Has anyone file Individual ITR for AY 2007-08 online or contained by daily form lacking annexures ?
Question:
Refer :
http://incometaxindiaefiling.gov.in/port...
1. Has anyone been competent to file ITR online nonetheless for indiviual category ?
2. Has anyone filed the ITR contained by paper form ? It is said that no annexures close to Form-16 are to be attached. Is it really so ?
Answers:
Yes. Now a days it has be made easy to directory your ITR through e mail and that do not require any attachment but that does not have it in mind that the you should not procure or keep the required papers contained by your file. If your bag is selected for preview scrutiny then you own to file the papers.
yes
Yes, For the asst.year 2006-07 you enjoy to file the returns surrounded by ITR forms without any attachments.Even if you attach any entity, they will give the attachments support to us.
pnkmurthy@yahoo.com
No attachments are to be enclosed lower than new file system-whether online or physical. However all the documents should be preserved surrounded by case of any clarifications asked by IT department.
Dear
See adjectives these good answers.
Now the dept. will not hang on to any papers and the assessee has to do this errand for the dept and to keep adjectives the originals and other relevant accounts for the 6 years or so.
This is very tricky situation and have to understand properly as when the dept. will start asking documents , u will fail at last to produce them and own to pay the cost either to the dept or to the govt or both.
This unanticipated liability shall always be calculated by both the professionals within general and the assessee surrounded by particular.
Thanks
Nice answers
Have file the ITR in daily form. The Online Return Preparing Utility for Individuals is yet to be developed and released.
Regards,
Suresh.
yes, i tried taxyantra.com. its pretty clothed and does support the latest ITR1 and 2 forms
What is the price/cost index for 2006 & 2007 over DSR 2002 rates and PAR 1992 rates?
Question:
Answers:
The Cost Inflation Index for the year 2006-07 is 519.
Regards,
Suresh.
HOW IN THE HELL WOULD I KNOW''
Cash surrounded by bequest from my mother?
Question:
If my mother gifts me a few lakhs of rupees, will that be added to my income for tax purpose?
Answers:
Where any sum of money exceeding Rs 25000/- is received by an individual or HUF from any human being without consideration on or after 1-9-2004, the total of sum is chargable to tax below the head income from other source.
However within the following exceptional cases, nothing is taxable u/s56 (2) (V)
Any sum of money which is received------
1.is Rs 25000/- or below
2.formerly 1-9-2004
3. by way of consideration
4.on the happening of the marriage of the individual.
5. below a will or by way of inheritance
6. within contemplation of death of a payer
7.from any relatives
Relative method
a. spouse of the individual
b. brother or sister of the individual
c. brother or sister of the spouse of the individual
d. brother or sister of either of the parents of the individual
e. any lineal ascendant or nouns of the individual
f. any lineal ascendant or descendant of the spouse of the individual
g. spouse of the individuals refered to in (b) to (f) within the above.
Yes if the amount is more than Rs.50,000/- its taxable.
yes any gift more than 30000 is counted for bequest tax
No it wudnt be tax for the purpose of income tax. Gifts to relatives are exempt underneath the income tax accomplishment. Gifts from non-relatives are included as income under article 56(2)(v) of the Act with effect from September 1, 2004. The deep-seated exemption initially was Rs 25,000. However, gifts from relatives are exempt lacking any limit.
IF you are a key son, then any income you derive from that amount will also not be clubbed surrounded by your mother;s income.
no the gift is not taxable as it is from a blood relative, but any income u derive from this amount will be taxable. Provided u are above 18
In plain spoken communication, NO as the law stands today. But achieve prepared a personal balance sheet, besides your other annexures to the ITR, and folder, to show source of funds and deployment of funds. It is however necessary to quote PAN of your mother. She, contained by turn has to show the source of funds and verbs of funds to you as gift. If she is not an assessee, go and get PAN immediately for her and directory both returns.
Use the opportunity, to file personal be a foil for sheets, reflecting true position of assets and liabilities, as nearly as possible to avoid adjectives complications with the taxman. Get the assistance of a Chartered Accountant for dapper job.Also clutch his advice for maintain minimum required books of accounts, which will be helpful to you within the long run.
Which is the finishing date file the personal income rates?
Question:
Answers:
April 15, unless it falls on a weekend or legal holiday.
April 15th. unless as stated previous .. it falls on a holiday or Sunday, and unless you wallet for an extension before April 15th.
Normally it's April 15, unless that falls on a weekend or a holiday. If it does, it's the subsequent working day.
For 2006 the deadline for file on time be April 17 unless you filed for an extension. That doesn't be going to that if you didn't file, you don't own to. You still are required to file, but you're behind.
31st july
31 st july if there is no audit, otherwise 31st oct
Flooding & VAT?
Question:
Did those poor people who have to purchase sand bags to protect their houses against the floods enjoy to pay VAT on them?
Answers:
I don`t regard that was at the fore front of their worries at the time.
Yes, why should they be exempt....unless the gordon give a special dispensation.
probably, although sandbags weren't a luxury!! then they will also gain charged extra by the water companies too!
LOL
Yes. VAT is charged on virtually everything, including soap, toothpaste and sandbags - and plentiful other essentials. OK, so there a some exceptions - e.g books and food - but the commonly held belief that VAT is a charge on luxuries is unfortunately not true.
I am surrounded by Australia on a working visa holiday. How do I move about just about file a levy return?
Question:
Do I just clutch one of those forms and fill it out or do I enjoy to visit an authorised agent?
Also, what if I take off the country before I hold a chance to database?
Thanks for your advice...
Answers:
Nine months is long satisfactory to be treated as a resident for tax purposes. So, I would strongly recommend you to shift and see a tax agent. They are everywhere and the prices are logical.
