Posts

Showing posts from June, 2015
TAX TALK-29.06.2015-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant
A step-by-step guide to file income tax return
Query 1] I am a salaried employee. Please explain in detail regarding procedure of filling income tax return. Also, please tell me whether I can fill it directly. Please explain in details the procedure to be followed for filing income tax return? [Amol Sherkhane-sherkhane.a191@gmail.com] Opinion: With new income tax return forms now notified, here is a step-by-step guide for filing income tax returns. Income tax return filing may seem like a big deal for the beginners. However, following sequential steps would make the task easy. July 31st is normally the last date for filing income-tax return for salaried assessee. The best part is that it is extended to 31st August for the AY 2015-16. 1.Preparing statement of income:
First & foremost, assessee should prepare the statement of income by incorporating all the income including FD/SB Interest, exempt income detail…

Tax impact varies with Time, Place & Heads

TAX TALK-08.06.2015-THE HITAVADA
TAX TALK CA. NARESH JAKHOTIA Chartered Accountant
Tax impact varies with Time, Place & Heads
Query 1] I purchased plot on 1st June 2006 on installment bases for Rs. 1,05,500/- & incurred Rs. 7,500/- towards registry expenses. I have sold the said plot on 23/01/2015 for Rs. 5,84,000/-. The full amount is given on 23/02/2015 for purchase of plot. It is still not registered as Release Letter (RL) is not obtained from Nagpur Improvement Trust (NIT). Please clarify the following: 1.What is the obligation in regards Income tax? 2.What is the time limit to show in IT returns? 3.Any delay in registration, how should overcome this?  [CRM Reddy-chavarajmohanreddy@gmail.com] Opinion: Most of the taxpayer may not know the fact that sale deed is not the only documents that give rise to taxable event in respect of property transactions. Likewise, receipt of entire consideration against sale of property may not be decisive factor for taxing the income thereon. The pro…

DISCLOSE ALL THE BANK ACCOUNTS WHILE FILING INCOME TAX RETURN

Query 1] As per revised guidelines information about all the accounts other than inoperative is to be furnished in ITR forms. Kindly guide as to how to report in the following cases: 1.A joint account with son & first name being of son (student). Amount remitted to this account by father, is for son's food and day to day recurring expenses for academics. Father is filing his IT return regularly. 2.Husband & wife are having joint account with husband's name being first name. Both are filing IT returns regularly. Interest incomes pertaining to wife deposits are also credited to this account. 3.Wife is not having any account with her name as first name. She is having only joint account with husband with second name as joint account holder. How to show the details of accounts when they are in joint while filing individual IT returns? [d_pande1@yahoo.in] Opinion: Today, it takes more brains and effort to make out the income-tax form than it does to make the income”- Alfred E. Neu…