have to use ITR-1, says tax expert Vikas Gandhi.
No need to pay tax on a share of property from your parents, says tax expert Vikas Gandhi.
You cannnot take benefit for a home loan which has been taken in some other persons name, says tax expert Vikas M Gandhi.
The last date of filing income tax return for individuals, salaried person is 31st July, 2007, says tax expert Vikas Gandhi.
According to Indian tax laws, an acquisition or sale made by an overseas subsidiary of an Indian company is not liable for taxation in India.
One has to mention the acknowledgement number and the date of filing of four quarterly returns.
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