Dear Sir,
I want to know that when will bank deduct tds on fdr ,i.e. its deducted on mature of fd and is it deducted on above rs. 10000p.a.

I am salaried person working with a company my salary is Rs. 150000, and i am also an LIC agent my commission from LIC is 50000
and some other income
which itr i should file for all the income
......Plz reply me...as soon as possiable..
THANK you

IF ANY PERSON NOT IN LIMIT FOR TAX AUDIT BUT HE PAY RENT ON P&M 480000/-P.A.
SO HE APPLY FOR TAN NO.? AND LIABLE TO TAX DEDUCT ON RENT (194I)
PLEASE GUIDE ME .........................

Sir..... can a person whose monthly saving is only less than Rs.500 , invest in mutual fund...???
plz tell me any scheme of such fund if any....

Hi,

Can anyone pls tell me what is the tax implications of Interest on Recurring Deposits. I guess there is no TDS ptovision for that. It means we have to seperately show that interst as Income from other sources and pay tax ourselves? I need some elaborate details in this matter. Hope there will be someone to help me out.
Advance Thanx..

I RECEIVED COMMUNICATION ON 06/07/12 FROM CPC BANGALORE STATING THAT I NEED TO PAY ARREARS FOR AY 2008-09 AND I NEED TO CONTACT AO WHICH HAPPENS TO BE IN DELHI WHERE I WAS POSTED TILL JULY 2011. NOW I AM IN MANGALORE. DO I NEED TO GO ALL THE WAY TO DELHI FROM MANGALORE JUST TO PAY THE ARREARS OS RS.2000.. PLEASE ADVISE ME WHAT TO DO.

I have the following income during April 2011 to March 2012:
1) Income from Salary
2) Income from Other Sources
3) Long Term Capital Gains from sale of equity shares and units of equity mutual fund schemes

According to the instructions given for using "SAHAJ" form, a person cannot use this form if he has "income under the head "Capital Gains" which are not exempt from tax, e.g. short term capital gains or long term capital gains from sale of house, plot, etc.".

I believe Long Term Capital Gains from sale of equity shares and units of equity mutual fund schemes are exempt from tax. Am I correct? Hence, can I use "SAHAJ" form for filing my Income Tax Return for AY 2012-2013? Kindly advise urgently.

To respected members of CAclubIndia,

I have recently invested small capital in stocks. I am in need for detailed guidance on STCG as I am a short term investor. I have no other sources of Income. Here are my questions. Hope my questions gets resolved.
1) What is the exact step of calculating capital gain i.e what to include/exclude e.g. STT, edu cess, SAH, brokerage etc?

2) As per provisions of 111A if I have STCG of less than 2 lacs and If I don’t have any other sources of income, do I become eligible to pay any taxes on this STCGs ?

3) Suppose, I do make STCG in excess of 2 lacs, say total 3 lacs, then how much tax I should pay ?
Is it 15% of 3 lacs or 15 % of 1 lac %(considering exemption upto 2 lacs)

4) Within what time frame I should pay such tax ? Is it next day immediately OR as per Advance Tax calendar which is 1st-15th Sep, 2nd-15th Dec, 3rd-15th Mar.

5) Which challan should I use to pay such tax and in favor of whom?

6) Is ITR-2 is the correct form to file yearly return if I only have income from capital gains ?

7) Suppose, I make a profit of 4 lacs and deposit tax accordingly with the tax dept. But what if subsequently I make a loss of 10 lacs which translates into yearly net loss of -6 lacs (10-4).Won't I be at a loss as well as I have paid advance tax on capital gains that I've lost since then? What should be the next step, either demand a refund or file a return for carry forward losses or both? I feel its not right to pay tax if you haven’t earned anything.

8) Is it allowed to net all gains and losses and pay the tax if any on 31st March only, so question of underpaying or overpaying does not arise?

9) Is there any excel sheet which I can use to tabulate the data on capital gains and keep track of it?

Please bear with me for asking many questions but I can not find a single credible place to resolve the questions as there seems to be many opinions and endless debates on this issue. I am sure many new investors’ faces these questions but unable to depend on any answers. Any help would be extremely appreciate for many small investors.

Many thanks in advance.

BgSE Financials charges stamp duty, servicetax,stt,other charges,brokerage,DP charges,delay payment charges. VYSYA Bank DP also charges DP charges. Which of these can be added to basic shareprice to arrive at cost of acquisition? Which of these can be treated as expenditure on transfer?(both under section 48)

sir,
can u plz send me the circular or circular number issued by the authority vide which individual assessees are not liable to deduct tds while making commision payments,if their turnover from business & proffession does not exceed 60 lakh during the previous year ie, their accounts are not liable to audit during the previous year