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“WHICH ITR FORMS IS TO BE USED FOR FILING INCOME TAX RETURN?”

TAX TALK-31.12.2012-THE HITAVADA

TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant
“WHICH ITR FORMS IS TO BE USED FOR FILING INCOME TAX RETURN?”
Query 1] I had deposited Rs. 10,00,000/- in IDBI Bank, Nagpur on 19-01-2011. Being Senior citizen of 85 years, I submitted Form No. 15H on 19-01-2011, 21-04-2011 & 07-04-12 for the F.Y. 2010-11, 2011-12 and 2012-13 respectively which were duly acknowledged by the bank . Still TDS was deducted twice and subsequently refunded in my S.B. A/c. Instead of giving full maturity value Rs. 11,41,184/- on 02-06-2012, I was paid as under in my S.B. A/c: 1. On Maturity:Rs. 11,35,759on 02-06-12 2. TDS Refund:Rs. 2,438/-on 25-06-2011 3. TDS Refund:Rs. 2,678/-on 07-05-2012 Total:Rs. 11,40,875/- Thus I was paid Rs. 309/- less. Ifeel that 15H forms were correctly submitted and as the tax deducted amounts were not paid to the Government. I was entitled for full maturity amount. When I visited the bank for inquiry, one of the officers said that TDS was deducted f…

“DEDUCTION TOWARDS INTEREST ON EDUCATION LOAN ! ”

TAX TALK-23.12.2012-THE HITAVADA

TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant
“DEDUCTION TOWARDS INTEREST ON EDUCATION LOAN ! ”
Query 1] I have a housing loan with interest repayment of Rs. 1.24 Lacs and principal repayment of Rs. 2 Lacs. I have claimed for reduction of Rs. 1.24 Lacs in interest and Rs. 1 Lacs in principal repayment. But income tax officials disagree. They say that each can claim fifty percent deduction. Please clarify. [L.desikan- sowdesi2003@yahoo.co.in] Opinion: 1.Ownership is a primary condition, precedent for admissibility of deduction towards interest U/s 24(b) & towards Principal U/s 80C of the Income Tax Act-1961. 2.If you own the property individually, then you alone can claim deduction u/s 24(b) & u/s 80C even though the name of any other person is incorporated in the loan documentations. 3.It appears that the Income Tax Officials are not agreeing for the entire deductions u/s 24(b) & u/s 80C in your hands alone probably for the reason that there…

“LOAN AGAINST FDR & DEDUCTION TOWARDS HOUSING LOAN”

TAX TALK-17.12.2012-THE HITAVADA

TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant
“LOAN AGAINST FDR & DEDUCTION TOWARDS HOUSING LOAN”
Query 1] I have sold my Plot. Now I am planning to purchase a flat at Nagpur. I want to know that which expenditures from the amount I received from sale of plot, are exempt while purchasing the flat? Whether expenditures on stamp papers other taxes such as service tax, VAT, and expenditures on Interior decoration, Modular Kitchen, Painting cost, POP ceilings, Electricity connection charges, water connection charges, One time maintenance cost by Builder, club house charges, Electric items like fans, sanitory items, Solar heater cost or any other statutory expenditures made on Flat to be ready for residence can be included for exemption purpose? Please tell all the expenditures we can make to get exemption under section 54?[R.V.Deshmukh- rvdsh@rediffmail.com] Opinion: Subject to various other terms & Stipulations, Assessee can save amount of Long Te…

“SPECULATION INCOME VS NON SPECULATION INCOME”

TAX TALK-10.12.2012-THE HITAVADA

TAX TALK BY CA. NARESH JAKHOTIA Chartered Accountant
“SPECULATION INCOME VS NON SPECULATION INCOME”
Query 1] Sir, I am a working with a private sector bank. I am also doing shares investment / trading to some extent. Please guide & elaborate the provision for calculation of the profit from such trading activity - whether intra-day transactions in the share market considered while calculating short-term gains/losses? If yes, how this income is different from other income i.e., advantage vis a vis disadvantage? Whether the loss can be set off against salary income? Whether F & O also give rise to speculative income/loss? Please elaborate as the dealing in shares is done by many people in regular course. [ranjit8r9@gmail.com]
Opinion: For the mass benefit, we are covering in detail the income tax implication with regard to investment profit/loss & intra day transactions profit / loss from shares transactions.
1.Intra-day trading is the trading of shar…

“SPECULATION INCOME VS NON SPECULATION INCOME”

TAX TALK
BY CA. NARESH JAKHOTIA
Chartered Accountant

“SPECULATION INCOME VS NON SPECULATION INCOME”

Query 1]
Sir, I am a working with a private sector bank. I am also doing shares
investment / trading to some extent. Please guide & elaborate the
provision for calculation of the profit from such trading activity -
whether intra-day transactions in the share market considered while
calculating short-term gains/losses? If yes, how this income is