Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 22nd May 2017, 09:32   #1111
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 7,042
Thanked: 3,587 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by earthian View Post
Why, there are quite a few that quailify for 100% deduction. What immediately comes to mind is Cancer society.
The site just lists Sec 80G which is normally 50%. i see no mention of Sec35 which gives 100%.
sgiitk is offline   Reply With Quote
Old 22nd May 2017, 10:04   #1112
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,700
Thanked: 1,644 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by sgiitk View Post
The site just lists Sec 80G which is normally 50%. i see no mention of Sec35 which gives 100%.
There are many that are under 80G and eligible for 100% - 80GGA is the section.

As you are formerly from IITK - I am sure you are aware you can donate to any "institution of national importance" like one of the IITs and claim 100% on the amount.

Or you can donate to a political party of your choice and part of the representation of people's act allows 100% on the donated amount.
hserus is offline   Reply With Quote
Old 22nd May 2017, 10:30   #1113
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 7,042
Thanked: 3,587 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

@hserus; Once I am involved with a charity for over a decade one does not change course. I essentially put away 2% of my gross salary (now pension) for charity.
sgiitk is offline   Reply With Quote
Old 22nd May 2017, 11:49   #1114
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,700
Thanked: 1,644 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by sgiitk View Post
@hserus; Once I am involved with a charity for over a decade one does not change course. I essentially put away 2% of my gross salary (now pension) for charity.
If they were 100% before the chances are they still will be 100% now unless specifically withdrawn by the government. You can check directly with the charity.
hserus is offline   Reply With Quote
Old 22nd May 2017, 13:30   #1115
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 7,042
Thanked: 3,587 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by hserus View Post
If they were 100% before the chances are they still will be 100% now unless specifically withdrawn by the government. You can check directly with the charity.
What I see with two of them, 100% till 31/3 and 50% thereafter. I do not have my ready reckoner with me yet.

I any case I have done my 20k worth of donations today.
sgiitk is offline   Reply With Quote
Old 22nd May 2017, 20:51   #1116
BHPian
 
hothatchaway's Avatar
 
Join Date: Aug 2012
Location: Bangalore
Posts: 495
Thanked: 472 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by CA Dhruv View Post
Actually there's no general format for an individual.
As per I.T. act she has to maintain her books of accounts. ( exemption is for those whose income is upto Rs 1.5 lac, which I assume she crosses)
Also for filing return she has to file ITR 4.
.
Hi Dhruv,

I have a similar question, my wife started working for diversified group as a consultant/contractor since Jan this year. My first question is is there a threshold income below which one does not have to file returns for income from business also i.e similar to salaried employees where its not mandatory to file returns if income is below 2.5l for the financial year.

In case one has to, irrespective of the income for the year, can she file under 'Presumptive Taxation' where 50% of the total receipts is considered as income and taxed w/o one having to retain receipts etc for expenditure? Apart from legal, engineering etc professions in the section 44ADA eligible list, 'technical consultancy' is also there. My wife works in operations for a fashion label and does data and trend analysis among other tasks. Would she qualify?

And finally, she also has some interest from FD, can this be shown separately in IT 4 as income from other sources?

TIA
hothatchaway is offline   Reply With Quote
Old 23rd May 2017, 20:24   #1117
BHPian
 
Join Date: May 2016
Location: New Delhi
Posts: 92
Thanked: 45 Times
Default

Quote:
Originally Posted by hothatchaway View Post
Hi Dhruv,

I have a similar question, my wife started working for diversified group as a consultant/contractor since Jan this year. My first question is is there a threshold income below which one does not have to file returns for income from business also i.e similar to salaried employees where its not mandatory to file returns if income is below 2.5l for the financial year.

In case one has to, irrespective of the income for the year, can she file under 'Presumptive Taxation' where 50% of the total receipts is considered as income and taxed w/o one having to retain receipts etc for expenditure? Apart from legal, engineering etc professions in the section 44ADA eligible list, 'technical consultancy' is also there. My wife works in operations for a fashion label and does data and trend analysis among other tasks. Would she qualify?

And finally, she also has some interest from FD, can this be shown separately in IT 4 as income from other sources?

TIA
The threshold limit is same for all kinds of assesses i.e. either they have taxable income or if total income is 5 lacs or above before deductions.
Your wife would have to file return in case her TDS was deducted for the year 2016-2017.
Yes she can file under presumptive income in case expenses are not over 50%.
The income from FD has to be shown as income from other sources.
CA Dhruv is offline   Reply With Quote
Old 26th May 2017, 07:10   #1118
Senior - BHPian
 
shankar.balan's Avatar
 
Join Date: Apr 2008
Location: BLR
Posts: 8,053
Thanked: 5,304 Times
Default All Income Tax Queries (refunds, disputes, rates etc...)

Does anyone know what the DTAA rule is for Dubai UAE if a person has relocated there in the last 3 months of an FY?
Since the person worked in India for the first 9 months of that FY, is he fully liable to pay tax in India, on his earnings in the GCC even though he has relocated lock stock and barrel? And if he indeed has already paid full taxes in India on his 9 months earnings in India?

