The assessee pays LIC of Rs 100000/-per year for last three years.The premium paid was not disclosed in the books of account.Now the assessee realises the fact and wants to disclose the upcoming premium payments in the books.What are the remedies available and the consequences of the last three years premium already paid but not disclosed in the books.

sir query is that,
some person is working in erp implementation team in india, thus for assignment they have to go outside india also,thatswhy they earned some salary income from germany on which they deduct tax in germany and at the time of issuing the Form 16 company didn't show thats germany income.

so wt should i do for this germany income, whether we have double tax treaty with germany or not?

In the head INCOME FROM HOUSE PROPERTY it is mentioned that a person should be the owner of the building in order to treat the rent received under this head and it is further mentioned that ownership includes lease hold rights.
Now a person holding lease hold right pays rs8,000p.m to the actual owner and gives this property to another fellow and receives rent of rs 10,000p.m ,can he show this amount of rs10,000 under this head,and if he can do that where will he show this 8,000 as deduction

If in a case notice U/s 148 issued for filing of return whether notice u/s 143 will be issued if the assessee filed his return after the 30 days of notice 148

Respected Sir,

I have to know I have paid house Rent 3200 P.M. Basic Salary is Rs.6000 P.M.
Can I claim house rent for Rs. 3200 p.m
I am stay at Chinchwad, pune

As per rules INCOME TAX HOUSE RENT ALLOWANCE 40 % ON BASIC SALARY FOR NON METRO CITIES & 50 % ON BASIC ON METRO CITIES allowed

Is it pune is metro city as per IT RULES ?

With best regards,


Vilas choudhari

Problem: What is the procedure for a resident grandmother give a gift to her grandson, who is a non resident?
Facts: the grandmother and the grandson both have a joint NRO A/c in India. Without prejudice to your opinions the amount to be gifted is in Rupees say Rs. 20,000.

Can anybody tel me as to what do FM meant by Small car ? Is it decided by price of car of length of car or facilities of car ?

if an employee invest in share market in regular basis & make daily trading & delivery basis transaction. How the person disclose his income, as it is business income or capital gain nature ? & how the share will be valued? what is basic condition to make a non speculation business in share market?

One of our client is earning rent of Rs.120000/- p.a. from a shop.
He is also paying interest on loal borrowed for the purchase of that shop Rs. 60000/-.
How this be charged to tax & under which head.
Is Standered deduction of 30% allowed?
&
whether Interest paid can be taken as deduction u/s 24?
Please Reply.
Thanks in advance.

Q1) kindly explain the consent of Employer- Employee Insurance and also highlight the relevant sections of Income Tax Act 1961 applicable for:-


a) Tax Exemptions in Employer- Employee Policy.
b) Fringe benefit Tax is applied?
c) Assignment
d) Maturity/ Death proceeds after assignment

Q2). If assignment of Employer Employee Policy is done to the employee just before the end of 3 years how will that be possible as the surrender value for the first three years is nil as per the policy term but employee purchase the policy on Guaranteed Surrender value.

The employer –employee policy shall have surrender value of the first three years premium have been duly paid. So can one assign the policy just before the premium payment of 4th quarter of third year? How will the whole arrangement work out, especially in the terms of surrender value, please explain?

Q3. If the assignment is made for a surrender value, would the Surrender Value is taxable? And in whose hand, the Empolyer or the individual.

Q4. After the Employer- Employee policy has been duly assigned, what shall be the scenario now:-

A) Who would receive the death claims, if accurse and would be same tax free?
B) Would the maturity proceeds do the Employee who has been assigned this policy and would the same be tax free in his hand?

Please reply as soon as possible