Is Ancestral property share taxable for a daughter within India?
Question:My late father have all 5 daughters & no sons. All five of us are married & our mother is alive. Now our mother requests to sell rotten our ancestral agricultural land & wishes to provide equal share to all the daughters. Now I want to know whether this amount which I receive will be taxable as per our Indian constitutional ruling.Can any CHARTERED ACCONTANT or A TAX CONSULTANT please help me.................Thank uAnswers:
The first answer given by g4tax and the 2nd answer given by vmp both put together give full answer to your questinon.
Other Answers:
See the money you will receive from your mother is totally exempt because it will be GIFT from your mother. I advise you to receive the money by Cheque and find a Gift deed signed by your mother. This will be full proof that the money received by you is a GIFT.
The put on the market price received by your mother is also exempt because the land you are selling is agricultural park.
this transaction is to be divided into two parts., first sale of agricultural manor by your mother and the sharing of proceeds with you.
Agricultural estate is not a capital asset (provided it is out side the specified distance from the confines of the town or panjayat etc) and hence there is no wherewithal gains tariff
and she sharing the sale consideration received next to you will be a kind of bequest to you and this is also not taxable.
but be careful to check the location of the agricultural manor, or else she might downfall up paying income tax on the public sale of agr.land
401 K - How to estimate taxes?
Question:I need to nick an early 401K lolly withdrawal. Im younger than 59 1/2. I want to rate my tax liability very soon and not April 14 of next year. How do I estimate withholding? Federal = 10% cost + income tax rate x distribution amount? Would the state levy be similar, I live in NJ.Answers:
They will automatically bring out 20% for income tax, plus a 10% cost. Also you have to numeral in your income due bracket; ours is 28%
what % of tds is applicable on int salaried hired taken from a pvt. ltd. co.by a sole proprietorship firm?
Question:Answers:
a) Provision of TDS in shield of sole prop. firm is applicable only if contained by the immediately precceding financial year, Gross Turnover be more than INR 40 Lacs.
b) Assuming applicability of provisions of section 194A, the rate applicable contained by your case shall be 22.44%.
CA. Deepak Bholusaria
what are property taxes within Greensboro, nc on a $175,000 home?
Question:Answers:
Currently ('05-'06), it's .5675 per $100.
Other Answers:
go to
www.zillow.com and type your turn upside down
Do you inevitability to attach a copy of Federal to a NJ state Income Tax Return?
Question:Answers:
it's not required but many inhabitants opt to do it. generally if you itemized, it's best to attach the programme A(itemized deduction sheet), to the state return to show deduction, should they have any question. oftentimes a taxpayer's return can get held up surrounded by the system if deductions look questionable.
Other Answers:
Yes
no - you do not have need of to attach your federal return to nj
jay cpa
No, you don't have to attach a copy of your federal return to your NJ return. PrissyPanda, CPA
Source(s):
This is from page 24 of the NJ-1040 instructions. The federal political affairs and NJ have an income levy information exchange agreement.
yes, it's a good impression!
What is the maximum income more or less which is tax for social protection?
Question:Answers:
If you mean the maximum income subject to social surety tax: In 2006, you salary 7.65% on wages up to $94,200. On wages of more than $94,200, you continue to salary 1.45%, the Medicare tax portion.
If you aim the maximum income you can earn before your social warranty benefits are taxable: If you are single, a portion of your social security benefits are taxable if your income (counting 1/2 of your social financial guarantee benefit) exceeds $25,000. If you are married, the figure is $32,000. The formula for determining how much will be tax is quite complex.
Other Answers:
$ 90,000 per year.
Do I hold to settle estimated taxes on my possessions gain and by when?
Question:I am currently closing on the sale of my rental property and will enjoy to pay income gains because I am not doing a 1031 exchange. Do I enjoy to pay estimated taxes on the gain or can I dune the money until tax hours of daylight and pay it next? Could I just compensate a portion of it now and the rest following? What forms do I use to estimate the tax and income it?Answers:
If you are just looking to avoid payiong underpayment penalty, then as long as you hold withheld / made estimated payments that will AT LEAST cover the tax liability on you 2005 rates return, then no estimates are needed. Rule is must enjoy on deposit with gov't any 100% of prior years tax or 90% of current year.
If you are looking to avoid paying anything, consequently you will need to do a early calculation of your levy liability for 2006 and pay the difference.
I suggest you in recent times avoid the penalties and dune it.
Other Answers:
This question does not enjoy an easy answer, and profoundly more questions. The answer depends on your regular income, did you ever depreciate the property, do you enjoy carryovers, etc. I would suggest getting a Form 4797 and start there. If the public sale is going to put you into an AMT situation then yes money the Estimated on a regular basis or find stung at the end of the year. Remember depreciation have to be paid final after sale of property.