Last edited by shankar.balan : 26th May 2017 at 07:11.
shankar.balan is offline   Reply With Quote
Old 26th May 2017, 07:35   #1119
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,700
Thanked: 1,644 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by shankar.balan View Post
Does anyone know what the DTAA rule is for Dubai UAE if a person has relocated there in the last 3 months of an FY?
Since the person worked in India for the first 9 months of that FY, is he fully liable to pay tax in India, on his earnings in the GCC even though he has relocated lock stock and barrel? And if he indeed has already paid full taxes in India on his 9 months earnings in India?
Greater than six months and a day means you have to file taxes in India. I believe you have to get an income tax clearance certificate too in order to emigrate, but not sure - the last time I emigrated was 2000.
hserus is offline   Reply With Quote
Old 26th May 2017, 15:42   #1120
Distinguished - BHPian
 
Thad E Ginathom's Avatar
 
Join Date: Jun 2007
Location: Chennai
Posts: 7,610
Thanked: 6,694 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

I have never earned enough in two countries to have to take double taxation into account, but this year I will, as my "old-age pension" (as they used to call it) will take me just a whisker beyond the UK personal allowance. Last time I had to do something with a UK tax return that I did not understand, I got an accountant to do it --- and have been repeating the same on the forms ever since (teaching a man to fish!). But that is expensive.

I know my current auditor here is not experienced in foreign double taxation, but given the fluidity of the Indian population, I hope there are small companies that know something of British tax forms?

I would paying about GBP500 in UK tax. I'll be declaring and paying tax on that income in India. I hope double-taxation treaties mean that UK will not tax me as well.
Thad E Ginathom is online now   Reply With Quote
Old 26th May 2017, 16:01   #1121
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 1,930
Thanked: 1,390 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by shankar.balan View Post
Does anyone know what the DTAA rule is for Dubai UAE if a person has relocated there in the last 3 months of an FY?
Since the person worked in India for the first 9 months of that FY, is he fully liable to pay tax in India, on his earnings in the GCC even though he has relocated lock stock and barrel? And if he indeed has already paid full taxes in India on his 9 months earnings in India?
Can't speak specifically for Dubai, but if they were in India for 9 months during the FYI, they are ROR and all worldwide income is taxable in India. Given that this is Dubai where there are no income taxes their AED earnings will also be fully taxed in India at the marginal rate (maybe the DTAA has exceptions, I don't know).

Their status does not become NRI for the next several years (based on how many days they spend in India in each year).

In any case all worldwide income has to be declared in India nowadays if you have income in India and has to file tax returns here.

This is my understanding. I suggest they meet up with a CA who knows the intricacies of these things.

Last edited by binand : 26th May 2017 at 16:02.
binand is offline   Reply With Quote
Old 26th May 2017, 17:47   #1122
BHPian
 
earthian's Avatar
 
Join Date: Jan 2016
Location: Ahmedabad
Posts: 319
Thanked: 638 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Could some one help in informing the procedure to get an ITIN in the USA? Have some investments there and have been trying to get an ITIN since the past 4 years but gets rejected on some grounds, twice we lost the mail which had to be answered.
Indian citizens, based in India. Sent the W7 form duly supported by passport copies duly endorsed by the US consulate, but yet to get it. Am afraid i shall not be able to take advantage of some losses incurred when CG is calculated when i divest.
earthian is offline   Reply With Quote
Old 30th May 2017, 11:02   #1123
Senior - BHPian
 
Join Date: Dec 2007
Location: Dubai
Posts: 3,854
Thanked: 123 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by shankar.balan View Post
Does anyone know what the DTAA rule is for Dubai UAE if a person has relocated there in the last 3 months of an FY?
Since the person worked in India for the first 9 months of that FY, is he fully liable to pay tax in India, on his earnings in the GCC even though he has relocated lock stock and barrel? And if he indeed has already paid full taxes in India on his 9 months earnings in India?
When I relocated completely from India to Dubai, declared only the earnings in India (which was till November). Got a refunds of the excess that was TDS. Never declared or even mentioned any of my earnings in UAE as my understanding is that income from UAE are not taxed in India due to DT treaty.

Have been filing returns in India for the last few years with zero value as earnings (as I have zero earning in India). Have also bought properties in India using earnings transferred to NRE account, over the last few years.

Yet to get a notice from the Tax man, so reckon all well.
HappyWheels is offline   Reply With Quote
Old 2nd June 2017, 15:27   #1124
BHPian
 
SyncNest's Avatar
 
Join Date: Jan 2015
Location: Hyderabad
Posts: 70
Thanked: 114 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Hi,

I have created fixed deposit accounts in SBI and ICICI last year. What I have noticed is, SBI has submitted TDS. I have verified this on TRACES site. But ICICI has not submitted TDS.

Both the bank FDs are cumulative with a maturity of 2+ years.
How can I file these in the tax returns under "other interest income head"?
SyncNest is offline   Reply With Quote
Old 2nd June 2017, 21:16   #1125
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 1,930
Thanked: 1,390 Times
Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by SyncNest View Post
I have created fixed deposit accounts in SBI and ICICI last year. What I have noticed is, SBI has submitted TDS. I have verified this on TRACES site. But ICICI has not submitted TDS.

Both the bank FDs are cumulative with a maturity of 2+ years.
How can I file these in the tax returns under "other interest income head"?
Banks will deduct TDS only if the interest in a FY exceeds Rs. 10K. This might be the reason SBI and ICICI are treating you differently.

TDS or not, you need to calculate the interest you earned in each FY. The bank will provide you with a statement to help you with that (for me, HDFC sends a statement in April without me asking them). Just add that in the appropriate column, and claim the deduction.
binand is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Tax on Tax? Road tax should be calculated on ex-factory price (not ex-showroom)! SILVERWOOD The Indian Car Scene 88 30th July 2017 12:39
Luxury cars outnumber tax-paying millionaires! Income tax evasion? Nav-i-gator Shifting gears 26 7th May 2016 09:35
Govt. to remove income tax exemptions and deductions. Please comment against it..... satish_appasani Shifting gears 15 15th May 2007 21:13
Road tax or income tax? SLK The Indian Car Scene 6 5th October 2004 14:52


All times are GMT +5.5. The time now is 04:58.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks