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Showing posts from 2015

The tax collection has increased enormously in the last decades. It would continue to show increasing trend with the efficient use of Information Technology. Now, efficient utilization of the fund is necessary for the growth of the country. The fact remains "A person should be taxed according to his means- Talmud." Readable format accessible at http://ssrpn.com/article-details.php?id=1351

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Laws are tools to balance the society. Senior citizens, disabled, authors,etc have a tax benefit. Tax Talk- my weekly column. Word format accessible at- http://ssrpn.com/article-details.php?id=1349

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Surprising it may sound. but the fact is that income tax is not on income always. Access at http://ssrpn.com/article-details.php?id=1347

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Housing loan & tax treatment of pre-construction period interest

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TAX TALK-07.12.2015-THE HITAVADA
TAX TALK

CA. NARESH JAKHOTIA Chartered Accountant
Housing loan & tax treatment of pre-construction period interest

Query 1] I have booked flat in under construction project in pune, costing Rs. 52 lacs. The possession is expected in Nov. 2017.Now my question is whether the amount paid to the builder through bank loan (Principal and Interest) before the actual possession of the flat is eligible for tax exemption? If yes, how could I claim the Refund of the said amount? [narayan.parjane@gmail.com] Opinion: Housing loan offers tax sops. Interest paid on amount borrowed for purchase/construction of house is eligible for deduction u/s 24(b) of the Income Tax Act-1961 up to a maximum of Rs. 2  Lacs p.a in case of self occupied house property. Earlier, there was a max cap of Rs. 1.50 Lacs which is enhanced to Rs. 2 Lacs by the Finance Act-2014 (for the FY 14-15 & onwards).  Additionally, principal repayment of housing loan is also eligible for deduction u/s …

http://ssrpn.com/article-details.php?id=1341

How to get Income tax refund speedily?

TAX TALK-30.11.2015-THE HITAVADA
TAX TALK

CA. NARESH JAKHOTIA Chartered Accountant
How to get Income tax refund speedily?
Query 1] Kindly advice, by what time normally tax refund is received? Now a day, it is learnt that within one month tax is refunded. But in my case, despite elapse of 3 months, I did not receive refund so far. Kindly enlighten. [ kaushikpopat@gmail.com] Opinion: “Next to being shot at and missed, nothing is really quite as satisfying as an Income Tax Refund”. -F.J. Raymond.
Gone are the days when getting the refund was stupendous task. With the passage of time, the time taken for issue of refunds has been reduced from years to months to almost weeks now. More and more taxpayers are surprisingly finding the credit of income tax refund in their bank account within unexpectedly short period and that too without even approaching or writing to their assessing officer. As far as issue of income tax refund is concerned, CBDT deserves kudos for expediting the refund mechanisms by s…

http://ssrpn.com/article-details.php?id=1339

http://ssrpn.com/article-details.php?id=1339

How long a person is required to retain the records by Indian Tax payers !! http://ssrpn.com/article-details.php?id=1332

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Don't know about life after death, but tax do exists after death !! Tax Talk- My weekly Column !!. http://ssrpn.com/article-details.php?id=1333

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TAXATION OF SHARES & DERIVATIVES- FUTURE & OPTIONS

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Easy money-Complicated taxation. Its all about shares & derivatives - Readable format accessible at http://ssrpn.com/article-details.php?id=1331

Even interest from SCSS should be made in the hands of Senior Citizen- Tax Talk- My weekly Column- Readable format accessible at - http://ssrpn.com/article-details.php?id=1329

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Holding more than one PAN - http://ssrpn.com/article-details.php?id=1327

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Tax planning could turn out disastrous if clubbing provision is not taken care of. Word Accessible format available at http://ssrpn.com/article-details.php?id=1322

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Government have its share in your lottery income. Tax Talk- My weekly Column. Word readable format available at- http://ssrpn.com/article-details.php?id=1318

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Government have its share in your lottery income. Tax Talk- My weekly Column. Word readable format available at- http://ssrpn.com/article-details.php?id=1318

In case of joint saving bank account, in whose hands interest would be taxable? Tax Talk- My weekly column- Readable format accessible at-http://ssrpn.com/article-details.php?id=1311

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Forget amount of TDS default, income tax department is initiating prosecution proceeding. Time to take TDS al the more seriously. Tax Talk - My weekly Column- Word readable format accessible at http://ssrpn.com/article-details.php?id=1309

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To a great extent, Newly notified ITR forms are like old wine in a new bottle. Dont know why it was kept on hold for such a long time? TAX TALK- My weekly column

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ITR FORMS: THE WAIT IS FINALLY OVER - TAX TALK-10.08.2015-THE HITAVADA- http://ssrpn.com/article-details.php?id=1293

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NRI: Basic exemption limit cannot be reduced from LTCG

TAX TALK-03.08.2015-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant
NRI: Basic exemption limit cannot be reduced from LTCG
Query 1] I am an NRI Sir in AY 2015-16. I am having taxable house property income of Rs. 42,631/- and long term capital gains (LTCG) taxable income at Rs. 10,70,567/-. When form 2 is being filled up, the tax payable is calculated @ 20% on LTCG of Rs. 10,70,567/- at Rs. 2,14,113/- + cess. The basic exemption of Rs. 2,50,000/- is not being given. As per this, the tax would be Rs. 11,13,198/-  less basic exemption Rs. 2,50,000/- i.e., Rs/  8,63,198/- @ 20%. = Rs. 1,72,640/- + 3% cess.  Please guide me as to the correct calculation.  [Ajay Agrawal- akagrawal87@gmail.com] Opinion: 1.Long Term Capital Gain (LTCG) is taxable at a special concessional rate irrespective of the applicable individual tax slab of an Individual. 2.Additionally, benefit of adjusting any taxable capital gain against the room left over in the basic exemption limit is a special concession co…

Deductor liable for penalty @ Rs. 100/- per day if TDS certificates are not downloaded

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No tax audit required even if receipts by truck owner exceeds Rs. 1 Cr

http://ssrpn.com/article-details.php?id=1243

No tax audit required even if receipts by truck owner exceeds Rs. 1 Cr

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Income from funds transferred to Wife attracts clubbing provision

TAX TALK-13.07.2015-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant
Income from funds transferred to Wife attracts clubbing provision
Query 1] I am a salaried person and pay Income Tax. I transfer my salary from salary account to a joint saving account where I am the 1st holder and my wife is 2nd holder. My wife transfers this account's deposit into term deposits where she is 1st holder and I am 2nd holder. She is having PAN and submits 15G in bank. Total interest is below Rs. 2.50 Lacs. Please tell me whose is the tax liability on the interest received from term deposit? [S.Nandi , Jabalpur-snandi1957@gmail.com] Opinion: "The husband who wants a happy marriage should learn to keep his mouth shut and his checkbook open." - Groucho Marx Its not your case alone. It a global phenomenon as has been rightly recognized by Joey Adams also when he says "Marriage is give and take. You'd better give it to her or she'll take it anyway." It happens with everyo…