Can I claim Double Taxation in India?
Q. For year 2008-09 I have paid tax in India as well as in US. If I have already claimed for the amount of tax that I paid inIndia while filing tax in US , I am eligible to claim this double taxation in India tax filing ?
Asked by suvarna - Thu Jun 11 06:32:43 2009 - - 2 Answers - 0 Comments
A. You will claim credit in only one country. It depends upon if it is India income or the U.S. income. Read about double taxation relief under section 90:
Answered by Jss - Fri Jun 12 03:25:07 2009
Q. For year 2008-09 I have paid tax in India as well as in US. If I have already claimed for the amount of tax that I paid inIndia while filing tax in US , I am eligible to claim this double taxation in India tax filing ?
Asked by suvarna - Thu Jun 11 06:32:43 2009 - - 2 Answers - 0 Comments
A. You will claim credit in only one country. It depends upon if it is India income or the U.S. income. Read about double taxation relief under section 90:
Answered by Jss - Fri Jun 12 03:25:07 2009
What is the rate of income tax in srilanka for expats? and is there a double taxation treaty with india?
Q. i have been quoted a salary in srilankan rupees but i need to know if i am am taxed and at what rate being an indian expat?
Asked by Pravin T - Fri Jun 8 11:23:02 2007 - - 1 Answers - 0 Comments
A. Try these links, I think they will answer your questions! hope this helps :)
Answered by researchking7 - Sun Jun 10 21:12:53 2007
Q. i have been quoted a salary in srilankan rupees but i need to know if i am am taxed and at what rate being an indian expat?
Asked by Pravin T - Fri Jun 8 11:23:02 2007 - - 1 Answers - 0 Comments
A. Try these links, I think they will answer your questions! hope this helps :)
Answered by researchking7 - Sun Jun 10 21:12:53 2007
What are the technicalities in terms of taxation and tools used for transferring money from India to UAE?
Q. I want to transfer money from India to UAE, please can someone provide me the details of the intricacies involved in a step by step manner!
Asked by NeilD - Wed Apr 25 03:12:58 2007 - - 1 Answers - 0 Comments
A. This is really a question for an international accountant. I would try there first.
Answered by Fermat - Sat Apr 28 02:03:57 2007
Q. I want to transfer money from India to UAE, please can someone provide me the details of the intricacies involved in a step by step manner!
Asked by NeilD - Wed Apr 25 03:12:58 2007 - - 1 Answers - 0 Comments
A. This is really a question for an international accountant. I would try there first.
Answered by Fermat - Sat Apr 28 02:03:57 2007
How can we make taxation system simple in India?
Q. How can we make taxation system simple in India?
Asked by nischal - Thu Sep 10 07:55:14 2009 - - 2 Answers - 0 Comments
A. The FM is trying to achieve the same thing by replacing old Income Tax Act, 1961 by new Direct Tax Code. I don't think we can do anything. HMT
Answered by HMT - Thu Sep 10 09:58:08 2009
Q. How can we make taxation system simple in India?
Asked by nischal - Thu Sep 10 07:55:14 2009 - - 2 Answers - 0 Comments
A. The FM is trying to achieve the same thing by replacing old Income Tax Act, 1961 by new Direct Tax Code. I don't think we can do anything. HMT
Answered by HMT - Thu Sep 10 09:58:08 2009
Taxation for earnings through futures and options in India?
Q. I am a salaried employee with an income of Rs 240,321. Under section 80C I am having savings causing 1 lac tax exemption. So my income becomes 140,320. Until 15000 there is no tax and I did not pay any tax. In between I earned 3000 through FandO in shares. Now how much tax I should pay?
Asked by Bunty - Wed Jan 21 04:32:29 2009 - - 2 Answers - 0 Comments
A. 240321 Salary 3000 Futures & Options --- 540321 Gross Total Income 1000 Less 80C --- 440321 Net income 15000 Less tax free (for a male <65 years) --- 290321 Taxable income 15000 Tax @10% (Tax Rs.15,000) (Between 1.5 to 3 lakhs) --- 140321 Tax @20% (Tax Rs.28,064) (Between 3 to 5 lakhs) === Tax will be 15,000+ 28064= Rs.43,064+3% edu.cess 1292= Rs.44,356. Net tax payable Rs.44,356/-
Answered by N J Reddy - Wed Jan 21 11:14:13 2009
Q. I am a salaried employee with an income of Rs 240,321. Under section 80C I am having savings causing 1 lac tax exemption. So my income becomes 140,320. Until 15000 there is no tax and I did not pay any tax. In between I earned 3000 through FandO in shares. Now how much tax I should pay?
