I longing to know the name of the a range of venue of long residence wealth gain investment lower than slice 54EC contained by Indi
Question:Answers:
There is amendment in Section 54EC from 1.4.2006 i.e Asst Yr 2006-07 by which it have been provided that exemption from the long possession capital gain is provided with the sole purpose if investment in specified assets is done inside six months from the transfer. The specified assets hold been given surrounded by expansion to Section 54EC which is reproduced for your benefit (Remember earlier investment option like NABARD and National Housing Bank is no more provided )
(b) long-term specified asset mechanism any bond, redeemable after three years and issued on or after the 1st day of April, 2006,
(i) by the National Highways Authority of India constituted below section 3 of the National Highways Authority of India Act, 1988 (68 of 1988), and notify by the Central Government in the Official Gazette for the purposes of this cubicle; or
(ii) by the Rural Electrification Corporation Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956), and notify by the Central Government in the Official Gazette for the purposes of this screened-off area.]
Other Answers:
you can invest in elected representatives specified 54EC Bonds like NHAI, REC, SIDBI and such investment is to be made inside 6 months from the date you have earn the long term wealth gains
if you are serious abt it pls ask me,,,,
what are toll rates for indviduals income?
Question:Answers:
Hi, I noticed on your 360 etc. the mention of UK.
This help because I guess your question relates to UK import tax rates which are adjusted surrounded by the Budget each Financial year 6 April until 5 April the following year.
The rates for the current rates year are as follows:-
Rates and Allowances - Income Tax
Income Tax Allowances Income tax allowances 2006-07 (lb)
Personal allowance 5 035
Personal allowance for race aged 65-74 7 280
Personal allowance for people aged 75 and over 7 420
Income impede for age-related allowances 20 100
Married couple's allowance
for people born earlier 6 April 1935 6 065
Married couple's allowance - aged 75 or more 6 135
Minimum amount of married couple's allowance 2 350
Blind person's allowance 1 660
The rate of relief for the continuing married couple's allowance and keeping relief for citizens born before 6 April 1935, and for the children's charge credit, is 10%.
Taxable Bands Taxable Bands Allowances 2006-07 (lb)
Starting rate 10% 0 - 2,150
Basic rate 22% 2,151 - 33,300
Higher rate 40% over 33,300
For more details or explainations follow the link below.
http://www.hmrc.gov.uk/rates/it.htm
Other Answers:
do you stingy for income through an employer?
1 if not declared consequently zero
2 if declared next zero to 40%
3 its even more if national insurance is considered to be a duty
My dear
Welcome The tax rates for indviduals income are free
lump sum distribution from severance. What are option to avoid taxes?
Question:Answers:
If you mean a distribution from a 401(k) or similar plan, you can usually roll it over into an IRA in 60 days and it won't be taxed until you give somebody a lift it out of the IRA. And, if you were born back 1/2/1936, there's a special tax see that might benefit you-see form 4972. If it's not this type of distribution, it's probably taxable.
You should consult a tax guru for the most accurate information.
Other Answers:
It's taxable income, unless you roll it directly into certain retirement accounts.
You could other change your exemptions for the one time distribution, but the truth is it's probably best purely to pay the taxes. When you folder your return next year any overpayments will be returned to you. I don't ever recommend claiming exempt on your taxes as I know too masses clients who have forgotten to adapt it back and immediately they owe a LOT of money to the IRS.
Source(s):
My Tax Prep Business.
Who is lineal nouns & Ascendent of an Individual for Gift Tax Purposes ?
Question:Answers:
Well there is no Gift Tax Act presently , so you should not bother about grant tax.
There is simply an implication of income tariff on gift as per provision contained u/s 2(24) read near Section 56(2) of the I T Act . In simple terms grant above Rs 25,000 shall be taxable as income of the person reception the gift unless the grant is not given by
1. relatives
2 . or received on occasion of bridal
3. received on account of Will or as piece of inheritance
4. in contemplation of demise of payer of gift.
