Anonymous
19 May 2018 at 11:07
I am a Mining(Sand) Lessee and the West Bengal State Govt. is the Lessor.
Earlier I used to pay ROYALTY, CESS AND TCS(Tax Collected at Source). But from FY 2017-18 the B.L. & L.R.O has started taking an additional PAYMENT UNDER RULE-12. The amount paid by me is 30% of the amount of Royalty I have paid.
1. What is the Payment Under Rule-12 ?
2. Whether this payment is adjustable in Income Tax Computation like TCS (Tax Collected at Source) or not ?
Sudhanshu mondal
15 May 2018 at 18:37
Can a person know my all bank details ,FD and all investments in movable or immovable property by pan card number and Adhaar card number ?
Sudhanshu mondal
11 May 2018 at 23:25
I need a lawyer in tax matter....in district pratapgarh...uttar Pradesh.....plz contact me ASAP ...MY mob no. 8601600357
Sudhanshu mondal
11 May 2018 at 23:22
I need a lawyer in tax matter..in district pratapgarh...uttar Pradesh......my mob no. 8601600357
Ashok Kumar Sharma
03 May 2018 at 19:05
I have retired from PSU Bank job on 31.03.2018. Amount of PL Encashment has been paid/credited to my account on 03-04-2018. Is this amount taxable in the FY17-18 or FY18-19. However my Bank has deducted tax on this amount in FY17-18. Please clarify. Further my income-tax register include the amount of 240 privilege leaves encashment as "PL Retiree" in the salary of march 18 month whereas the amount has actually been paid in April 18 month. (Retirement date 31-03-2018). Priviledge leave upto 270 days can be accumulated by an employee during service period, out of which 240 is encashed on the date of superannuation/ retirement. I have retired on attaining superannuation age. Please clarify.
LAWYER ASSOCIATES
03 May 2018 at 11:26
A person received Rs. 350000 for relinquishment of right of possession before sale of property. He is only having possession of piece of land not title. that person having possession from over 30 years. ITO has allegedly made addition of Rs. 350000 to the income of the person. Now the case is under appeal. What are the grounds for relief in that case.
Read more at: https://www.caclubindia.com/experts/compensation-for-relinquishment-of-possession-of-land--2652144.asp
Ashok Kumar Sharma
02 May 2018 at 23:55
Dear Sir,
I have retired from PSU Bank job on 31.03.2018. Amount of PL Encashment has been paid/credited to my account on 03-04-2018. Is this amount taxable in the FY17-18 or FY18-19. However my Bank has deducted tax on this amount in FY17-18. Please clarify.
Thanks & Regards,
Ashok Kumar Sharma
Anonymous
02 May 2018 at 21:24
Want to transfer my money (taxed income) to my parents for Fixed deposit on their name, to get monthly income for them
I see some says 1 lacs, some say no limit could you please help on what law exactly says?
Questions:-
1) what is the maximum limit per year they can get as a gift from their kids? OR is it unlimited?
2) Do they need to declare this gifted amount received from their kids on their income tax returns at the time of filing income tax return?
if so what is the tax slab?
Anonymous
02 May 2018 at 13:38
Facts of the case An amount of Rs 120000/- was seized by income tax department from an assessee way back in 1987. After seizure of the said amount an assessment was made u/s 132(5) of the I.T. Act 1961 for a/y1988-89. In such assessment a demand was raised of tax and penalties of Rs 43450/- and Rs 86900/- respectively. As the liability determined on account of tax and Penalty imposable exceeds the amount seized, entire seized Cash of Rs.120000/- was retained by the assessing officer. Being aggrieved with the assessing officer's order the assessee had filed an application u/s 132(11) of the I.T. Act 1961 before the jurisdictional Commissioner of income tax. Ld.. jurisdictional commissioner in his verdict had quashed the assessing officer's order and directed to release the said amount on 19.08.1993. Since then assesse had sent several reminders to income tax department, but did not succeed in realizing the same. In February's2017 assessee had filed a grievance petition before the central Board of Direct taxes (income tax) for release of said amount together with update interest till date. Against said grievance petition an amount of Rs 120000/-was finally released on 18.05.2017, but interest due on the said amount was not paid. subsequently assessee had again filed a petition before the principal commissioner of income tax on 17.08.2017, claiming interest on the said amount u/s 244A of the I.T. Act 1961. On receipt of the said petition, Principal Commissioner's office had referred the matter to the concerned assessing officer. A.O. had opined that assessee should get interest for 30 years ( i.e. 1987 to 2017) u/s 132B (4) and not u/s 244A. But the concerned Principal Commissioner has not approved that on the ground that the section under which interest is proposed to be paid is not appropriate. Now the question is under which section assesse should get interest on the said amount of Rs 120000/- . In this instant case an assessment was made first u/s 132(5) of the I.T.Act 1961 for the a/y 1988-89 raising a demand of Rs 130350/-, and entire seized cash of Rs 120000/- was adjusted against the liability so determined on account of tax and penalty.for a/y 1988-89. Since the said assessment order was subsequently quashed by the then Ld Jurisdictional Commissioner of Income tax, therefore the amount appropriated by A.O in his said order towards income tax and penalty of Rs.120000/- out of seized cash should be treated as tax and penalty paid in excess for a/y 1988-89 in absence of any liability. Therefore is the assesse not entitled to get interest on said excess payment of tax and penalty of Rs 120000/- for the A/Y 1988-89 u/s 244a of I.T. Act 1961?
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House owner not giving rent receipt/pan
I was on rent 9000/- @ for last one year.He had taken 3 months rent in advance.I v intimated to him to leave before one month.So rest 18000/- is with him.Now he is telling not to return any money in the name of painting.But actually nothing happened to the wall.I told him U ask any mediator if he tells then i am ready to give.But he is reluctant becoz he knows the outcome.
Now what can i do against him.He is not giving any rent receipt nor his PAN.So can i intimate income tax dept reg him,not paying the tax.
and how can I claim my tax benefit.