Asked by Bunty - Wed Jan 21 04:32:29 2009 - - 2 Answers - 0 Comments
A. 240321 Salary 3000 Futures & Options --- 540321 Gross Total Income 1000 Less 80C --- 440321 Net income 15000 Less tax free (for a male <65 years) --- 290321 Taxable income 15000 Tax @10% (Tax Rs.15,000) (Between 1.5 to 3 lakhs) --- 140321 Tax @20% (Tax Rs.28,064) (Between 3 to 5 lakhs) === Tax will be 15,000+ 28064= Rs.43,064+3% edu.cess 1292= Rs.44,356. Net tax payable Rs.44,356/-
Answered by N J Reddy - Wed Jan 21 11:14:13 2009
Taxation in India on earnings outside India?
Q. I am a retired engineering consultant who is going to take up a job for one year in a gulf state in the month of October 2006.I understand hat there is no personal income tax levied in that state. As per Indian tax laws I will not qualify as a non-resident for the financial year 2006-07, I will however be a non-resident for the financial year 2007-08.My salary abroad will have components of house rent allowance and transport allowance. I would repatriate the entire savings which may arise from my employment abroad on my return to India. I would like to know how my tax liability would be determined for the financial year 2006-07 as well as 2007-08?. Does the timing of the repatriation have any bearing on the tax liability?
Asked by ANIL S - Tue Sep 12 03:35:52 2006 - - 1 Answers - 0 Comments
A. Hello Anil, Well, I am confused why you are asking about the taxation of your earnings and then bring your savings into the picture. Your tax liability for 2006-07 should be the same as it is now - NET of your moving expenses and any relocation. I know that doesn't make sense because you will incur the expenses before you make the earnings. An easy way to see around this - explain this to your future employer, ask them to pay the expenses now (So they can deduct the expense in this year and then charge you for them in the next calendar year. This will have the same affect as you declaring them on that years tax report without having to pay them upfront. Which ever way that works for you, I would still consult a tax adviser who… [cont.]
Answered by jpr_sd - Tue Sep 12 03:49:45 2006
Q. I am a retired engineering consultant who is going to take up a job for one year in a gulf state in the month of October 2006.I understand hat there is no personal income tax levied in that state. As per Indian tax laws I will not qualify as a non-resident for the financial year 2006-07, I will however be a non-resident for the financial year 2007-08.My salary abroad will have components of house rent allowance and transport allowance. I would repatriate the entire savings which may arise from my employment abroad on my return to India. I would like to know how my tax liability would be determined for the financial year 2006-07 as well as 2007-08?. Does the timing of the repatriation have any bearing on the tax liability?
Asked by ANIL S - Tue Sep 12 03:35:52 2006 - - 1 Answers - 0 Comments
A. Hello Anil, Well, I am confused why you are asking about the taxation of your earnings and then bring your savings into the picture. Your tax liability for 2006-07 should be the same as it is now - NET of your moving expenses and any relocation. I know that doesn't make sense because you will incur the expenses before you make the earnings. An easy way to see around this - explain this to your future employer, ask them to pay the expenses now (So they can deduct the expense in this year and then charge you for them in the next calendar year. This will have the same affect as you declaring them on that years tax report without having to pay them upfront. Which ever way that works for you, I would still consult a tax adviser who… [cont.]
Answered by jpr_sd - Tue Sep 12 03:49:45 2006
Corporate taxation policies - Japan, India, China, Brazil?
Q. I'm trying to tabulate corporate tax rates for counties such as India and China. If you have the numbers or have an idea where to obtain the numbers, that would be a tremendous help.
