One of my client Live in juhu area. Is building has gone in to redevelopment and builder has given him a compansation for 18th month rent from April 10 to Rs. 45000/- p.m. totaling to rs. 840000/- he has also received hardship allawance Rs. 643000/- My question is 1) if taxable than which AY will be taxed ?
2) expenses and rent , conveyance etc. are allowed against income or not if taxable than under which head ? capital gin or other income ?
3)What are the ways to save tax ?

Hi to all,

Example:
From past 3 years i am earning salary of Rs 75000/- p.a. So i have not filed any ITR for these years. Now i am recieving a salary of Rs 100,000/- p.a. and income from other sources of Rs. 80,000/- p.a. Hense i ahve to file ITR for this year. My annual expenditure (personal) is Rs 40,000/-. Can i show my opening capital of Rs 105,000/- in my ITR for this year? Will there be any tax liability on such capital?

Plz Suggest

Regards

Dear Experts
Pls provide me the changes in TDS rules as compared to old rules so that they can be easily understood, interpreated & applied. My Email ID is- yuktibajaj@yahoo.com


Thanks in Advance

Rgds

An assessee has deposited Rs 600000 in 5yr Term deposit eligible for deduction U/S 80C of I.T. Act.
For AY 2009-10 , assessee has filed ROI as on 08.03.2010(after due date;due date is-31.07.2009).Therefore Revised Return canot be filed.

Now my query is Whether Assessee can move application u/s 154 for claiming deduction u/s 80C?

Eagerly waiting for expert opinion.
Thanking You
Sanjay

Dear Friends,

Rule 6DD exempts payment made to the government in cash. I request you to provide me with the definition of government as meant in the said Rule 6DD and what does it includes. Also whether it includes...

1. BMC or any Local Authority

2. Bharat Petroleum ( a govt. undertaking or PSU)

Please help as soon as possible

Thanks & Regds.

Shekhar

I sold a flat-A in May 2009, with a net capital gains of Rs 10 lacs. I had booked a flat-B in Nov 2007 for 24 Lacs (18 months earlier than sale of flat-A), the possession of which is due in May 2010. In order to avail relief under sec 54, kindly clarify the following points:
(1) Agreement date or date of possession is considered for calculating time limit of 1 year before and 2 years after?
(2) If flat sold was solely in my name, while flat purchased is in joint name with my sister, can I claim releif under sec 54?
(3) If I have made payments through a housing loan in place of investing my own capital gains money, can I claim releif under sec 54?

Hi..

As per the current provision as amended by Finance Act 2008, notice u/s 143(3) can be served with in 6 months from the end of the financial year.

Prior to amendment, the time limit was 12 months from the end of the month in which return was filled.

An assessee has filed return in July 2007. Accordingly Finance Act 2007, the provision of 143(3) was 12 months limit. Post Budget 2008, the revised limit is 6 months from the end of the FY.

The question is;
Can AO issue notice after 31.07.2008 for AY 07-08?? Or the limit to issue notice AY 07-08 will also be 30.09.2008 (i.e. 6 months from the end of FY)

if I transfer the money to my parents bank account , would that fall under the section 56 of the Income tax act, as a gift and not taxable in the hands of the parents?

Hi Expert,

Need your Notion on below Issue:

Whether Loss of SEZ units can be setoff from profits of non eligible units? if no then excess expenditure of SEZ units needs to be disallowed in ITR return?

Regards
Gaurav

Sir,
If inadvertently a purchase of fixed asset is treated as purchases and return filed claiming full deduction then , what would be its tax consequences . ( Return Filed Within Time )