I would like to know the returns filing from those working abroad. Please guide in both the cases of abroad income and local income from the sources like property, etc. Ramesh from Sulatanate of Oman
I am the MD of a loss making pvt ltd company which has stopped operations for the last two years. The company could not file its return for the last 8 years since there was no one to help. I stopped drawing a salary since the last six years. I have been filing in the Company Circle being MD, showing NIL Salary and a little bit of "Other Income" with TDS refund. Is there any way I can be free from being bonded with the Company Circle and submit as a mere individual professional? Last time, when I tried, the regular counter did not accept and asked me to submit onlt in the Company Circle. How do I get freed from this sick and dead company?
have been filing my returns for over 10 years. However, in the last 3 years due to change of assignments and cities have faltered in doing so. The fact remains that as a salaried person, my TDS/F-16 are in place..What penalties will this attract, if at all there is one?
I was working in a company till 1.5 years back and have filed my IT returns for the last 5 years. After resigning last 1.5 years back I dont have any fixed job and I have earned through wages by working on temporary basis. Also I have made a profit of Rs. 19000 last financial year thru equity and trading thru some recognised stock exchange. My total income comes to 130000 and I have paid LIC Mediclaim=160000 and have saved in PPF 10000 Im a man shall I have to pay any tax this time?
RE:Can any one guide me please?
by kaushick mallick on Jul 27, 2008 12:12 PM Permalink
As the total income considering the share trading profit comes to Rs130000/- and after deduction under section 80E of Rs.25000/- [10000/- for PPF under section 80C and 15000 under section 80D for Mediclaim premium], your total taxable income comes to Rs.105000/- which is below the threshold limit of Rs.110000/- for paying any Income Tax - you do not have to pay tax.
RE:Can any one guide me please?
by Phatik Das on Jul 27, 2008 12:58 PM Permalink
I am a pensioner, age 62.I am drawing 84000 as pension, rs.4000x12=48000 as post office mis,and rs 30,000 as bank interst ie total income is 1,62,000. I have invested Rs 50,000 in lic deposits under under section 80c? Should I have to pay tax anymore? what is the maximum tax rebatat allowed? Thank you sir for yr awaiting sugession and reply
RE:Can any one guide me please?
by TaxNovice on Jul 27, 2008 10:08 AM Permalink
err: LIC & Mediclaim=16000 and have saved in PPF 10000 Im a man shall I have to pay any tax this time?
Since i am away from my base city, i will not be able to file return by 31st july.There is no excess tax payable since everything has been deducted at source by employer.If i filw in August, will i attract penality
RE:Penality
by bhupinder rawat on Jul 26, 2008 02:33 PM Permalink
You can file your ITR for the F.Y. 2007-2008 before 31st March 2009. No panelty arise on non filing of ITR. If failed before 31st March 2009, then you attrach Rs. 5000/- panelty of Non-filing of ITR in time. So without fear you can file ITR in August. I also suggest you that You can file ITR through efling also and you have to get 15 days more time i.e. 15th August 2008 for filed your acknowledgement in your base city
I am salaries not total income after all deduction and exmption is non taxble, but i also have some income thrugh consultancy services for whci i got payment with TDS deduction ( TDS certificate with me) , NOW please advise which ITR return should i fill up so taht i get the refund for the TDS amounts.
RE:WHICH ITR FORM SHOULD I FILL UP ?????
by bhupinder rawat on Jul 26, 2008 02:15 PM Permalink
Tanvi, you have to filed ITR-4 for Business or Professional Income and taking benefit of TDS Certificate
RE:WHICH ITR FORM SHOULD I FILL UP ?????
by back bencher on Jul 26, 2008 02:24 PM Permalink
Hi Bhupinder, Don't know you but nice to see somebody giving sensible advice. You along with Diwakar Sharma and some others. Good work. Please keep it up. Regards.
RE:WHICH ITR FORM SHOULD I FILL UP ?????
by Ajit Thakur on Jul 26, 2008 02:31 PM Permalink
U must used ITR 2 if consultancy service is part time. Otherwise if consultancy service is ur profession and ur salary is lower then this then u have to file ur return in ITR 4.