Asked by tolstoi1 - Sun Aug 24 09:03:52 2008 - - 1 Answers - 0 Comments
A. Brazilian taxation police is very complicated, unfortunatelly. It s impossible to explain it on Y!answers. You can find the taxation charge at this site: but it s in portuguese. You can use Babel fish to translate it to English. I ll show you a resume: em 1947 = 13,8% do PIB; em 1965 = 19% do PIB; em 1970 = 26% do PIB; em 1986 = 26,2% do PIB; em 1988 = 26,4% do PIB; em 1990 = 30,5% do PIB; em 1991 = 25,21% do PIB; em 1992 = 25,85% do PIB; em 1993 = 25,72% do PIB; em 1994 = 29,46% do PIB; em 1995 = 37,3% do PIB; em 1996 = 28,97% do PIB; em 1997 = 29,03% do PIB; em 1998 = 29,74% do PIB; em 1999 = 32,15% do PIB; em 2000 = 33,18% do PIB; em 2001 = 34,7% do PIB; em 2002 = 36,45% do PIB; em 2003 = 34,92% do PIB; em 2004 =… [cont.]
Answered by zezinho - Mon Aug 25 16:39:38 2008
Q. I'm trying to tabulate corporate tax rates for counties such as India and China. If you have the numbers or have an idea where to obtain the numbers, that would be a tremendous help.
Asked by tolstoi1 - Sun Aug 24 09:03:52 2008 - - 1 Answers - 0 Comments
A. Brazilian taxation police is very complicated, unfortunatelly. It s impossible to explain it on Y!answers. You can find the taxation charge at this site: but it s in portuguese. You can use Babel fish to translate it to English. I ll show you a resume: em 1947 = 13,8% do PIB; em 1965 = 19% do PIB; em 1970 = 26% do PIB; em 1986 = 26,2% do PIB; em 1988 = 26,4% do PIB; em 1990 = 30,5% do PIB; em 1991 = 25,21% do PIB; em 1992 = 25,85% do PIB; em 1993 = 25,72% do PIB; em 1994 = 29,46% do PIB; em 1995 = 37,3% do PIB; em 1996 = 28,97% do PIB; em 1997 = 29,03% do PIB; em 1998 = 29,74% do PIB; em 1999 = 32,15% do PIB; em 2000 = 33,18% do PIB; em 2001 = 34,7% do PIB; em 2002 = 36,45% do PIB; em 2003 = 34,92% do PIB; em 2004 =… [cont.]
Answered by zezinho - Mon Aug 25 16:39:38 2008
what double taxation law says? (India & UK)?
Q. Hi, I earned X money in UK for april month on work permit.Now X money includes house allowance(HRA) & subsistence,on the rest of taxable money I gave tax to UK govt. , when I came back to my parent company(In India) here they are taking whole X money as taxable , moreover I can not claim for HRA for April month,what double taxation law says? or what can be done?
Asked by Sandy W - Thu Nov 22 06:52:03 2007 - - 2 Answers - 0 Comments
A. All depends on your status as to whether U R resident or non-resident during the period under the Income Tax laws of India. The tax on income is governed by DTAA between India and UK.Since U have already paid tax in UK; credit of said tax paid should be admissible.Further, if allowances are spent outside India and are not brought back; these should not be taxable in India. Click on the link below for Indo-UK DTAA
Answered by taxpert - Sun Nov 25 10:30:00 2007
Q. Hi, I earned X money in UK for april month on work permit.Now X money includes house allowance(HRA) & subsistence,on the rest of taxable money I gave tax to UK govt. , when I came back to my parent company(In India) here they are taking whole X money as taxable , moreover I can not claim for HRA for April month,what double taxation law says? or what can be done?
Asked by Sandy W - Thu Nov 22 06:52:03 2007 - - 2 Answers - 0 Comments
A. All depends on your status as to whether U R resident or non-resident during the period under the Income Tax laws of India. The tax on income is governed by DTAA between India and UK.Since U have already paid tax in UK; credit of said tax paid should be admissible.Further, if allowances are spent outside India and are not brought back; these should not be taxable in India. Click on the link below for Indo-UK DTAA
Answered by taxpert - Sun Nov 25 10:30:00 2007
Is the money earned from share market in India taxable, if yes what is the taxation rule?
