I run a small business in India and there are many expenses that are paid in cash but we do not get a receipt for it. When i report my income tax returns, can i include these expenses.
these miscellaneous expenses are max 15000 per month.
The new income tax Circular No– 05/2011 requires one to produce the PAN card of the landlord if the rent paid for the year exceeds Rs.180000. If the landlord doesn’t have a PAN card one should get a written declaration from him that his income is below the taxable income.
Will they be conducting checks? It seems they have implemented this rule due to the increase in the number of people producing false rental receipts. Naturally, I’m one of them and so I’m afraid.
SBI is offering me 74% loan on the value of the property that I want to buy. This is based on my salary statements and an existing loan laibility. We have fixed deposits with SBI as well. Will the declaration of the fixed deposit receipts help me secure more loan?
Whether benefit of deduction u/s 80GG available for an assessee who gets a family pension ?
The assessee is a widow and does not have a residential property of her own or in the name of her immediate family. She lives in a rented property and has rental receipts for the same.
There is some confusion that u/s 80 GG is only available for assessees who are salaried or self-employed. Is this true ?
Is it possible to claim deduction u/s 80GG from the family pension income credited to her bank a/c during 07-08 FY particularly when family pension is taxable under the ‘income from other sources’ and not ‘head salary’?
I work near C P Tank, Mumbai – 400004. Where can I get a nearest LIC premium points near this area so that I can pay my premium & get the receipts immediaetly?