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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…

Classification of income is important from tax planning perspective

TAX TALK-06.07.2015-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant
Classification of income is important from tax planning perspective
Query 1] 1.Do we need to enter interest income, dividend income and long term capital gains (STT paid) anywhere else also which are already entered in schedule E-1 in column 1, 2 & 3? If yes, where? 2.Can a salaried person having income as LIC / Mutual fund agent, file return in ITR-2, showing these commissions as income from other sources? [Shankerlal fatnani- srf.fatnani@yahoo.co.in] Opinion: 1.The exempt income is required to be disclosed only in “Schedule EI” of the ITR forms. Additionally, agriculture income is required to be reported in Part B to “Schedule TI”. Further, if the return is to be submitted manually, the consolidated exempt amount is required to be filled up in the acknowledgment in ITR-V. 2.Today, it takes more brains and effort to make out the income-tax form than it does to make the income”- Alfred E. Neuman
With the bu…