I am working in abroad since August 2006. During 2007-08, I visited India once and stayed for 15 days. I have invested in Bank Deposits in Rupees, FCNR Deposits, equity shares and mutual funds. During 2007-2008, my income from Rupee Deposits is less than Rs.10000 and there is no income / gain from my investments in equity shares and mutual funds. I have a credit card issued by a bank in India.
Please tell me whether it is compulsory for me to file Income Tax Return for the financial year 2007-08. If so, what will is the relevant form No.?
I am a salaried person (Income Rs. 3 lacs p.a ) and my wife (Income Rs.2.4 lacs p.a) is also working. I also get an income of Rs.1 to 1.25 lacs p.a through my agriculture land, which I do not mention in my I-tax returns. Is it wise to show this income?
RE:Agriculture income
by Chandra Mohan Singh on Apr 17, 2008 03:15 PM
You are actually cheating from country what the IT department says. IT is fine till you are not observed but with money many ill wishers are also around you and if they complains by any means then there is chance of ill treatment from IT department. Show this earning also in IT return. THere are lots of example who have been caught.
RE:Agriculture income
by Amitabh on Apr 17, 2008 07:37 PM
Kindly note that agricultural income is exempt from income tax but the same has to be declared in the return as tax free income.Also,first you have to take that income into account and then calculate your tax.Then add the exemption limit to your agricultural income and again calculate tax and then reduce this amount from your tax calculated in the first instance.That gives you the actual tax you have to pay.
RE:Agriculture income
by vishal g on Apr 21, 2008 02:05 PM
i got a Question in this regard...agricultural income will be taxed indirectly only if we have some other business income and it exceeds certain limit...!!! Pls correct me if am wrong..!!!
And another thing is that the person is earning a salaried income...in this case should the agricultural income be taxed....!!??!?!
RE:Agriculture income
by Amitabh on Apr 21, 2008 06:59 PM
Add agricultural income to the salary income as if it is taxable.calculate tax on it.say this is figure A.Now add the initial exemption limit to the agricultural income.Now calculate tax on this figure.Say it is B.The tax payable by you is A-B.This rule will hold good even if the assessee has taxable income under the head salary.
i would like to know that how banks calculate interest on the outstanding balance on monthly balance for savings a/c. i would like to know what is the exact duration which they consider for calculations and how is it for different banks
RE:How banks calculate interest on the outstanding balance
by Rajavel Ganesan on Apr 22, 2008 04:37 PM
The minimum credit balance in the account between the dates 11th and 30th/31st is considered as the balance for the concened month. Then interst is calculated at 3.5% per annum on the said balance.
RE:GIFT
by rakesh sadhu on Apr 16, 2008 11:46 PM
You can not make a gift to your spouse and claim exemption for it. Thus, no use making a gift to spouse. Better, gift to your minor children and when they attain majority, they will have tax-free income.
RE:Post office MIS amount
by Amitabh on Apr 14, 2008 08:43 PM
The interest is not exempt.The investment is deductible under Sec 80C within the overall limit of Rs 1 lac.
Become a politician, amass land, 500-5000 crores, buy MPs, fight elections on that money, get elected and amass further land and money. All tax free, security to protect that, if any ITax guy raises his eye brow, transfer him to Nicobar, If you can do that no need for first 17 ways!
RE:18th best way
by RDReader on Apr 16, 2008 02:22 PM
What is yr reason for getting upset at Rajendra's jocular suggestion ?
Is yr language-skill so bad that you couldn't make out it was a joke ? Or are you a self-aggrandising politician yourself making you feel guilty at his suggestion ??