Q. Is the money earned from share market in India taxable, if yes what is the taxation rule?
Asked by Biswanath D - Mon May 26 08:42:45 2008 - - 5 Answers - 0 Comments
A. Income from share market is taxable in india it is taxable in two categories1) short term capital gain when you purchase the shares and sell the same within a period of 12 monthsthe the tax rate is 10 % 2)When you sell the share after holding more than 12 months then you will have to pay long term capital gain tax which is taxable @ 20 % this tax was also exempt if you put your money as per the provision given in the the various Sections of.54
Answered by NILESH K-SAGAR - Wed May 28 01:56:10 2008
Q. Is the money earned from share market in India taxable, if yes what is the taxation rule?
Asked by Biswanath D - Mon May 26 08:42:45 2008 - - 5 Answers - 0 Comments
A. Income from share market is taxable in india it is taxable in two categories1) short term capital gain when you purchase the shares and sell the same within a period of 12 monthsthe the tax rate is 10 % 2)When you sell the share after holding more than 12 months then you will have to pay long term capital gain tax which is taxable @ 20 % this tax was also exempt if you put your money as per the provision given in the the various Sections of.54
Answered by NILESH K-SAGAR - Wed May 28 01:56:10 2008
Employee Taxation in India?
Q. I have an employee who works from home in India. As a US citizen, how do I ensure that the employee in India is paying his or her taxes to the Indian government? Am I responsible if he or she does not do so? Also, am I obliged to report anything to the Indian government? Thanks for assisting.
Asked by Tony - Mon Aug 10 01:32:20 2009 - - 4 Answers - 0 Comments
A. Read Income Tax Section 192 HMT
Answered by HMT - Mon Aug 10 01:55:25 2009
Q. I have an employee who works from home in India. As a US citizen, how do I ensure that the employee in India is paying his or her taxes to the Indian government? Am I responsible if he or she does not do so? Also, am I obliged to report anything to the Indian government? Thanks for assisting.
Asked by Tony - Mon Aug 10 01:32:20 2009 - - 4 Answers - 0 Comments
A. Read Income Tax Section 192 HMT
Answered by HMT - Mon Aug 10 01:55:25 2009
NRI Taxation in India?
Q. I am NRI earning in USD and receiving money out of India. Subnsequently this is transfered to India in my NRE account by me. Please guide me how to file tax return in India. I visit India once a year for my vacation.
Asked by rajesh_gshl - Sun Jul 9 04:11:29 2006 - - 1 Answers - 0 Comments
A. i am an NRI just like you. You dont need to worry about taxes since it is an NRE a/c. But we dont know if NRI account will be taxable in near future. So better invest in FCNR a/c next time.
Answered by coolbuds - Sun Jul 9 05:21:29 2006
Q. I am NRI earning in USD and receiving money out of India. Subnsequently this is transfered to India in my NRE account by me. Please guide me how to file tax return in India. I visit India once a year for my vacation.
Asked by rajesh_gshl - Sun Jul 9 04:11:29 2006 - - 1 Answers - 0 Comments
A. i am an NRI just like you. You dont need to worry about taxes since it is an NRE a/c. But we dont know if NRI account will be taxable in near future. So better invest in FCNR a/c next time.
Answered by coolbuds - Sun Jul 9 05:21:29 2006
Does the US and India have a double taxation avoidance agreement that covers capital gains on Indian stocks?
Q. I am an Indian citizen and a US Permanent Resident. I am already aware that capital gains on Indian stocks that have been held for over a year are not taxed by the Goverment of India. If the double taxation avoidance agreement exists, a link to an online copy of the agreement would be helpful. Clarification: I need info on capital gains on Indian stocks that were sold less than a year after their purchase. These gains are taxed by the Indian government. Will they also be taxed in the US?
Asked by Praveen Pradeep - Sat Jan 12 02:42:40 2008 - - 1 Answers - 0 Comments
A. What double taxation? You just said India isn't taxing it, so the US's capital gains is SINGLE taxation. The tax treaty is available at IRS.GOV, but here's the pertinent article: article 13 Gains Except as provided in Article 8 (Shipping and Air Transport) of this Convention, each Contracting State may tax capital gain in accordance with the provisions of its domestic law. The US taxes you on worldwide income. That's it's domestic law. Since India doesn't tax you, there isn't an issue of double taxation so form 1116 does not apply.
