My mother age of 64 having income through these gains only.(especially -Short Term through Mutual Funds / Stock Market). What will be the tax liability ?? Should she exampted from Short term gain tax rate @10% ???
RE:Long term & Short Term Capital Gains
by ritesh motwani on Jul 17, 2008 12:51 PM Permalink
she won't be exempted from short term gain . However the basic. exemption limit in her case is Rs.145000 mail your other Queries on motwaniritesh@rediffmail.com
RE:How do i file form16 online IF i have 2 form16 from differnt organisation
by Telephone on Jul 16, 2008 03:35 PM Permalink
File your return online. you just need to feed in your salary details from both employers and the s/w will do everything for you. check myitreturn com. There are other sites too. They charge ~ 50-120 Rs.
RE:How do i file form16 online IF i have 2 form16 from differnt organisation
by shashank shiromani on Jul 16, 2008 09:58 PM Permalink
Just add figures of a particular head from both the employers and fill. For example, you have Basic Salary as 10,000 & 15,000 and HRA as 2,500 & 3,000 and so on. Then fill basic salary as 10,000 15,000 = 25,000 and HRA as 2,500 3,000 = 5,500. Same way you can add other heads and fill.
Also remember, all exemption limits are total for the year and not from each employer. For example, The total exemption limit for Conveyance Allowance is 9,600 per year. So, when you add the Conveyance Allowance from both employers and the total goes beyond 9,600, you are entitled for the exemption up to only 9,600 and the balance will be treated as salary income. In case you need further clarification, contact me at shiromani_s@rediffmail.com
I am employee in Properitorship firm & getting salary in head Basic salary HRA(1,50,000.00 37,500.00)respectively for period 1/4/07 to 31/03/08 as salary certificate. I am resides in my own house having homeloan for last FY total EMI is Rs.66,120.00(Principal Rs24,355.00 Interest Rs.41,765.00), now tell me which form I will use to file return.
RE:Which form should I use to file the return??
by Prasath Vijayan on Jul 16, 2008 06:23 PM Permalink
If you are claiming the benefits of Home Loan, you have to use ITR-2
RE:Which form should I use to file the return??
by Murali on Jul 16, 2008 05:35 PM Permalink
Since your income is only from salary, you should use ITR1
RE:Which form should I use to file the return??
by ashok nair on Jul 16, 2008 06:07 PM Permalink
since you also have a home loan emi, you will need to use ITR-2 to file return
I am a pvt. employee receiving salary after deduction at source.At the end of March 2008 i have received a check (pending money of nearly 2 lakhs) from one of the state goverment for my previous business (worked as contractor for state govt.). i have received the check after the deduction of tax. Now i don't know which form i have to filled up for the tax return.So please suggest.
RE:Capital gains - ITR2
by Murali on Jul 16, 2008 05:37 PM Permalink
If you have sold the shares within one year of purchase, the profit is subject to short term capital gain tax of 10%
I sold some units of franklin oppurtunity fund with in one year of purchase and booked some profit also do I need to show this in my return.I am a salaried person and some income from insurance agency as well.
I sold some units of franklin oppurtunity fund with in one year of purchase and booked some profit also do I need to show this in my return.I am a salaried person and some income from insurance agency as well.
I filled a revised ITR & there's a refund as per acknowledgment but I haven't received it from Govt so far. This is related to last years returns. I gave all the bank information wherein it should have been sent ie. MICR No. etc. Is there's anything that needs to be done further, have heard that I would need to shell out 10% of the refund to the IT officials, babus as bribe to get the refund back. This tax was deducted in excess of what I was liable for. Thanks for your advice in advance.
I am a salaried person. Due to lack of awareness I am not sure if I fied my returns for year 2005-2006 as we used to do it through external vendor..and I dont have any proof. For 2006-2007 I tried doing it online and did not get the acknowledgement.
Now I want to file returns for last two years along with current year. Need advise if this is possible..and how much penalty does this invite.I ma concerned.
RE:RE:Filing returns for past two years
by Amitabh on Jul 14, 2008 09:33 PM Permalink
For 2005-06 financial year the last date for filing returns was 31st March 2008,even with penalty but you can file the belated return for 2006-07 financial year upto 31st March 2009. But you will have to pay interest if tax is due. assessing officer may also levy a penalty of Rs 5000.