Relative have also been defined for this purpose as follows:
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of any of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or nouns of the spouse of the individual;
(vii) spouse of the person referred to within clauses (ii) to (vi).
Other Answers:
Lineal acendent and descendant are - son / daughter, pompous son / daughter, grand opulent son / daughter
How to transport maximimum benifit of levy estimate? for INDIA one and only?
Question:I m a Software Professional and want to take full pre-eminence of Tax Deduction, plz let me know the details how to put aside the tax?Answers:
Invest contained by NSC, PPF, FDs, KVP.
Invest in LIC premiums
Take home loans, if you want and reward interest on that, you'll get the speculation.
Claim HRA exemption in your net by showing the rent paid.
Claim exemption of Travelling allowance within your salary.
Other Answers:
Buy an expesive house hired.
hey...to have full benefit within tax deductiondo some social relieve work n get it published contained by any of ur newspapers os medium...then u will return with a certificate published from the govt of india automatically...which will aid u save charge about 10% of what u pass...more information u can get from any proponent u trust... You can save substantial amount of Tax on following counts:
(1) Up to and over-all ceiling of Rs. 1,00,000/- by deduction from your income, combinedly or individually through investments contained by National Savings Certificates VII issue, or Life Insurance Plans, or Mutual Funds, or Public Provident Fund, or any other recognized Provident Fund, or through repayment of Home Loan installments, etc. With effect from 1.4.2006, even your investment contained by Fixed Deposit for 5 Years or more may also save income excise within this over-all restrain of Rs. 1,00,000/- under Sec. 80C.
(2) Up to Rs. 1,50,000/- on explanation of interest on Home Loan can be deducted from gross, as a loss from house property under Sec. 24.
The record of such deductions is relatively exhaustive. I would suggest you to read "INCOME TAX FOR EMPLOYEES 2006-07" written by Mr. P.S. DHINGRA, Director P&T Accounts & Finance (Retd). The book is priced at Rs. 95/- and can be had from reputed booksellers throughout india, or you may place directive with "M/s Career book World, I-4/31 (Tp Floor, Sector-16, Rohini, Delhi-110085"
This is useful book and you can get plenty of information give or take a few how to save income tariff on salaries.
I am an NRI and hold invested contained by Shares and mutual funds through sandbank.What is the taxation policy for returns.
Question:Answers:
if u visit the following website and move about to the frequently asked questions u will be patently getting a lot of backing
www.sharekhan.com
Other Answers:
See your question have very little details .However assuming you hold invested in equity shares of Indian programmed companies , it is tax free for you if its long possession capital gain. If short occupancy , its 10 %. If you have purchased assets contained by foreign exchange , its different rates. Like wise for your investments , within are separate tax treatment.
you should grant more details for proper answer or If you wish , you can pop in my recently started blog wherein first topic I own taken is taxation of non resident.The address is http://q4tax.blogspot.com
I merely get a certified missive from the IRS ?
Question:Should I pick it up at the post office, or hang about until the very second deadline to get it, It surly cannot be well-mannered news. Been going around next to them for the last few years on taxes rewarded in a following year and hold on to getting it resolved, only to capture another accusing letter from a different departmentin a differnt state It is as if one bureau doesnt tell the OTHER organization its been resolved. I have petitioned tax court contained by 2003 and before the court date I get a letter of resolution from the NY IRS organization saying it have been resolved, no levy due, no reason to shift to tax court. SO I DIDNT<,,,,,,,,what an idiot! Now the other office of the IRS have be after me!Answers:
you better talk to an attorney earlier you end up within federal prison. don't worry, adjectives my friends on Y!A assured me you can have a computer surrounded by your cell.
sounds like a time off, 3 hots and a cot, plus a celly named psycho!
Other Answers:
you may obligation a lawyer. I would speak to one.
nice style I would pick it up immediately. The IRS isn't going to audit you at the Post Office, so it's within your best interests to pick up the letter as soon as possible. Trust me, I own a tax prep firm surrounded by Illinois and the IRS does this all the time. The sooner you find out what they want, the sooner you can resolve it near them. Good luck!
