You can post all your questions here and we assure you that we WILL ANSWER YOU.
2/9/2011 01:54:35 pm

My sister sent some money fro UK to me to my bank a/c she is a citizen of that country . The IT wants me to prove that she is my own sister which will be the best proof.

2/9/2011 05:59:49 pm

@Daya: The IT just wants to know whether the source of income recd. in your bank a/c is genuine.
Depends whether she's your real sister or a cousin.
If she's your real sister den a copy of her license or anything which involves the name of your parents can do...
A valid govt record proof is all they ask for...

tijo scaria
16/9/2011 01:40:54 am

My gross receipt of business is less than 60 lakhs. There for 44AD is applicable. But my net loss is 200000 which is less than 8% of gross receipt. Hence whether should i get account audited u/s 44AB? can i claim carryforward of loss by filing return on 30/9/2011?

19/9/2011 02:07:58 pm

@tijo: no need of audit... yes u can claim carrforward of loss... it has nothing to do with belated filing of return... and it will be set-off only against business income in the next year... it can be carried forward for 8 years...

21/9/2011 05:19:18 pm

i am going to sale my ancestral land (agriculture)which is situated witihin 10km from urban area sale proceeds would be almost 12lakh.further i dont want to purchase any more land or building. and i want to minimize the tax liability so what shud i do

plz reply

23/9/2011 08:00:34 pm

@Rohit: If its a agricultural land then its exempt but if its an urban agricultural land then its a capital asset subject to tax. Invest the capital gain amount in REC Bonds u/s 54EC...
Hope it helps.

rajinder singh
3/10/2011 04:16:31 pm

At what rate is income tax charged on professional fee received by a doctor?

4/10/2011 08:35:25 pm

4/10/2011 08:38:47 pm

please tell me how do we calculate AGIT while caculating deduction 80 G and 80 GG

9/5/2013 09:53:32 pm


7/10/2011 04:25:02 pm

How can I reduce the cutting of TDS from MY FD amount.

10/10/2011 02:54:28 pm

please tell me how do we correction made in Form 24 Q u/s 80/c in the A.Y. 2011- 12
thank you

12/10/2011 05:13:09 pm

whether senior citizen benefit is available to a joint fixed deposit holder when second holder only is senior citizen and the first is not.

5/11/2011 05:06:39 pm

i have been provided with company leased residential accommodation. what are the income tax implications, how to calculate.

17/11/2011 09:24:10 am

What is the income tax slab for a woman resident below 65 for the assesment year 2008-2009

17/11/2011 11:29:30 am

Property sold by husband. Within six months, another residential property purchased in the name of wife. Husband claims exemption u/s.54. Can exemption be allowed?

Abdunnasir T
8/12/2011 09:58:25 am

I am submitted income tax retern for previous year and stamped from kozhikode region,but not refunded the excess amount till this date,what can I do.My PAN number is AGXPT9131E

14/12/2011 04:47:09 am

tax deducted but not remitted to govt.
can we remit that amount once in annual

S. Sengupta
1/1/2012 12:45:48 pm

whether income tax is applicable for compensation money

if compensation is received from acquisition of agriculture land it is exempt from
18/1/2012 08:47:12 pm

2/1/2012 02:35:36 pm

whether the tds on contractor's services deducted or not? at which rate?

rajeev sachdeva
18/1/2012 08:34:52 pm

whether tax exemption for super senior citizen available if person is born on 01-04-1932

vijayakumar g
25/1/2012 01:58:17 pm

i wone a house in one place and family stays in that house and work in different place. now iam claiming home loan interest and pinciple for tax exeptins. since i am working in deferent place and staying there and come home in every week ends.can i claim hra exeption aslo

Kaushik Joshi
2/4/2012 02:58:57 am

If ur staying in same city for work as where ur home is, then no HRA.

jogendra. Singh
28/3/2012 08:03:15 pm

Dear Sir,
I want to know that if some one informs I tax Deptt money.Who is intitle for giving information.
What percentage will avail by the informer.
How he claim the percentage money.

Thanking you

1/4/2012 08:32:01 pm

gud evening sir ,
i want to know only this that supoose i m a transporter .i have own 6 turn over above 100 lakh. than plz clear me by given below query.
1-if i will show profit less than 8% , and i have 6 truck than will i audited my account.while my gross turn over above 100 lakh
2-f i will show profit 8% or above , and i have 6 truck than will i audited my account.while my gross turn over above 100 lakh. plz reply it is very urgent for me

2/4/2012 03:00:02 am

With ref to your above mentioned query, we would like to inform you that YOU ARE COVERED U/S 44AE AND NOT SEC 44AD of I.T.Act and hence your income calculations will be as follows:-
1. If you are a Transporter i.e. if you are in the business of plying, hiring or leasing of goods carriage then:
i) in case of heavy vehicles, an amount equal to Rs.5000/- per month per truck or amount claimed by you, whichever is higher is deemed to have been your income for the year. OR
ii) in case of goods carriage other than heavy vehicle, Rs.4500/- per month per truck or amount claimed by you, whichever is higher is deemed to be your income for that year.

Eg. In your case since you are having 6 Trucks in the business of plying of goods, then if u have :-
i) Heavy Vehicle -> Annual Income = 5000*12months=Rs.60000/- "PER TRUCK"
ii) Other than Heavy Vehicle -> 4500*12 = Rs. 54000/- "PER TRUCK"

1. Good Carriage and Heavy goods vehicle shall be as in Motor Vehicles Act, 1988
3. You CAN CLAIM deduction for brought forward losses of business. (BUT NO brought forward depreciation deduction.)
4. You can claim deductions under chapter VIA. eg. LIC, PPF, etc.

If you want to declare income lower than above calculated income, ONLY THEN AUDIT IS COMPULSORY U/S 44AB

We sincerely hope that we have helped you in understanding and solving your doubts.
If you have any questions regarding any doubts, feel free to contact us.

itaxindia Team

8/5/2012 05:30:08 pm

This was a really quality post it is very useful for drivers. In theory I'd like to write like this too - taking time and real effort to make a good article... but what can I say... I procrastinate a lot and never seem to get something done.

24/6/2012 09:38:26 pm

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10/9/2012 08:55:31 pm

I have been through several posts on this very subject but the satisfactory information that I found here is something that all other blogs are missing.

10/9/2012 08:56:38 pm

I liked the way you put together everything, there is certainly no need to go any further to look for any additional information. You mentioned each and everything that too with much of ease.

25/9/2012 11:23:28 pm

whether person registered his firm as propritary concern doing bussiness , and if he getting income from various banks for doing housing loans after duducting TDS under 194j can file his return under presumtive business u/s 44AD

31/1/2013 11:43:52 am

The postal TD is I believe exempt from IT under 80C.Is the amount to be added to NSC,ELSS ,Special tax save FD and total restricted to 100000 or is it separate?

9/5/2013 11:00:51 pm

Its really really good services provided by u for the client and continue to the technical problem solution thanks

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6/9/2013 08:51:33 pm

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Kaushik Joshi
7/9/2013 02:10:32 pm

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B Panja
13/8/2015 05:27:52 pm

Sir, I am a salaried employee also I have two small flats one where I reside and the other I have given in rent .Last year I submitted ITR 2 . which form is applicable this year. Regards B Panja.

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