dear all,
religious trust has fd interest of 6,00,000/- further for the every assessment year said fd interest is applied and used for the propose of trust (revenue and capital expenditure). and hence trust has (no/nil) income tax liability for every year. on submission of 15G to bank for Fy 16-17, bank has informed trust, As trust interest income is more than rs. 300000/- bank can not accept 15G . and tds will be deducted.
Further condition for 15G
1. 15G can be filed by (Individual and any other assessee (not being firm and company), so trust can filed 15G if it complied following 2 condition.
2. if total income not exceed exempted limit...
3. and Nil income tax liability on the declared income for the relevant year.

Query

1. What is trust exempted limit in income tax ?
2. if their is no exempted limit in income tax for trust, than can trust filed form 15G for non deduction to the bank....having interest income of rs. 600000/- and nill income tax liability for the relevant year???

I have filed my income tax return for the Asst Year 2015-16 on 29.07.2015 with CPC and CPC has processed the return and issued the intimation on the basis of return. However, later I have found that an income has not been considered in the return due to absence of proper information and now I want to add the said unconsidered income in my return.

Whether I can file a rectification after adding the said unconsidered income?

Can a Chartered Accountant whether pursuing final or have completed his CA and doing job becomes the proprietor of the business?

Dear Experts,
In case of sale of a property, actual sale consideration agreed upon is more than the DLC value u/s 50C. Say DLC value is Rs. 60 Lakhs and agreed sale consideration is Rs. 80 Lakhs. Than in such a situation how capital gains will be calculated. What amount would be reckoned as sale proceeds for calculation of capital gains, Rs. 60 Lakhs or Rs. 80 Lakhs? And also whether sale deed can mention actual sale consideration i.e. Rs. 80 Lakhs?

Dear Sir,
One of my friend need get service tax registration. His name is Ram Narayan. Whether he can get service tax registration in the name of M/s R N Services (Proprietorship firm)
or
he has to apply in his name only?
Please clarify.

My client has made foreign remittence without obtaining 15 CB certificate(which has to be given by CA). for FY 15-16. now bank is forcing them to produce form 15 CA. my querry is is it possible for me to file form for fy15-16 in new form which are issued by government. plz reply earliest. and thanks a lot in advance

dear all,

religious trust has fd interest of 6,00,000/-

further for the every assessment year said fd interest is applied and used for the propose of trust (revenue and capital expenditure). and hence trust has (no/nil) income tax liability for every year.

on submission of 15G to bank for Fy 16-17, bank has informed trust, As trust income is more than rs. 300000/- bank can not accept 15G . and tds will be deducted.

can religious trust filed 15g with bank for non deduction of tds, having interest income more than Rs. 300000/-

if Not what to do in this matter.....

Hi,
I have made a property sale that was inherited from my Grandfather. The property was acquired in 1957 and the sale happened in 2016. The sale of the property happened for 20 lakhs which is less than the market value of the property which is assessed to be 26 lakhs as on date in 2016.
Since the property dates before 1-Apr, 1981, I am therefore assuming that the cost of acquisition is more than the sale price (based on the above mentioned figures) and hence there should be no Capital Gains on the Sale.
Please give your opinion if this is correct understanding.

Regards

RESPECTED SIR,
A PRIVATE LIMITED COMPANY RECEIVED A CHEQUE ON 28.03.2016 FROM MR. A FOR ALLOTMENT OF SHARES. BUT DUE TO OVERSIGHT THE CHEQUE COULD NOT BE DEPOSITED IN BANK SHARE APPLICATION MONEY ACCOUNT ON 28.03.2016.
THE CHEQUE IS DEPOSITED IN BANK ACCOUNT ON 22.04.2016 AND CLEARED ON THE SAME DAY.
SIR, CAN THE COMPANY ALLOT SHARES IN THE NAME OF MR. A AS ON 31.03.2016
SIR PLEASE GUIDE ME BECAUSE I AM TOO MUCH CONFUSED
WITH REGARDS

Dear Sir/ Madam,

I am Retired Govt School Teacher age 75.
I own on house on my name.

I bought a non-NA & lay-out plot on 100 rupees bond 15 year back for 1,50,000.
Today its value is 25,00,000.

Now I wish to sell it for Rs.25,00,000 & wish to buy one used recently constructed
home for 38,00,000

In these TWO transaction I would like to avoid INCOME TAX or Tax Compliance.


Advise me how to make a deal to avoid it.


Thanking you