Only under positive circumstances can you go to incarcerate for not paying taxes. So ignore the post above me.
i do not resembling themSource(s):
see my other answer
What be the untouchable U.S. Federal Income duty rate ever? --When?What income group?
Question:Answers:
Starting in 1939, the top rate be 75%. It rose to 91% during WWII all the process until 1964, when it decreased to 70%.
The 91% toll was for 200k or more. The full chart for the Revenue Code surrounded by 1954 is here: http://en.wikipedia.org/wiki/Internal_Revenue_Code_of_1954
my points is remarkably little?
Question:can you give me the point.Answers:
can gain 2 points from telling that if u ask give somebody the third degree u lose points instead of gaining.. so u should be rating stuff and voting ... and answering... to obtain them back....
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i can win 2 points from telling that if u ask grill u lose points instead of gaining.. so u should be rating stuff and voting ... and answering... to receive them back....
WHEN YOUR HERE LONG ENOUGH YOU WILL GAIN MORE
JUST KEEP ANSWERIN
it's better to provide than receive. Thanks Urr. sure, gimme mine first.
Work hard, what do you regard? I agree with scarlet.
My CPA file for an extension, but I OWE lots of taxes--what are my penalty?
Question:I gave adjectives my tax information to my CPA surrounded by February, but he "didn't get around" to them by excise time. So he filed an extension. But presently I owe $9000 in Federal and NY state and city taxes. I figure out that the IRS assesses fees if you don't pay in good time, even if you do file an extension. What are the rules for that? How much within fees will I have to foot? And what recourse do I have to concord with my horrible, sluggish accountant?Answers:
Intrest you owe intrest no fees if you pay by Oct 15th. Fire the indolent bum.
Other Answers:
Well, for starters, you were probably going to owe that much surrounded by taxes anyway. The fact that he's file an extension hasn't increased your tax liability. You are correct though that the IRS add penalty and interest contained by unpaid taxes. My advice is to reward an estimate as soon as possible, which will keep the interest charges from count up. I don't know exactly what the penalties and interest are, but I'm sure you can find that information on www.irs.gov by clicking on "individuals". If you enjoy proof that your accountant was forgetful in not file your taxes, you can probably have the penalty waived, but you'll necessitate proof.
In CA, do I loose levy benefits if I buy another home?
Question:I heard that if I buy another home and rent out my first one, I'd loose tariff benefits. But this would just be a second home that I'd purchase. And if I do loose benefits, what are they?Answers:
By converting one home to a rental property, you will lone lose that tax exemption on the mart of the property ($500 if MFJ or $250 if single). But the rental property will now receive benefits, such as deducting depreciation, repairs, insurance, HOA fees etc that be not deductible before. The down side is that when you put up for sale this property, you have wealth gains issues. I suggest you consult a due accountant to learn more give or take a few your options, It will be ably worth the fee, beleive me.
How do I find when email I received is a scam or solid ?
Question:Banks in HongKong is asking me to come in attendance and pays more than 7,000 us dollars as taxes for the money I inherited to Mr rafik Hariri from Barclays Bank contained by London the amount is 36 million pounds from a person who contacted me thru email single saying that Mr Hariri have no Beneficiary.Pls advise me what to do ? Is this a scam from Internet what puzzled me is race from the bank who doesn't confirm nor deny itAnswers:
This is a "departed customer" scam, one of the main variety of the 419 scam / advance duty fraud. Most of the scam emails of this type are sent from Nigeria, no matter where on earth they claim to be based.
The authentic Rafik Hariri was a Lebanese politician murdered by Syrian agents. His moniker is used in Nigerian 419 scam as are names of plentiful other politicians in mostly third world countries, from Sani Abacha of Nigeria to Yassir Arafat of Palestine.