Answered by the tax lady - Sat Jan 12 03:00:26 2008
Q. I am an Indian citizen and a US Permanent Resident. I am already aware that capital gains on Indian stocks that have been held for over a year are not taxed by the Goverment of India. If the double taxation avoidance agreement exists, a link to an online copy of the agreement would be helpful. Clarification: I need info on capital gains on Indian stocks that were sold less than a year after their purchase. These gains are taxed by the Indian government. Will they also be taxed in the US?
Asked by Praveen Pradeep - Sat Jan 12 02:42:40 2008 - - 1 Answers - 0 Comments
A. What double taxation? You just said India isn't taxing it, so the US's capital gains is SINGLE taxation. The tax treaty is available at IRS.GOV, but here's the pertinent article: article 13 Gains Except as provided in Article 8 (Shipping and Air Transport) of this Convention, each Contracting State may tax capital gain in accordance with the provisions of its domestic law. The US taxes you on worldwide income. That's it's domestic law. Since India doesn't tax you, there isn't an issue of double taxation so form 1116 does not apply.
Answered by the tax lady - Sat Jan 12 03:00:26 2008
What suggestions do u offer to improve the present state of taxation in india?
Q. What suggestions do u offer to improve the present state of taxation in india?
Asked by nishant .v - Mon Jan 29 10:05:17 2007 - - 1 Answers - 0 Comments
A. computerisisation , transparency and overall honest peoples in deptt
Answered by Shyon - Mon Jan 29 10:21:48 2007
Q. What suggestions do u offer to improve the present state of taxation in india?
Asked by nishant .v - Mon Jan 29 10:05:17 2007 - - 1 Answers - 0 Comments
A. computerisisation , transparency and overall honest peoples in deptt
Answered by Shyon - Mon Jan 29 10:21:48 2007
is there any specilization course in taxation offered by institutes / universities in india / hyderabad?
Q. is there any specilization course in taxation offered by institutes / universities in india / hyderabad?
Asked by rshri - Wed Jun 11 10:09:25 2008 - - 1 Answers - 0 Comments
A. There is no particular subject called Taxation , it's just a part of several Degrees. For instance CA , if you intend to finish CA , taxation is one of the subjects .
Answered by Varun - Wed Jun 11 10:20:48 2008
Q. is there any specilization course in taxation offered by institutes / universities in india / hyderabad?
Asked by rshri - Wed Jun 11 10:09:25 2008 - - 1 Answers - 0 Comments
A. There is no particular subject called Taxation , it's just a part of several Degrees. For instance CA , if you intend to finish CA , taxation is one of the subjects .
Answered by Varun - Wed Jun 11 10:20:48 2008
I am working in Libya from27sep08&my salary is taxed here.If I go back to India in july09 do I pay tax on this?
Q. Is there a double taxation treaty between India and Libya to avoid being taxed again once I am in India.As I am coming back to India in July09,I wont be NRI for this financial year09-10. Will I be taxed for this income earned in Libya?
Asked by anand m - Wed Apr 15 07:05:50 2009 - - 1 Answers - 0 Comments
A. Any income which is received, accrues or arises or is deemed to be received, accrues or arises in India in the previous year is taxable. Income accruing or arising outside India shall not be deemed to be received in India only by reason of fact that it is taken into account in a balance sheet prepared in India. If an amount is received outside India and then subsequently remitted to India would not make it an income received in India. Income is includible in the caes of resident but not ordinarily resident in India only when it is derived from a business controlled in or profession set up in India.
Answered by raj - Wed Apr 15 10:48:47 2009
Q. Is there a double taxation treaty between India and Libya to avoid being taxed again once I am in India.As I am coming back to India in July09,I wont be NRI for this financial year09-10. Will I be taxed for this income earned in Libya?
Asked by anand m - Wed Apr 15 07:05:50 2009 - - 1 Answers - 0 Comments
A. Any income which is received, accrues or arises or is deemed to be received, accrues or arises in India in the previous year is taxable. Income accruing or arising outside India shall not be deemed to be received in India only by reason of fact that it is taken into account in a balance sheet prepared in India. If an amount is received outside India and then subsequently remitted to India would not make it an income received in India. Income is includible in the caes of resident but not ordinarily resident in India only when it is derived from a business controlled in or profession set up in India.
Answered by raj - Wed Apr 15 10:48:47 2009
US TAXATION on worldwide income - Reinvestment of capital gains from sale of land in buying a house(India)?
