i have received payment as labour charges , the Tax is decuted by the employer , i like to know which income tax return i have to file to claim the tax refund, i am senior citizen..
i have just turned sixty and have received gratuity amount from my employer of thirty years.the employer is a public sector in india.
how much tax to pay .
I am yet to receive tax refunds from my previous years of IT Filings, and I’ve run out of patience waiting for it, so can I offset my current year’s Tax payments with the previous years refunds? Is that allowed in India, anybody having any idea about the same please let me know what’s the process.
1)sales turnover is 39,00,000/- & i have received professional fees of rs.3,00,000/- should i cover under the income tax audit.
2)if professional fees received from the business sources which is resemble to my business then it cover under turnover.
3) If profession fees received totally different nature of the business sources other than my regular business.
Benificiaries receive money as well as immovable properties. Do they have to pay any income tax, gift tax or any other taxes?
However, there was no written agreement for the same. Subsequent to this, due to some reason, the other party withdrew their intent to purchase the property and wanted their money back. Now, they have sent some letters which state false information by registered post which has to be acknowledged. Does receipt of these letters and not replying to them amount to agreement with whatever is stated in these letters? Do they have any valid grounds for legal action?
My aunt (living in India) wants to sell her land and give the received money to her sons. Is there any tax applicable in this case?If yes, then for whom, mother or sons?
1.)what are the income Tax Implication on the sum received or Capital gain/loss after surrendering ULIP after completion of 3 years lock in period?
2.) How to calculate this capital gain or loss with due example
I have retired from active service as Professor of Surgery after 34 years of service and the terminal benefit received is 30 lakhs. I am reappointed back with same salary last drawn which is about 1.25 lakhs per month. Both my children are married and are on their own.I do not have any outstanding loans to pay back.I am on my own staying in my own home. Please let me know the ways in which I should invest the terminal benefit amount of Rs 30 lakhs. I am not well versed in share market. I am sure this is common problem for all professionals at the time of retirement.I am sure I will be able to get a better information about investing the amount,as you are aware that Surgeons are very poor in investing for their future.
An Indian resident having the following income in India & USA
Income from USA for software fees-Rs 180000 ( Indian Resident)
Tds in USA 54000
His salary income in India 320000
PPF + PF + LIC Contribution 92000
Calculate his total tax liability in India in assessment Year 2012-13