Deductor liable for penalty @ Rs. 100/- per day if TDS certificates are not downloaded
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No tax audit required even if receipts by truck owner exceeds Rs. 1 Cr
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Income from funds transferred to Wife attracts clubbing provision
TAX TALK-13.07.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Income from funds transferred to Wife attracts clubbing provision Query 1] I am a salaried person and pay Income Tax. I transfer my salary from salary account to a joint saving account where I am the 1 st holder and my wife is 2 nd holder. My wife transfers this account's deposit into term deposits where she is 1 st holder and I am 2 nd holder. She is having PAN and submits 15G in bank. Total interest is below Rs. 2.50 Lacs. Please tell me whose is the tax liability on the interest received from term deposit? [S.Nandi , Jabalpur- snandi1957@gmail.com ] Opinion: "The husband who wants a happy marriage should learn to keep his mouth shut and his checkbook open." - Groucho Marx Its not your case alone. It a global phenomenon as has been rightly recognized by Joey Adams also when he says "Marriage is give and take. You'd better give it to her or she...
Classification of income is important from tax planning perspective
TAX TALK-06.07.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Classification of income is important from tax planning perspective Query 1 ] 1. Do we need to enter interest income, dividend income and long term capital gains (STT paid) anywhere else also which are already entered in schedule E-1 in column 1, 2 & 3? If yes, where? 2. Can a salaried person having income as LIC / Mutual fund agent, file return in ITR-2, showing these commissions as income from other sources? [ Shankerlal fatnani- srf.fatnani@yahoo.co.in ] Opinion: 1. The exempt income is required to be disclosed only in “Schedule EI” of the ITR forms. Additionally, agriculture income is required to be reported in Part B to “Schedule TI” . Further, if the return is to be submitted manually, the consolidated exempt amount is required to be filled up in the acknowledgment in ITR-V...