Q. I am from country India and moved to USA on a 14 month tempoarary assignment. I have arrived in May and earning a US Salary for the duties I perform. I would be filing my tax return in USA as a resident alien. I have sold land in India while I am in USA say for 20K and reinvested the proceeds of 18K in purchasing a house in India within 6 months after the sale of land. Assuming that both transactions happened in the same tax year of USA how are capital gains taxed in USA when I report my world wide income.? Will it be the diffrence of 20-18=2K for which I would be taxed or will indian taxation rateS would apply as the source income is based out of India or will I be taxed for the entire 20K?
Asked by venkat4545 - Wed May 14 22:53:03 2008 - - 2 Answers - 0 Comments
A. The IRS doesn't care if you reinvested the money. Your tax is based on the gain, which is not $20,000, but $20,000 minus what your cost basis (what you originally paid for it). If you also pay income tax on the sale to India, you can take a deduction or credit for the foreign taxes paid.
Answered by the tax lady - Thu May 15 02:45:38 2008
Q. I am from country India and moved to USA on a 14 month tempoarary assignment. I have arrived in May and earning a US Salary for the duties I perform. I would be filing my tax return in USA as a resident alien. I have sold land in India while I am in USA say for 20K and reinvested the proceeds of 18K in purchasing a house in India within 6 months after the sale of land. Assuming that both transactions happened in the same tax year of USA how are capital gains taxed in USA when I report my world wide income.? Will it be the diffrence of 20-18=2K for which I would be taxed or will indian taxation rateS would apply as the source income is based out of India or will I be taxed for the entire 20K?
Asked by venkat4545 - Wed May 14 22:53:03 2008 - - 2 Answers - 0 Comments
A. The IRS doesn't care if you reinvested the money. Your tax is based on the gain, which is not $20,000, but $20,000 minus what your cost basis (what you originally paid for it). If you also pay income tax on the sale to India, you can take a deduction or credit for the foreign taxes paid.
Answered by the tax lady - Thu May 15 02:45:38 2008
Need help - How can a tax resident in India claim for double taxation relief?
Q. My company is based in Singapore. We have recently made a royalty payment (for the use of copyright) to an author who is a tax resident in India. As this royalty income is deemed to be sourced in Singapore, we need to withhold tax on behalf of our local tax authority. Singapore has a tax treaty with India that will allow this Indian author to claim for tax credit/ tax deduction in India. However, we are unsure about the procedures. What documents will this Indian author need to submit to the Indian tax authorities to claim for the tax credit? Will he require a receipt/statement from the Singapore tax authority to prove that he has already been taxed once in Singapore? I hope someone who has experience in the procedures can give me… [cont.]
Asked by snoopdyd - Sat Feb 10 06:00:00 2007 - - 2 Answers - 0 Comments
A. When someone from the US claims treaty relief, this is done by attaching a statement to the return describing the treaty article, the type of tax relief, and the amount of the relief, as well as an explanation why the taxpayer is eligible for the relief. Showing proof of the Singapore withholding should be sufficient evidence to show that he is being taxed in Singapore.
Answered by jseah114 - Sat Feb 10 08:37:35 2007
Q. My company is based in Singapore. We have recently made a royalty payment (for the use of copyright) to an author who is a tax resident in India. As this royalty income is deemed to be sourced in Singapore, we need to withhold tax on behalf of our local tax authority. Singapore has a tax treaty with India that will allow this Indian author to claim for tax credit/ tax deduction in India. However, we are unsure about the procedures. What documents will this Indian author need to submit to the Indian tax authorities to claim for the tax credit? Will he require a receipt/statement from the Singapore tax authority to prove that he has already been taxed once in Singapore? I hope someone who has experience in the procedures can give me… [cont.]
Asked by snoopdyd - Sat Feb 10 06:00:00 2007 - - 2 Answers - 0 Comments
A. When someone from the US claims treaty relief, this is done by attaching a statement to the return describing the treaty article, the type of tax relief, and the amount of the relief, as well as an explanation why the taxpayer is eligible for the relief. Showing proof of the Singapore withholding should be sufficient evidence to show that he is being taxed in Singapore.
Answered by jseah114 - Sat Feb 10 08:37:35 2007
rate of taxation on F&O trading in India?