Source(s):
IRS Pub for 2005
How do you get hold of previous employer w-2 forms from previous years?
Question:Answers:
Call the employer and ask. They should still have it on record if it's less than three years antiquated.
Other Answers:
Ask the company for them.
call your previous job they have to save copies. they will send you a copy of the one they hold. I have don't it a few times because i cna't hold up with anything
Call the employer.. if they don't hold them available them contact the IRS.
Source(s):
I work in HR.
write them a nice reminder requesting the info. if they ignore that dispatch a registered letter recounting them your going to get a legal representative. then hail as legalaid and see what they tell you
What triggers an IRS audit?
Question:I made a mistake on my income tax return and I'm afraid I'm asking for an audit by file an amended return. Don't get me wrong, file the amended return is the right thing to do and I'm going to do it. I'm in recent times afraid I'm going to get the audit smack down for doing it.Answers:
you will not acquire an audit for doing an amended return. many population make simple errors only just by transposing numbers. i suggest you file the amended soon though, as they capture such a volume of them in it can cart several months to process them.
generally the things that trigger audits are extremely dignified itemized deductions, claiming a significant number of dependents that significantly reduces taxes, social warranty numbers claimed on multiple returns, multiple head of households at indistinguishable address, etc.
you're in no threat of getting an audit for an honest mistake.
Other Answers:
filing an amended return does not automatically trigger an audit. within fact, if you profile the amendment, you are safe from individual prosecuted for that item. go ahead and record.
Don't worry it will be okay. Usually they target relatives with money. They target ancestors whose income have dramatically changed from one year to the subsequent. They target people making greater than $100,000.00/year. Although it is scarce, some people only just get targeted for the .... of it
The IRS is one stretched thin close to most governmental agencies. People who get audited are usually those who craft 250 thousand or more a year. They don't have the time, the money, or the manpower to audit the difference between 100 bucks or 500 bucks - small coins to them. They are going after big fish close to corporations.
If you made an honest mistake, then no big business deal. I wouldn't worry around it. If you make those kind of dollars, then you should. However, if you did, after you would most likely hold a professional agency file your taxes.
Don't sweat it.
Filing an amended return does not angle any additional red flags beside respect to the chances of one audited. Especially since you are proactively making the change due to a mistake that you become aware of after the filing.
Having said that, if your amended return is going to result surrounded by an additional overpayment (ie: you are getting money back), I would guess that your return will bring a bit more scrutiny than if your amended return results in taxes payable.
Just create sure that you clearly state the reason for the amended return (ie: Gross wages on Schedule C be previously erroneously reported as $XXXX. The actual amount should have be $XXXX - there is a space on your 1040X for this explanation). You should be fine as long as you are doing so within good belief.
i am a tax preparer and if you engender mathmatical errors, put things in the wrong spot, or forget forms, and audit might come up., also if your donations are too lofty and your schedule a or c is a greatly high conjecture off your taxable income. The irs usually alternates, they pick a lasting schedule and focus on that one year , after they might change to a different one subsequent yr.
What is "rates standard speculation " ? and how much is "standard" amount ?
Question:Answers:
when you file your federal taxes, you own two choices for deductions: itemized and standard
itemized deduction are used when you have deduction from charitable giving, mortgage interest, some medical expenses
the standard deduction is the amount that you can choose to enjoy deducted from your taxes instead itemizing your deduction. I believe for 2006 it is $5000
basically, choose whichever one is superior.
Other Answers:
Try this:
http://www.tax.state.ny.us/pdf/memos/income/m90_4i.pdf#search='tax%20standard%20reduction'
how much rates?
Question:i will be starting work soon and am on 120 pounds a week, does anyone know how much tax and ni i will enjoy to payAnswers:
If youare in recent times strating out in the world of work I would expect you to be on a rates code of 503L and Natioanl Insurance letter A
National Insurance (the natural bit)
You can earn lb96.92 per week before you clear NIC. Anything above this will be charged at 11%. Therefore
120.00-96.92 = 23.08 x 11% = 2.54 NIC Per Week
Tax
This is more complicated. To calculate it respectively week the system looks at how much earnings you hold earned at that point within the tax year, year to date. It afterwards looks at how much tax would be due on that at that time within the year and you pay what is due. What you will probably find is if you start work in a minute, (and you haven't had a commission since the last 6 april) you won't foot any tax to start beside because you will have april, may and june import tax code allowances which you havent used yet. As the months attain on you will eventually hit the limit and salary tax at around 10%. If your income increase significantly you will hit the 22% barrier.
So I would enjoy thought to start with you will appropriate home around lb117 approx, as the months go on you would embezzle home around lb114 so not too bad
Other Answers:
It depends upon your duty code and tax justification. However, as a very rough guidline, you usually lose in the region of 1/3rd
Very little actually, you don't earn adequate.
