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Showing posts from October, 2011

TAX TALK-31.10.2011-THE HITAVADA

TAX TALK-31.10.2011-THE HITAVADA
TAX TALK
BY CA. NARESH JAKHOTIA (Chartered Accountant)

“EXEMPTION U/S 54F & U/S 54EC CAN BE CLAIMED SIMULTANEOUSLY”
Query 1]
I had purchased an agriculture land in the year 1995 and sold the same in April- 2011. The agricultural land was well within rural land as per Income Tax Act. i.e., there was no village having more than 10,000 populations & is not within the circle of 8 Km as per pervious census, but as per latest census the population of a nearby village has been more than 10,000. My queries are:
1. From when the new census would apply?
2. Whether my sale would attract LTCG or it would be free from capital gain tax available on sale of Rural Agricultural Land?
[dalmia_shivratan@rediffmail.com]
Opinion:
In normal course, any income from transfer of agricultural land shall be tax free if the agricultural land is not situated: (a) in any area which is comprised within the jurisdiction of a municipality (Whether known as a municipality, municipal corp…

TAX TALK-24.10.2011-THE HITAVADA

TAX TALK-24.10.2011-THE HITAVADA
TAX TALK
BY CA. NARESH JAKHOTIA (Chartered Accountant)
“PROCEDURE FOR MAKING CORRECTION IN THE INCOME TAX CHALLANS”
Query 1]
a] If I deposit amount of Rs. 6 Lacs in a FDR with Bank for 3 years on which Bank deducts TDS directly. In such case, whether bank will also deduct on current A/c. or S.B. A/c Interest? [bsc.arya@gmail.com]
b] I am a student pursuing CA-Final. Recently, during our bank audit, we have come across the interest payment of more than Rs. 10,000/- to the customer. No Tax is deducted by the bank in the current year nor has been done so in the past as well. I have gone through section 194A which no where provides exemptions from TDS on interest payment on Saving A/c. I have gone through the Circular No. 22/68-IT(B) [F.No. 12/23/68-IT(B)], dated 28-3/13-5-1968 which also confirms the deduction of Tax at source on Saving bank account interest. Please examine whether TDS will be applicable or on interest credit on saving bank A/c? [xxxx5147@gmail…

Format of application to bank for challan correction to be requested by the taxpayer

Format of application to bank for challan correction to be requested by the taxpayer
To
The Branch Manager,
--------------------------- (Address of Branch)
Taxpayer Details :
Taxpayer Name :
Taxpayer Address :
Taxpayer TAN/PAN :
Name of Authorized Signatory :
(in case of non-individual taxpayer)
Sub : Request for Correction in Challan No: 280/281/282/283 [Strike out which ever is not
applicable]
Sir/Madam,
I request you to make corrections in the challan data as per following details :
Challan Details:
BSR Code Challan Tender Date (Cash/Cheque Deposit Date) Challan Sl. No.
Sl. No. Fields in which correction required Please Tick Original Details Modified Details
1. TAN/PAN (10 digit)
2. Assessment Year (YYYY)
3. Major Head code (4 digit)
4. Minor Head code (3 digit)
5. Nature of Payment (3 digit)
6. Total Amount (13 digit)
Note: Please tick against the relevant fields where changes are required.
Tax payer/Authorized Signatory
Date
Note:
1. Attach copy of original challan counterfoil.
2. In case of correction to c…

TAX TALK-17.10.2011-THE HITAVADA

TAX TALK-17.10.2011-THE HITAVADA
TAX TALK BY CA. NARESH JAKHOTIA (Chartered Accountant)
“SURPLUS FROM CHIT FUND & INCOME TAX IMPLICATIONS”
Query 1]
Sir, I have following questions. Can you clear them please
1. I am a housewife. I am able to save Rs. 2000/- to Rs. 3000/- per month from household expenses given by my husband and putting it my SB account. I am having PAN card. I have accumulated Rs. 60,000/- so far.
a) I would like to put some amount in Bank Fixed deposit or company NCD and
b) some amount in Reliance Gold Savings fund.
My husband has paid the income tax on the amount given to me for household expenses. The interest that I will get from FD or NCD, will it be tax free as it is in my name or it is to be added to my husband's income?
2. What are the tax implications for gold savings fund if I redeem within one year and after one year?
3. This is regarding investment in Chit fund. We took a chit for Rs. 1 Lacs for 50 months. Due to bidding the total amount we pay over 50 m…

TAX TALK-10.10.2011-THE HITAVADA

TAX TALK-10.10.2011-THE HITAVADA
TAX TALK BY CA. NARESH JAKHOTIA (Chartered Accountant)
“DON’T HAVE PAN CARD / NUMBER, HOW TO RETRIEVE IT?”
Query 1]
1. I would be grateful to you if you solve my query. My father is a retailer and was not having taxable income till last year. He has lost his PAN card & we don’t have copy of it. We don’t know his PAN Number also. This year he is suppose to file the income tax Return. It won’t be possible to file the return without PAN. What should we do? Do we apply for new PAN card? If possible, how can we get new copy of old PAN number itself? Please advice.
2. I have a commercial property which I have given it on Rent @ Rs. 1,50,000/- per month. I have come to know that corporation tax @ 40% is applicable on such rent. Since annual rent is more than Rs. 8,00,000/-, Service tax is also applicable as Rs. 1,50,000/- received by me is inclusive of the service Tax. Further there will be TDS Deduction & my other income is also above Rs. 6,00,000/- (…