Dear sir, My father, age 71, is a retired govt servant. He has been investing in PPF for last 23 yrs (since 1988) to save the income tax. We understand there have been some changes recently. His queries are as below- (i) Whether he can save the income tax the same way (Rs 70,000 investment in PPF) in this financial year too? (ii) Is there any proposed change regarding investment in PPF for FY 2011-2012, particularly in his case? (iii) Is there any proposed change in Direct Tax Code (to be implemented from April 1, 2012) in PPF, particularly in his case? (iv) Pl let him know if there is other beneficial tax saving alternative for him. WBR, Pravir
ppf account of huf in the extended period are to be closed during this finacial year vide notification no. GSR956(E) dated 7 december 2010.please let me know amount will be refunded with interest or without interest when closed during interim period.
Dear sir, I am salaried person,annual income Rs 7,20,000.00 .I want to invest Rs 50000.00 in IDBI / L& T TAX SAVING bonds.Pl Suggest a) Which TAX saving bond will perform better? b) On maturity ,interest paid will be exempted from I / tax or this amount will be taxable as per r pervailing I/Tax laws. c) Any other better TAX saving bond which you recommmend. Thanks. V K Gautam ,JHANSI
I am a salaried employee. Apart from salary income I have interest income of approx. Rs.1,20,000/- from Fixed Deposit in bank. I have also availed the facility of overdraft against this Fixed Deposit, to manage my short term cash needs(for my personal expenses). The interest debited to my account during the last financial year is Rs.24355/-. I want to know if I can deduct this interest expended from my Interest Income for tax purposes. Thanks in advance Regards Sushmita
I have gifted my son Rupees five lakh Should he file his return on ITR1 Or ITR2. According to me it should be on ITR2 as there is Schedule in which one has to mention the income which is not taxable.
I have incurred net loss in sale shares purchased during this year. i do not do day- trading and the share income /loss is not business income. can i carry forward this loss to next years for set off against similar gains?
i am a doctor ,have financed a machine from the bank in my name.But the bill of machine is in the name of my HUF. i want to show the income from this machine in my HUf file.can i do this and can i claim depriciation and other expenses against that income...will this be taxable in the hands of huf...i am apying the loan installments...plz advice how do i show this without disturbing my individual return
I have just retired from govt service after putting in more than 36 years. I wish to transfer Rs. 5 lakhs in my wife's account who is housewife having no source of income. Please suggest if this amount of Rs. 5 lakh would be treated as income in the hands of my wife.
