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Currently, India has an Exempt-Exempt-Exempt (EEE) framework of taxing saving instruments. The Direct Tax Code
proposes implementing an Exempt-Exempt-Tax (EET) framework for taxing saving instruments. My query is waht happens I have not availed Exemption in the first place for all or part of my savings? e.g., If my PF contribution is Rs. 1,20,000/- per year, then I get Tax exemption for Rs. 1, 00,000/- For balance Rs. 20, 000/- I do not get any exemption. If I will be taxed on this Rs. 20,000/- during maturity or withdraal, whether it will be taxed again? If yes, that would be double taxation. Is not it?...
Dear chadha54,
If you are unwilling to take RISK in Equity Funds and are satisfied with 10-12%
returns Templeton India Pension Plan is OK. Fund manager Invesests up40in Equities.
Investment in Balance / Equity Mutual Funds is Better Option.
P.C.Sharma...
yes. if it is a LTCG and No if it is STCG...
Thanks for info....
I am a central govt. employee.I received 6th CPC Arrears in two tranches.I want to avail relief under section 89(1) to reduce tax incidence due to arrears. How to proceed? I had already filed IT return for the FY2008-09 not claiming any relief then.How to aportion arrears so that tax liability reduces?...
Hello, I have borrowed about Rs. 30 Lakhs from my brother-in-Law (who is an NRI), at the beginning of this year to do a business. DO I have to pay tax on that in the next FY? Will that be considered inside my income? what is the best way not to pay much tax on that or pay a very small amount of tax? What kind of legal document I should make in order to proof that I have loaned the money at an interest of about 0.1%? Then, I think I dont have to pay much tax on that.
Basant...
how is templeton india pension plan ranked ,asfar as retirement planning is considered i want a sip in this...
If your total Indian income from all sources put together is less than Rs. 1,60,000, you need not file a return.
If it is more than this limit, you must file a return. ...
Go for Sundaram Tax saver . Dividend pay out option. Least lock in. Good returns. ...
no, if you have invested all the money received from sell of old flat there is question of capital gain tax. you will be exempted from capital gain tax....
no, if you have invested all the money received from sell of old flat there is question of capital gain tax. you will be exempted from capital gain tax....
I presume you completed all the formalities stated in my message dated 11th August. 2009.
If you have followed those steps, if any TDS has been deducted and deposited with Government of India, then, it will show up definitely in your name with the PAN registered.
If not, please check with your employer whether he has deducted any TDS at all. (I presume he has not deducted.).
Now, if your total income during a year is more than 1,50,000 then only you have to file a return. If it is under Rs. 1,50,000 do not worry. Forget it.
If your total income for current financial year would be more than 1,60,000, only then, you have to file a tax return. If not, forget it and do not worry.
If it will be more than Rs. 1.60 lakhs during 2009=2010, then approach your employer and ask him to give you a certificate of deduction.
Based on that and after verifying with TIN-NSDL, you can file your returns. If still facing problem, get back to me.
Very best wishes....
Hello Friends,
I wish to invest for tax planning. I have to invest about 55,000 for this year in order to complete 1 lakh limit.
I should have invested more in tax saving mutual funds in July 09 but that time being cautious I just put in 5000.
Now tell me when shall I invest in tax saving mutual funds now or shall i wait untill Feb 2010.
What do you think will be the scene in Feb 2010?
Or Shall I avoid mutual funds and go for PPF/tax saving FDs?
Please advice.
Regards,
Deepak B
Pune
...
sir,
I have registered in tin site and found that there is no tax credit in my name, what can i do now , please reply ...
Dear Friend, Plz. note that Gift Tax had been abolished long back in the year 1995. So there is no question of gift tax. Father-son relationship is recognized in Income Tax Act, 1961 to give tax free gift.
So no income tax also on this gifted amount.
Yes in case, ur son earns some Taxable income from this gifted amount (for example interest from bank FD of this 1L Rs.) & his total taxable income with this taxable amount is more than zero tax limit, he `ll have to pay his income tax as per his normal tax slab rate.
If there is no other taxable income of ur son, no income tax at all on the taxable income from this gifted amount.
Thanks
Ashal...
