Hi,
I would like to know wat is the Notified interest rate on Recognised Provident Fund balance? is it 9.5% or due to some Notification is it 8.5%? Taxmann (Singhania) says its 9.5%. Plz clarify! Interest credited in excess of wat % is exempt? Also,plz give me some site address or proof where i cn find this rate for my reference.

Dear Sir,

As one my relative is a rickshaw driver, he want to file his income tax return to get the housing loan. Whether is it right to consider his income under business head ?

If yes , then whether he is also require to file Balance sheet,P & L A/c along with return? Whether he can file return for last 3 years now?

I have taken a housing loan from bank of India for 20 years at 10.5% interest rate. Now I want to take a loan from my father and repay my loan to Bank of India. Can I pay interest to my father @15% and claim loss from house property.

my query is if Security Transaction Tax(STT) is paid by the assessee on trading of equity shares, whether Short Term /Long Term capital gain will be attracted?

kindly explain the same with brief provisions under the IT Act, STT Rules.

On completion of assessment of partnership firm an addition of Rs. 150000 has been made. Can the partners claim higher remuneration as per the enhanced book profit after assessment. What is the procedure for that and whether the assessmentof partners will be reopened or it can be done u/s 154

Dear All,

If any person file individual return form-2(e-return) for the asst. year 2007-08 on 31-07-07 but he have not digital signature and he paid all income tax liability on 20-07-2007.But he file form V(acknowledgement) with I Tax dept.on 24/10/2007 than Income Tax dept.,would be treat with assesse.

harish

What is the value of fringe benefit in case of "AWARDS".Is awards subject to FBT?

Whether only Resident house property loan is deductible u/s 80c Or Loan for shop etc.also?

Dear Sir/Ma’am,

Reimbursement of Club blls of employees is not perquisite.
Whether FBT is liable?
Bcoz in any club facility FBT is liable.

HOW WILL BE A PERSON INVOLVE IN DAILY TRADING IN SHARES TAXED ?
WHETHER HE IS TAXED AS LTCG OR STCG OR HIS PROFIT WILL BE TAXED AS INCOME FROM BUSINESS OR PROFESSION ?
AND WHY ? PLEASE SPECIFY THE REASON.

THANK YOU.