The point of the scam is to get you to transport cash to the criminals. They will claim near are legal fees to be compensated, notaries, affidavits, inheritance taxes, bank fees, etc. The total amount demanded (piece by piece) could amount to tens of thousands of dollars. The inheritance doesn't exist, and so you'll never see the promised millions. Any money sent by Western Union is totally untraceable once it has be picked up. All emails are sent from Internet cafes using free webmail accounts, adjectives phone numbers are prepaid mobile phones.
Even if this inheritance offer be not an advance tax scam it would be illegal. To claim an inheritance even though you're no subsequent of kin or beneficiary of a will is fraud. If this inheritance wasn't totally made up (to steal from you) then you could stir to prison for this.
If you receive any such emails, check them out using the "Scam-O-Matic" online form a http://www.scamomatic.com which will give you instant feedback.
Other Answers:
This is one of the biggest except the biggest internet scams going around. Never distribute money to anyone you don't know who just contacts you out of the blue.
The 'Inheritance Scam' is only one of many. Generally, anything that sounds too honourable to be true...*IS*! In all seriousness this is almost definitely a fraud. I know it can be hard to adopt but do not build your hopes up. There has be a history of such e-mails based on Mr Rafik Hariri and you can find one such e-mail by following this association:
http://www.scamorama.com/hariri.html
Think logically and please don't endorse this within any way. All the best.
Source(s):
www.scamorama.com
This is one of the biggest save the biggest internet scams going around. Never distribute money to anyone you don't know who just contacts you out of the blue. Nobody dies leavin 36 million dollars in need a will in the 1st place. It's a scam. Don't be stupid. Money don't drop from the sky.
When did Mr. Rafik Hariri died and where?
do continuous shift workers attain more holidays than light of day workers?
Question:Answers:
No.
Other Answers:
no they all the acquire the same holidays
In my own inference I would think that some one who work complex all year round would find to work all the holidays! But we adjectives know who ever kisses the most butt gets to work more hours. There for if a time worker can kisses the most butt and show that he can work harder then he get the holidays> But if the shift worker does the same but better next he gets it. I feel that the holidays should be on a firts come first serve bases that style if you really wanted to or didn't you could show up or stay at home. witch ever you pleased!
i own a Tax Question?
Question:im trying to fill out this 941 Form as a toll payer and need some one to relieve in this feald.Q on 7d where on earth do i find this answer?Answers:
Line 7d is where you would report adjustment to "current year's" income tax withholding. You do not as a rule need to use this dash. For more information about Form 941 walk to:
http://www.irs.gov/pub/irs-pdf/i941.pdf#search='form%20941'
Other Answers:
are you talking nearly quarterly payroll return? 7d is usually blank unless you're adjusting the numbers.
You probably do not have need of to fill surrounded by that field unless you made a clerical error contained by a previous quarter. Check out the instructions on page 5 of the PDF in the cooperation.
Source(s):
instructions:
http://www.irs.gov/pub/irs-pdf/i941.pdf
You can see the instructions, linked below. Normally, it's nothing unless you're making a correction to a prior quarter
Source(s):
http://www.irs.gov/pub/irs-pdf/i941.pdf
How do I digit out the percentage that will come out of my paycheck for taxes. I claim 0?
Question:Answers:
http://www.surepayroll.com/calculator/calc_paycheck_netpay.asp
Other Answers:
If you claim 0 it is usually 20% for 40 hours no overtime, then for every 5 hours of overtime trailer 1% so 50 hours would equal 22% in taxes. The chief I was ever tax was 28%
Each company data a little differently depending on what software they are using and so on. The IRS issues payroll table every year that are figured using what the standard examptions, and deducation will be that year and what type of payroll the company uses, so it may swing based on these issues. (unfortunatly some companies do not update their table either) It is safe to vote that if you truely claim 0 when you file your return, you may want to consider taking more out of your check respectively week if you make more than $5300/year. However if you claim yourself when you database (filing status of 1) then you should be okay, only just claiming 0. If you have a pay packet stub, figure out the percent that be taken out, then you will at most minuscule have a globe park idea.