Hi Experts!

Please advise how deduction will be calculated u/s. 80C in case of ULIP. e.g. preimium towards ULIP p.a. is Rs. 10000/- and sum assured is Rs. 50000/-. Do we need to restrict the benefit up to 10% of assured value in case of ULIP? or it is applicable to life insurance policy only?

Thanks in advance.
Ramesh

Hi,
I want to file ITR of my client who is contractor.He got payment for doing govt contract.Details is as beolw.
Income from govt contract :RS 2,96,610/-
Income from other contract: Rs 1,45240/
Total income:Rs.441850
Direct exp: Rs 3,11,130/-
Gross profit :Rs 130720/-
Indirect Exp: Rs 24078
Net profit Rs :Rs 1,06,642/-
We didn't maintain books of a/c
My query is Should i mention his income as Profession without books or
Presumptive profit u/s 44AD.
Plz guide me

Dear Sir,

I have a query regarding Double taxation. I went to USA on L1 (Work permit visa).
I was in USA for 90 days so i am qualified as Resident indian as per Indian tax laws.

My company pays salary in india in 2 components, Basic and other pay.
While i was in US, Basic was paid in india and other pay was conveted in Dollars and paid in USA.
As per US tax rules, global pay is taxable so i had paid tax on the other pay component and Basic component which was paid in india.
For this (Basic was taxed in both countries) i am eligible to claim refund from US tax authorities as it is taxed in india as well as in US.

Now in India also i have to pay tax for Global income. Basic is paid in india which was taxed but the Other pay which was converted in dollers and paid in USA (also taxed in USA) is also taxed because it is part of global income.

Can i claim refund from Indian tax authorities for this double tax similar to US tax refund ?

Thanks

MR. X Is Share Holder In XYZ Pvt. Ltd. & there Holding Is 30% & he is Also Partner in a Partnership Firm upto 50% Company gives Advance of Rs 150000 to Such Partnership Firm For The Purchase of Raw Material.
A.O. Make An Assessment & taxed it U/S 2 (22) (e) Deemed Dividend

Please Suggest me Relevant Case law against such assessment

"A" purchased a plot of Rs.5,00,000/- in 1995.
And constructed commercial building of 4 floor on that plot , construction exp was Rs.15,00,000/-. construction was made during FY 2011-12 ad 2012-13

Now if he gift 3rd and 4th floor to his son "B" where in gift deed he showed market value of 3rd floor Rs.17,11,000/- and 4th floor Rs.18,11,000/-.

Is he liable for tax ????????

security service and allied services,
later i was made payment to security , in this bill how can i pass the entry in tally
pls help me out

Dear All,

We have received a service in the year 2009 at that time it was not taxable but service provider has not generated invoice at that time, presently service tax is applicable on that service and service provider is asking that i will charge service tax in the invoice.
Kindly let me know that service tax will be applicable on that service or not.

Regards
Vinay

My Income in the Year 1 to 5 ( In case of 6th year NSC) is below the maximum exemption limit and I do not file the return of Income in that year. But what if in 6th year I have to tax entire interest in 6th year or only that belonging to 6th Year only ?? Kindly help
Reply

Dear Experts,

We made an Partnership Deed on 21-12-2011 and received a PAN from the Income Tax Department but there remain few typing error in the Deed the date was written 15-12-2011 and few mistakes in the mode of operation of Bank Account .
Now we want to correct it , what is the way to get it corrected .Please Advice it is urgent.

Dear Sir,

Kindly confirm TDS u/s 194C needs to be deducted when payment exceeds Rs.75,000/- during the financial year 2012-13.
Regards