Direct tax

This query is : Resolved

BISWAJIT KUMAR SHAW (Querist)
Follow

27 October 2010 Mr. Tamang born and brought up in the State of Sikkim had Net Profit of Rs. 2,25,000 from the business located in Sikkim and Interest of Rs. 55,000 on the Securities/Bonds issued by the Government of Rajasthan.
It's taxble or not Give me resoan .
Thanks

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
Follow

27 October 2010 Both the income are taxable.

taxindiaconnect

taxindiaconnect (Expert)
Follow

27 October 2010 The Income Tax Act extends to whole of India, Sikkim being part of India, any income arising there shall be taxable in India. The bonds of Rajasthan Govt., if not specifically exempt from tax as per IT Act, income from such bonds should be taxable in India.

BISWAJIT KUMAR SHAW

BISWAJIT KUMAR SHAW (Querist)
Follow

27 October 2010 Thanks for all

BISWAJIT KUMAR SHAW

BISWAJIT KUMAR SHAW (Querist)
Follow

27 October 2010 Any exmption U/s 10(26AAA)

CA Punit

CA Punit (Expert)
Follow

28 October 2010 yes.. 10(26AAA).. not to be forgotten

For an individual being a sikkimese..

INCOME FROM ANY SOURCE IN SIKKIM &
DIVIDEND/INTEREST ON SECURITIES
is FULLY EXEMPT U/S 10(26AAA)

Message likes : 1 times

BISWAJIT KUMAR SHAW

BISWAJIT KUMAR SHAW (Querist)
Follow

05 November 2010 Wt r the resoan .

BISWAJIT KUMAR SHAW

BISWAJIT KUMAR SHAW (Querist)
Follow

05 November 2010 That's type question in exame ,how to handle.

CA Punit

CA Punit (Expert)
Follow

05 November 2010 Show the claim in the same way as other incomes claimed exempt u/s 10

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now