A NRI settled at UAE having Other Income from India and the Interest Income from Money remitted to NRE A/c and then transfer to NRO A/c and put into FD and receives the Interest on FD.

On Which rate of Tax he liable to pay Income Tax on Other Income from Indian Source and on Interest Earned on NRO account from money transfer from NRE.

And DTAA applies to Only Interest Income or whole Income

sir, my firm is an auditor of an educational institution which is sudstantially financed by state government, hence eligible for exemption u/s 10(23c), now the problem is in the current assessment year the gross receipts of the same institution have exceeded rs 1 crore, so whether we have to follow the criteria of sec 10(23c)(iiiab) or section 10(23c)(vi)
plz do needful

My query is :
At what rate should we deduct TDS in case of maintenance charges raised by the landlord apart from the rent bill?will the rate of tds change if the maintenance charges are fixed in nature but are separately raised by t6he landlord.?Moreover , whther tds is liable to be deducted in case of electricity charges raised by the landlord.the landlord doesnot provide actual supporting of electricity bill but charges it on a fixed rate per unit.it is to be noted that the landlord doesnot charge service tax on the electricity bill.

Please let me know if all of my following understandings are correct w.r.t to an individual assessee being covered under Sec. 44AD and therefore eligible to file returns under the Sugham form.

1. From AY 2011-2012 many professions including technical consulting, engineering services are covered under Section 44AD ( Ref. Section 44AA)

2. Individual assessees need to declare their income as a figure that is >= 8% of the Gross receipts.

4. Individual assessees need to maintain books to be able to prove that his gross receipts are his stated figure.

5. Individual assessees whose gross receipts is < 15L are NOT required to get their books audited and need not be able to prove that their profits/income is indeed only 8% of their receipts.

sir,

please tell me that long term capital gain tax of 10% without indexation or 20% with indexation applies only on shares or on any asset like land or building

and short term capital gain tax is fixed at 15% on all assets like shares, land, building etc

Thanks
Anshul Goel

Hi friends...had a query regarding interest calculation u/s 234C...
the client is a salaried individual..Assessed tax works out to Rs 73645 which includes Salary income and income from other sources..TDS Deducted Rs 62278 and Advance tax of Rs 11500 has been paid on 14/03/2011..I tried filling up online ITR -1 which calculates Interest U/s 234 C to Rs 305 which i think is not liable for 234C .. Can anyone pls help with some suggestion and calculation of Interest u/s 234 C if possible..thanks in advance..

If an assessee is having only taxable income from Insurance commission (working as agent), can he calculate tax under presumtive income scheme (sec. 44AD). If yes, what will be his turnover, commission earner or total premium collected? Which ITR he has to use??

and, secondly, if tax has not been deposited till yet for previous year, what will be its implications??

Thanks in anticipation.

The assessee (individual) a machine shop has c/f business loss of Rs. 10lacs. For FY 2010.11 his turnover is Rs. 12 lacs. If his profit for this year is Rs. 120000/- whether he is liable to get his accounts audited considering his c/f loss u/s 44AD as his returned income will be below 8% of turnover?

My clients had purchased land in 1990 for Rs 6 lacs under agreement to sell.Now they are getting it registered in their name. The name of buyer in agreement to sell and regstration deed is same. They have constructed house on land in 1992. Now will capital gains be attracted in such a situation where only registration is being done to complete legal formalities and no change of ownership is being made.The POA is executing the registration deed on behalf of the seller.

Hi,
My father has sold a land for Rs.53,00,000 and put the whole amount in another property (to be obtained in 3 years) and Capital Gains accounts as per section 54F. He shall be claiming exemption u/s 54F. All the above details shall be duly filled in the ITR2 while filing the IT return.

Do he have to file AIR also and if yes what is the procedure for it.