Q. I am a salaried individual and for FY 2009-2010 my taxable income is Rs. 16000. I also have profit of Rs. 8000 from trading in F&O segment. If income from F&O is to be shown as business income what will be rate of tax on this income and which IT return form should I use. Regards
Asked by Devender S - Mon Jun 22 04:53:34 2009 - - 1 Answers - 0 Comments
A. Income from futures, options and derivatives is called income from business and profession. You will have to file returns in form ITR-4. Section 43(5) provides that such transactions will not be treated as speculative, if the transaction is routed through a recognised stock exchange, is done through a registered broker or sub-broker, where the transaction has a contract note, which specifies the unique code number of such broker or sub-broker, as also your permanent account number and further where the transaction is done on a screen-based trading. In short it is treated as your ordinary income and taxed at current income tax rate. Any loss from F&O is deductible from your income from wages, interest, business or profession.
Answered by Jss - Mon Jun 22 06:54:20 2009
Q. I am a salaried individual and for FY 2009-2010 my taxable income is Rs. 16000. I also have profit of Rs. 8000 from trading in F&O segment. If income from F&O is to be shown as business income what will be rate of tax on this income and which IT return form should I use. Regards
Asked by Devender S - Mon Jun 22 04:53:34 2009 - - 1 Answers - 0 Comments
A. Income from futures, options and derivatives is called income from business and profession. You will have to file returns in form ITR-4. Section 43(5) provides that such transactions will not be treated as speculative, if the transaction is routed through a recognised stock exchange, is done through a registered broker or sub-broker, where the transaction has a contract note, which specifies the unique code number of such broker or sub-broker, as also your permanent account number and further where the transaction is done on a screen-based trading. In short it is treated as your ordinary income and taxed at current income tax rate. Any loss from F&O is deductible from your income from wages, interest, business or profession.
Answered by Jss - Mon Jun 22 06:54:20 2009
what is the location and address of international taxation (NRI) cell of income tax in delhi (india)?
Q. what is the location and address of international taxation (NRI) cell of income tax in delhi (india)?
Asked by Ankur M - Fri Sep 15 01:13:59 2006 - - 2 Answers - 0 Comments
A. The adress is: Drum Shape Building I.P. Estate, New Delhi -110002 (It is behind the ITO building)
Answered by sonali_n - Fri Sep 15 02:47:15 2006
Q. what is the location and address of international taxation (NRI) cell of income tax in delhi (india)?
Asked by Ankur M - Fri Sep 15 01:13:59 2006 - - 2 Answers - 0 Comments
A. The adress is: Drum Shape Building I.P. Estate, New Delhi -110002 (It is behind the ITO building)
Answered by sonali_n - Fri Sep 15 02:47:15 2006
Who is the highest tax payer in India? Does everytime goverment of India keep on amending the taxation rules?
Q. Who is the highest tax payer in India? Does everytime goverment of India keep on amending the taxation rules?
Asked by Nikhil F - Wed Oct 18 10:54:16 2006 - - 2 Answers - 0 Comments
A. amendment in taxation is the need of the hour. Every new budget due to the change in economic scenario tax reforms are a must. As for your highest tax payer question : Amitabh Bachhan , SRK are the highest tax payers along with Mr S. Martin a Lottery ticket seller from Chennai
Answered by tomahawk3491 - Wed Oct 18 17:18:00 2006
Q. Who is the highest tax payer in India? Does everytime goverment of India keep on amending the taxation rules?
Asked by Nikhil F - Wed Oct 18 10:54:16 2006 - - 2 Answers - 0 Comments
A. amendment in taxation is the need of the hour. Every new budget due to the change in economic scenario tax reforms are a must. As for your highest tax payer question : Amitabh Bachhan , SRK are the highest tax payers along with Mr S. Martin a Lottery ticket seller from Chennai
Answered by tomahawk3491 - Wed Oct 18 17:18:00 2006
From Yahoo Answer Search: 'Taxation in India'
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The efforts culminated in 1872 and hence the year is dubbed as the year of the first population census in India . Synchronous censuses started from 1881 and ...
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7) Special Economic Zones . Taxation. of existing units 8) Concept of Residence in the case of a company incorporated outside . India. . 9) Double . Taxation. Avoidance Agreement (DTAA) vis-a-vis domestic law. 10) Wealth . Tax. . ...
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