(It wont be as much as 1/3rd!)
Virtualy nothing, everyone get's lb5,035 rates free earnings per year, this is divided by 52 weeks (or 12 months) giving you aprox lb90 charge free per week. After that about lb2,000 per year is tax at 10%, so aprox lb38 per week is taxed at that. So you should be paying in the region of lb3, not too bad. I however don't know how NI is worked out.
Most defining is you have to agree to the tax department know if you have worked in the past, if you don't you'll be put on an emergency code and have to earnings more tax. Your employer should impart you a form P46, once you complete it you should be on the right tax rate, if more information is needed you will be sent a form P91 asking what you enjoy been doing contained by terms of work since 6th April, the start of the tariff year, to get you on the right charge rate.
Source(s):
It's what I do & I can't believe i'm doing it in my own time too!
Assuming your duty code is the normal 503L and that you aren't paying into a income from your wages. It would roughly be tax of lb2.32 and NI of lb2.86. Therefore respectively week you would receive about lb115.
But if you are merely just starting work and haven't worked surrounded by April, May or June this year yet your duty might be even less per week but if you are still reception lb115 in a couple of months ask your employer whether you are due any charge refunds, if they aren't especially helpful ask your local excise office, they might make clear to you to wait until subsequent April but if you have rewarded too much then you should loaf and get it backbone.
Who approved when the fiscal year would start and why?
Question:Answers:
There are a number of factor involved but in most cases, the business will desire its "year". Usually it will be based on its industry. For example, if the company is a organization contractor, it could elect to have its fiscal year run from 10/1 - 9/30, which is the fiscal year of the federal organization, its major client.
Other Answers:
I did & I forgot
Individuals are usually required to use the calender year. Businesses usually try to use a fiscal year that ends when business is slow. this give them more time for year end accounting/tax work.
Individuals are required to enjoy a calendar tax year. (1/1 - 12/31). Businesses and other lawful entities are allowed to have fiscal years for a range of reasons including seasonal business, more accurate weighing up of annual results of operations, or other miscellaneous business reasons. In proclaim to change an entity's taxable year, a form must be file with the IRS that unsophisticatedly is a request form for a change surrounded by years, and this is where you must state the grounds for the change. You can hold your fiscal year be any month-end of the year - from Feb through November. Obviously, if you do not have a valid business principle for your request, it will be denied.
If I brokered a operate from Colombia & shipped directly to Tiawan, would I owe U.S. introduction taxes?
Question:Answers:
If you are brokering deals from Columbia and shipping items to Taiwan, you should consult a CPA. This is a systematic question that would want a lot more detail to determine the answer to. A CPA would not know how to answer you under this forum as the IRS regulates what a CPA must verify/disclose when communicating near a client.
how do you riddle ou t a w2 form?
Question:Answers:
Form W-2 has gotten profoundly more complicated in recent years. First, contact the IRS at (800) 829-3676 and request the form and instructions. If within is anything in at hand that you do not understand, you can beckon the IRS and get back (Their telephone backing line have greatly improved surrounded by recent years). The number is (800) 829-1040 for individuals and (800) 829-4933 for businesses. Finally, if all else fail, ask your bank for a suggestion of a company that provides this service. There are lots of them. Better to pay somebody and carry it right than to have IRS knock at your door later.
Best of nouns.
Other Answers:
I guess you are an employer. It's a little precipitate, but I guess you know what you are doing. Just fill surrounded by the blanks.
It depends on your personal circumstance as to how to properly fill out the form. Best bet is to christen your local H&R Block or go to www.hrblock.com and give an account them what you want to fill out your W2 correctly. They'll ask you a few question and can instruct you properly. This service is FREE to the public, so take pre-eminence of it!! Good Luck!
I received both a K-1 and a 1099 on a foreign partnership interest.?
Question:The K-1 is from the partnership. The 1099-DIV is from Goldman Sachs on behalf of the same partnership (which have an investment account at Goldman Sachs). I enjoy never experienced this before, where on earth all income is not included on the K-1. I hold a problem with this because in a minute the tax proof in the partnership will not be accurately reflect on the K-1. Has anyone else experienced this, and please explain why it is being done.Thanks!
Answers:
I know some 1099s for accounts that hold master limited partnership (MLP) will include (as other income) the dollar amount distributed by the MLP, (which is incorrect - it is a reduction of basis). I would suggest contacting Goldman Sachs, explain the situation to them and own them issue a corrected 1099 to you. The IRS has indistinguishable information that is on the 1099 and if a corrected 1099 is not issued, and you don't report the income (twice within this case), you will get a spot for underreporting.