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Showing posts from 2016

Use invetment tool for optimum tax saving: Tax Talk

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No tax on accidental death claim: Tax Talk

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Purchasing property below stamp duty valuation attracts Income tax (Rural Agricultural land excluded): Tax Talk

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Readable format accessible at http://ssrpn.com/article-details.php?id=1476

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Though it's not appealing but alternative is terrible. Opt for PM Garib kalyan Yojna for depositing unaccounted money: Tax Talk

Readable format accessible at http://ssrpn.com/article-details.php?id=1474

Tax benefit for those who are staying in a rented premises : Tax Talk

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Write up on the controversial issue- whether penalty @ 200% leviable for unaccounted cash deposit: Tax Talk Dated 21.11.2016

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Weak currency is the sign of weak economy. Income tax implications on cash deposit in the bank in Today's Tax Talk..

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Forget 6 years, keep records of expenditure on property permanently for claiming deduction: TAX TALK

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Yes, 2 or 3 adjacent flats can be considered as "one" house property for capital gain exemption: Tax Talk - Readable format accessible at- http://ssrpn.com/article-details.php?id=1468

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Two person with same income could have different tax liabilities. Categorisation is crucial from tax perspective: Tax Talk- Readable format accessible at http://ssrpn.com/article-details.php?id=1467

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No cash no tax is not the law. Even exchange of proeprty wihtout cash element attracts capital gain tax: TaxTalk- Accessible at http://ssrpn.com/article-details.php?id=1466

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Capital Gain- Multiple issues: Tax Talk- Readable format accessible at http://ssrpn.com/article-details.php?id=1462

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Funny it may sound but Divorce is the one human tragedy that reduces everything to cash. No deduction towards alimony is available from the income: Tax Talk. Readable format accessible at http://ssrpn.com/article-details.php?id=1461

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“Taxes grow without rain” -Old Jewish Proverb. The same Would continue with the widening of the tax base year after year: Tax Talk. Readable format accessible at http://ssrpn.com/article-details.php?id=1459

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Benefit of carry forward of loss can also be enjoyed even if return is not filed. Thanks to CBDT- Tax Talk. Readable format accessible at http://ssrpn.com/article-details.php?id=1456

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Get interest also on Income tax refund: Tax Talk- Readable format accessible at http://ssrpn.com/article-details.php?id=1455

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Even a single day delay in payment of advance tax installment of first 3 quarters could result in interest @ 3%: Tax Talk - http://ssrpn.com/article-details.php?id=1447

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Executing Power of Attorney (POA) may attract Capital Gain Tax Liability: Tax Talk - Accessible at http://ssrpn.com/article-details.php?id=1446

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Executing Power of Attorney (POA) may attract Capital Gain Tax Liability: Tax Talk - Accessible at http://ssrpn.com/article-details.php?id=1446

Even legal heir can claim capital gain exemption: Tax Talk. Word format accessible at http://ssrpn.com/article-details.php?id=1442

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Global income of resident is liable for taxation: Tax Talk. Readable format accessible at http://ssrpn.com/article-details.php?id=1440

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Consult your tax consultant before signing Property Development Agreement. Readable format accessible at http://ssrpn.com/article-details.php?id=1437

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Gifting to family members may be powerful tax planning tool ‪#‎subject‬ ‪#‎to‬ ‪#‎clubbing‬ ‪#‎provision‬- Tax Talk - My weekly column - http://ssrpn.com/article-details.php?id=1435

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There is no “unsubscribe” option in the mailing list of income tax department. Non filers are getting repetitive reminders of high value transactions carried out by them. Tax Talk – My weekly column.

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Property transactions may result in hefty tax liabilities.... But one can Save tax on such transactions......Tax Talk-My weekly column- Readable format accessible at http://ssrpn.com/article-details.php?id=1398

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Shakespeare may be wrong when he said Whats there in the name ?.... . Tax Talk- My weekly column

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TAX TALK-14.03.2016-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant
Medical reimbursement for treatment in approved private hospital is tax free
Query 1] 1.Whether medical reimbursement received by employee is taxable or not? If tax free, do we need to submit the bills for the same or keep the records with us for claiming the deduction? Whether medical allowance is same as medical reimbursement? [LK, Raipur] 2.A member of our family underwent a surgery at Hyderabad. The hospital expenses were Rs. 4.30 Lacs. Also the patient was uninsured. Patients' spouse is a government employee and fall under 30% tax slab. Under Government scheme the spouse applied for medical reimbursement. If the above said amount is reimbursed, then is that amount taxable? [aman.agnihotri333@gmail.com] Opinion: Income Tax treatment in case of salaried person who are provided with medical benefit: “What's in a name? That which we call a rose by any other name would smell as sweet” by William Shakespea…

Not actual rent, House property is taxable on the basis of its Annual Value

TAX TALK-22.02.2016-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant
Not actual rent,  House property is taxable on the basis of its Annual Value
Query] 1.If I purchase the second house property for my own use, still whether I would be required to pay the tax? I don’t wish to let out the second house but want to purchase it for investment purpose. [K.T.Jannawar, Chandrapur] 2.From your articles in newspaper-The Hitavada, I came to know that if a person having more than one HP, the second property onwards to be shown on rent or deemed to be let out. I understood that while filing return, in the HP schedule from rent received, first taxes paid to local authorities (NMC/Grampanchayat etc) to be deducted, then on balance 30% to be deducted for maintenance, followed by interest payable on borrowed capital/loan. The remaining amount is income from house property.
My queries are:-
i.For IT exemption what documents/papers required if property given on rent and what documents required i…

Taxpayer may find it surprising but its the fact, without actual rent also, tax liability could arise... Tax Talk- My weekly column. Readable format accessible at http://ssrpn.com/article-details.php?id=1386

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Amount received on compulsory acquisition of agricultural land in MIHAN is tax free..... Readable format accessible at http://ssrpn.com/article-details.php?id=1384

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Readable format accessible at http://ssrpn.com/article-details.php?id=1383

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TAX TALK-08.02.2016-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant
Beware, there is a penalty for property transactions in cash
Query 1] 1.I am to get some amount in March 2016 on redemption of ELSS MF done in March-2013 for tax savings. Whether I shall have to pay IT on LTCG or otherwise? Kindly enlighten me in this matter. [kumarmeher52@gmail.com] 2.Is it better to invest in Equity linked saving scheme to save tax? Isn’t PPF a better option as compares to ELSS? My agent has advised me to go for ELSS and not PPF. Please advise.  [ amitr******@gmail.com] Opinion: There are lot many taxpayers who are not well aware of the Equity-linked saving schemes (ELSS) as a tax cum financial planning tool. ELSS is one of the types of mutual funds with tax benefits. It is one of the most preferred tax saving option for the young taxpayers as it has the potential to yield robust tax free returns in addition to offering tax benefit. The return from ELSS are tax free and have a smaller lock in …