I deposited 50,000 in saving account for 1 year bond..... can i show that in tax returns?
Answers: First of all you must know that it is not a tax exemption deposit. In this connection see the answer of Mr.sandevyl who has given a very good answer.
If your view is not about Tax Exemption and just to want to show your investment Rs.50,000 in your returns, then the answer is:
There is no provision to show your bank savings account / FD in the returns (In ITR-1, ITR-2 or ITR-3). You can only show the interest earned on that deposit in your returns in "Income from other source" head. But if you are filing your returns in ITR-4 (Business or profession), then you can show your investment Rs.50,000 in your return.
For Tax Exemption , minimum invested period for Bonds is 5 years.
In mutual funds the lock-in-period is 3 years.
So you cannot get tax exemption for 1 year bond.
If you want to invest money I have a good idea.
As you know leather jackets are expensive in US, we could do a business together.
I have leather jackets less than 100 dlls, a beautiful jackets made here in Mexico, therefore your could sell it in the US in 200 dlls.
I am a student of economics and finances here in Mexico and I am looking to do something of business.
What do you think?
jose.aespinosa(a)hotmail.com
Can I deduct gambling loss if I had 0 winning?
Answers: No, gambling losses can only be deducted from gambling winnings for tax purposes. The law is very clear on this issue.
How does charity donations etc affect the rates compensated by businesses?
I am looking to gain sponsorship/donations for my charity marathon. When i ask businesses for donations etc, what is in that incentive?Do they recieve tax breaks? How much and how much money would they stipulation to donate?
Answers: As I have previously advise you, businesses can only claim a assumption for expenditure incurred in the course of business and so sponsorship would generally be included in the hype budget. It doesn't matter how much this comes to.
An individual surrounded by business would receive higher rate tariff relief (assuming they are a better rate taxpayer) if they Gift Aided the money - but they could do that without sponsoring you.
In practice, small donations to charities are usually allowed as deduction in calculating the profits of a business.
Are you raise money for a registered charity? If your cause is not a registered charity next there are conditions to be happy before the business can claim a presumption. the link below is to the Revenue encyclopaedia which gives the details.