hello sir/madam
my name is mahesh i want to start a kirana/general stores so what is the percent of tax i should pay after starting the shop

An assessee is resident in India as well as in Australia as per respective countries' financial years. He has stayed in australia for more than 183 days in their financial year july-june. He earned salary in Australia. Tax has been paid and return has been filed in Australia as resident.

As per DTAA he is resident in India on the the basis of rule of his personal and economic relation. However I am confused with the interpretation of Article 15(2) of DTAA where it states that 'income may be taxed in the other state if the employment is exercised.'

Kindly guide me whether his salary is exempt in India.


Thank you

Amruta

I have purchased a residential land 10 years before for 8 lacs.

I have enter into an agreement to sell the above property with someone for Rs.45 lacs and i received advance payment of rs.12 lacs.

The purchase had not paid the remaining amount and I have forfieted the above Rs.12 lacs.

Now will Rs. 4 lacs (12-8) will be taxable to me as capital gain????

1) If i am using Software license can i shown it as "Asset" ?
2)How do i calim depreciation for the License as per IT Act and rate of dep if applicable ?

Hi All,

I have claimed interest on loan taken from few of our relatives for construction of house through bank.

I have submitted the certficates received from them for interest and loan taken signed by the lendor.

My employer is not accepting it and they are not allowing the deductions?

I have gone through sec 24(b) and furnished the certificate as per the Act.

Can employer has the right to overrule the Act? can they disallow by saying it is a company policy matter?

Thanks
Anand

amendments applicable for may 2014

Whether a deduction available under section 80C for payments made towards a loan from employees' Co-op Society

For the AY 2011-12 the threshold limit for declaring income under 44AD is Rs.60Lakh. Incase the assessee has had a total turnover of Rs. 40Lakh and his 2 minor children have had a total turnover of Rs.20Lakh each, from the business which he runs on thier behalf. Then, can he still declare the income under 44AD even if it exceeds the limit.

If no,then, should the income from minor child be shown under income from other sources with only the income part?

How is clubbing of income to be done in such a case?

one of my friend received a notice from income tax department for non-filing of income tax returns for A.Y 2010-11,11-12.He is salaried employee and his income exceeds Rs.10 lakhs each year and TDS is deducted and deposoted by employer.He did not claim any exemptions previously even if he file return now he has refund. Now dept is not accepting manual returns what shall i do now? if we did n't react for the notice then what will be the consequences

Dear sir/Madam

What will be the time limit to reapply for 12A and 80G once it is rejected?