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Question Category : General Discussion

    • Investment under SCSS for more than 1500000

      I have already invested under SCSS(the maximum). Can I further invest under SCSS in my wife’s name who is not a senior citizen yet. She is a house wife and has no income of her own. I want to invest another 1500000 in her name in SCSS. Is it possible? Please advise

      Profile photo of Subodh Chopra Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 2 weeks ago
    • Dependent, Or Not Dependent? That is the Question…

      My wife and I cared for my until her death last November. Because of her condition, neither of us were employed, and declared dependents on prior returns. After she passed, I inherited a lump sum IRA of about 20k from her estate. My question: In tax law, what takes precedence: The 46 weeks of 2017 I was dependent, or the six I was not? Can I be declared on her return, and what deduction would/should I take on my own. Haven’t seen an answer to this particular sort of kerfuffle anywhere. Thanks for the opportunity to post here.

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 1 month ago
    • what will be tax liability of my family members?

      I am a govt servant in 30% tax slab.My wife is house wife.My son is 18 years old and is student.My daughter is in service in private sector.I deposits in my son and my wife’S PPF account every year from my savings after paying tax. I also deposits amount in RD account of my daughter and my wife every month from my income.my daughter pay tax and files ITR.My wife also files ITR and my son will file his first ITR this year as he has attained the age of 18 year in this March. what are tax liabilities of my family members?

      Profile photo of Dr.Prabhat Kiran khatri Asked By: Dr.Prabhat Kiran khatri 1 replies 1 helpful answers Last Updated: 1 month, 1 week ago
    • Income as per Form 26AS which has not been included in compu

      Received SMS & email intimation from Income Tax Department Central Processing Center saying some Other Sources amount in Variance. This same amount is gathered from my Bank account as Details of Tax Deducted at Source other than salary. I do not have any other source of income, plus I checked my Bank Statement from 1-Apr-2017 to 28-Mar-2018 the interest I received is nowhere near this amount. How to check this issue?

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 1 month, 3 weeks ago
    • Presumptive tax section and refund of excess amount paid

      Hello , My advance tax payment was Rs. 12 lacs in the financial year 2017-18. However, as my turnover is less than 2 crores and my tax liability would be less if I opt for the Presumptive tax section (sec 44AD) . I have been advised to take benefit of this section. . My tax liability under presumptive scheme is 4 Lacs and consequently my claim for refund would be Rs. 8 lacs . I wish to ask the following a) How much time does the IT Dept. take normally to process refunds of larger amounts? b) In the present circumstance where the income is more than 8%, lets say 20%, , is it permissible to declare the presumptive percentage of 8% and meet my tax obligation by paying tax on such 8% , or is obligatory to disclose the actual percentage. c) If I declare the net profit to be 8% , will the IT Dept automatically accept what I am declaring while processing the refund d) can I be asked to prove that my income is not greater than 8%

      Profile photo of Rahul Rampuria Asked By: Rahul 1 replies 0 helpful answers Last Updated: 1 month, 3 weeks ago
    • Refund of Excess Amount of Advance Tax / Sec. 44AD (presumpt

      Hello , My advance tax payment was Rs. 12 lacs in the financial year 2017-18. However, as my turnover is less than 2 crores and my tax liability would be less if I opt for the Presumptive tax section (sec 44AD) . I have been advised to take benefit of this section. . My tax liability under presumptive scheme is 4 Lacs and consequently my claim for refund would be Rs. 8 lacs . I wish to ask the following a) How much time does the IT Dept. take normally to process refunds of larger amounts? b) In the present circumstance where the income is more than 8%, lets say 20%, , is it permissible to declare the presumptive percentage of 8% and meet my tax obligation by paying tax on such 8% , or is obligatory to disclose the actual percentage. c) If I declare the net profit to be 8% , will the IT Dept automatically accept what I am declaring while processing the refund d) can I be asked to prove that my income is not greater than 8%

      Profile photo of Rahul Rampuria Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 1 month, 3 weeks ago
    • LTA travel period v/s exception submission period

      Hello, I took up a family trip last year Feb2017. This financial year 2017-18, i am using those travel bills for tax exception. But, My employer is arguing that i should have claimed it in Financial year 2016-17 and not now that is 2017-18. Can anyone explain what does rule say in regard to bill submission for exception? if some one has link for rule book, pls share with me for reference. thank you.

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 1 month, 3 weeks ago
    • Long Service awards in the hands of employees under Income T

      How to treat receipt of long service awards in the form other than cash in the hands of the employees. point is whether it is taxable or exempt in the hands of the employees or not. Pls give your expert advice with specific section number under Income Tax Act, 1961. Whether it is taxable under the head salaries or income from other sources.

      Profile photo of Kapil khamesra Asked By: Kapil khamesra 1 replies 0 helpful answers Last Updated: 1 month, 3 weeks ago