India

indian income tax law queries???in one financial year, upto what amount i can get tax free gifts from non-relatives?i have heard , these days the maximum limit has been raised to rs.50000/-.But is this the aggregate limit for me of taking tax free gifts in one financial year or is this the limit of taking tax free gifts from one person in one financial year.or say it simply that upto what limit one person can get tax free gifts in one financial year?
and the second question--- i have net income of rs.2 lakhs from a business of mine which runs on my individual capacity AND i have another income of rs. one lakh from a HUF of which i am a member.this income is also net income i.e. the tax due on both of these incomes has already been paid.NOW SHOULD I SHOW MY INCOME FROM HUF also in my income statement to the I.T. DEPPT.i.e. should i right that my total income is rs.3 lakhs,rs.two lakhs from individual business and rs. one lakh from HUF.OR IS THERE NO NEED TO CLUB BOTH OF THESE INCOMES AT ALL??

2007-02-07 01:41:57 · 3 answers · asked by sufiesidhi 1

2007-02-06 18:47:26 · 1 answers · asked by raja 2

2007-02-06 17:41:57 · 5 answers · asked by BHAWAN S 1

If someone's gross salary exceeds ten lakhs will he be still eligible for Rs 1 lakh deduction under 80 C ? If the person is eligible for 1 lakh dedeuction from gross, suppose his income falls below Rs 10 lakh will he be charged 10% surcharge on income tax and 2% cess ? Please give your valuable opinion.

2007-02-06 01:01:48 · 8 answers · asked by JOSE 1

2007-02-05 22:37:48 · 4 answers · asked by murugesh b 1

2007-02-05 16:07:39 · 6 answers · asked by samudrala p 1

Suppose a person staying in India till 5th August 2006, leaves India on th 6th of August 2006 and is out of India untill 31st March 2007 (FIRST TIME ABROAD), will he be considered as Non- resident Indian for the income tax calculation purpose? The income that the individual has accured outside India, will it be taxable or non -taxable? The income in the form of Salary will be accured by the individual, is from the project fund that has been funded by international organisation for humanitarian purpose?

2007-02-05 14:43:33 · 3 answers · asked by Digvijay 1

2007-02-05 03:45:34 · 4 answers · asked by sanjib r 1

VAT TREATMENT IN WESTBENGAL

2007-02-04 23:48:00 · 10 answers · asked by Raja M 1

i m very disappointed to see the rate of service tax levied on us.. 12.2% now the whole service sector have become 12.2% costlier. thus ultimately rise in inflation. i do not understand y there is no objection or y no rule is there to have an upper ceiling.

2007-02-04 21:06:38 · 5 answers · asked by rakeshhirani1982 1

Is it possible to transfer money from HDFC bank account to ICICI bank account through internet banking in India?

2007-02-04 15:52:56 · 5 answers · asked by telecomgk 1

2007-02-04 04:23:07 · 7 answers · asked by ARNOLD 1

If you have to invest Rs 50,000 for TAX BENEFIT , what would you choose ? Why?
( you can also show a link where comparison betn the two is drawn up)

2007-02-04 04:07:18 · 12 answers · asked by James 2

2007-02-03 09:39:51 · 2 answers · asked by joejoe83 2

2007-02-03 01:34:49 · 7 answers · asked by ranjeet s 1

2007-02-02 18:54:58 · 2 answers · asked by PALAKURTHI N 1

Under the provision a person can claim deduction for 2 children upto 24000 per annum for School fee (tution fee only) paid.
Whether a bachlor, not having any child can claim the deduction under sec. 80C abovementioned if he pay fee for any 2 children not belonging to him/her.

2007-02-02 18:24:07 · 5 answers · asked by camanojmittal 1

2007-02-02 02:16:15 · 8 answers · asked by lady di 1

Banks say 60 and above for convasing deposits but Income tax authorities say 65 to claim exemtion limit of 1,85,000/- which is correct

2007-02-02 00:19:35 · 6 answers · asked by padminiramesh@yahoo.com 3

i am an indian in delhi. i want to know a lots of things in income tax.the ca's, who are practicing, do not guide there clients in the depth.they are there for practicing, not teaching their clients.recently i hired a tutor for this purpose and learnt a lot of things from him. but right now i need some other teacher for this purpose.can u help me please,i am ready to pay also. my cell #9871335336,9313093885 .the persons having good practical and theoretical knowledge of this field are welcome.

2007-02-01 23:34:55 · 1 answers · asked by sufiesidhi 1

i am using landline telephone service
and problem is this that when the go to make my bill according to my usage of phone they also include service charges
got this they provide us service
r they charging me to have their services is its so then why they not include it into their phone charges
if govt have service charges from them
then they should pay it why they charge us
its funny of their charging us and we foolishly let them to do this
can we do any thing to stop them

2007-02-01 21:09:00 · 3 answers · asked by Anonymous

how much should i invest to make tax payment less...
how tax is calculated...1)on the payment above 100000 at some rate...or different slots of payment.....

2007-02-01 20:37:12 · 6 answers · asked by john 1

2007-02-01 17:37:08 · 3 answers · asked by sabysaby123 1

I have some shares alloted to me by ESPP of a company listed in NASDAQ. Now If I sell these shares with in two months, at what rate will the gain be taxed?

WIll it be 10 % (as per taht of indian equity market)
Or According to income slab (for foreign equities)?

2007-02-01 17:33:38 · 5 answers · asked by Pradeep 1

see the indian income tax act for the age of seniority

2007-02-01 16:58:05 · 3 answers · asked by MANOJ M 1

v have ordered a GPS receiver online from US for our final year engg project,we r residing in india,pls brief us if we have to acquire any license,pay duty tax n other custom norms ,procedures

2007-02-01 02:11:11 · 4 answers · asked by valuablein 1

2007-02-01 01:39:47 · 3 answers · asked by vidu 1

PAN NO. ASRPK9250D

2007-01-31 20:48:02 · 3 answers · asked by Satish K 1

I have invested 2000 in SBI magnum tax Gian Fund ..i want to know whether it is a safe investment and can i get a higher returns..this is a SIP which

2007-01-31 18:05:53 · 2 answers · asked by manid 1

is it savings tax thru insurance or via mutal fund.

2007-01-31 17:36:25 · 1 answers · asked by rajesh s s 1