Filling the tax return by yourself is not an flowing job. You can miss some details which could be for your benefit. But the answer is simply "Yes" you enjoy to fill that duty return.
You should better hurry up if you are leaving the country contained by two months time. Because you can get a repayment if you end up near right figures.
In here, the financial year ends on 30th June. So, from tomorrow onwards, you can do it whenever you want (before 31st October).
Note for the guy who rate me negatively: I am an Australian and a qualified accountant. Can you tell me please what is wrong next to my answer? Is this just because you are a moron?
look surrounded by here
http://www.ato.gov.au/
The question should really move about back to you - when you pick up "one of those forms" do you know what to teem out?
People go to see registered export tax agents because they need serve to complete tax return forms. Help - any because they're not familiar near the form, they want someone to personally explain what consistent things mean to them, they're not contained by the country right at the moment, they don't want to use e-tax for whatever foundation.
Our individual tax return form is natural - not like the Americans. If you just receive a straight forward salaries/wages, then things can be (not other, ...but can be) straight forward. If you have never see one before, it can be a bit intimidating.
So contained by short, you don't have to see anyone to complete the form. You can do it yourself if you choose to do so, via e-tax or daily form and mail it to the Tax Office.
There is no regulation proverb that you have to use a professional give a hand. In fact, if you see someone to be precise not a registered tax agent (not to be mistaken beside "an accountant"), whatever fees they charge you is not charge deductible.
NB:
Is it OK to ask - how much are we talking going on for here? (Gross, withholding - and super that you will be able to clutch out when you leave the country permanently) Just curious whether the adjectives thing is a worthwhile exercise... If your taxable income is smaller quantity then $6000 - commonly - not always - collectively you DON'T have to lodge your charge return. No you don't.
I am guessing your intention is to obtain some rates refund? So perchance you do want to lodge it, and get the repayment straight into your bank picture.
There is a 180 day rule
if you are out of the country for longer after 6 months you do not have to lodge duty return.
Log on ATO & look for more info as I completed my degree 12 years ago & rules are cosntantly varying
As 30 June is upon us, you should have no trouble lodging a rates return for the 2006/07 tax year. Here's some practical guidance in getting within sorted:
Chase up your employers to fashion sure they send you a PAYG Summary for period worked. If you're on a working holiday visa then you may enjoy moved around, which means previous employer might not have your current address.
Have a export tax agent prepare your return. Yes, you can do it yourself, but you are a non-resident for tax purposes unless faultless criteria are met. It may be that you will qualify as a resident for tax, but agree to a professional advise you. Also, they will know how to assist you with lodging a return for any work you begin post-30 June. It's not expensive and worth the peace of mind.
Follow up on any superannuation contributions made on your behalf. If you leave the country, next there is a process for have these withdrawn. Speak to your superannuation fund to find out what their processes are. Again, if you've changed employers over the visa term, then in attendance may be more than one fund involved.
Go to the Australian Tax Dept web site and you will find adjectives the information you need within. You may even be able to lodge on flash.
If you haven't got an opinion what you can claim etc, go to an agent, near are usually on every corner this time of the year. Another option is move about to the Tax Department in your nouns and ask them to help you riddle it in. I own done it before, and I did procure the best tax discount I ever had.
if it is a straightforward import tax return, i would use etax, you download it from the ATO website. if you use those forms you get from the newsagent etc, you hold to pay money to lodge it, whereas etax is free, and it can also be faster. if you lodge it as soon as you can, you should enjoy no problems receiving it beforehand you leave surrounded by two months. I wouldn't bother going to an agent unless you have something complicated. when you use etax, or those forms (taxpack) in that are lots of additional instructions and info for respectively question, so you should be capable of do it yourself. if you have any problems, you can also ring the Tax Office and ask someone.
What humane of currency is used contained by the UK?
Question:
I'm planing on buying some merch. from the UK via mail,i found some Fred Perry for lb29.99 and i want to know how do i convert their money to US currency,and would i recompense th UK tax rates as ably?
Answers:
The pound is the currency what being used surrounded by UK. Today's closed exchange rate is one pound = $ 1.9992, which means it might cost you $60 for that product you want to buy. If you are gonna wages that by your credit card, usually the credit card company will convert it for you based on that day's currency exchange rate (but, some fees might be applied depends on your card, so name first). Sorry, I don't know about the tariff thing. Good luck.
The rate is almost 2pounds to a $ i.e. it will cost you $60 plus credit card charges.
look for a currency converter on yahoo or G00GLE it. There's no sales/vAT tax to recompense as its a export.
Are proceeds from a litigation settlement taxable?
Question:
Answers:
Per IRS Publication 525, settlement income is taxable or non-taxable depending on what it replaces. Lost wages/back pay, copyright infringement, and punitive damages are adjectives examples of taxable settlements, while settlements related to physical illness or injuries (including medical malpractice) are non-taxable.
surrounded by general punitive damages are taxable whereas compensatory damages arent
depends on the litigation.
Help me out?
Question:
I want to know the sight from where on earth I can gain knowledge in relation to ESCI/ PF IN DETAIL on behalf of the employer.
Answers:
For ESI
http://www.helplinelaw.com/docs/emp-stat...
For PF
http://www.helplinelaw.com/docs/main.php...
You want to know the sight from where on earth you can gain knowledge on the subject of ESI / PF IN DETAIL on behalf of the employer.
http://www.helplinelaw.com/contactus.php... this web site can facilitate you to gather the comprehension about Real Estate, Wills, Probate, Trust, Business, Commerce, Intellectual Property, Bankrupt, Banking, Finance, Corporate, Private Business, Recovery, Joint Venture, Mergers, Consumer, Civil Right, Medical Negligence, Medical Malpractice, Taxation, Labour/Criminal/Immigration, Family, Child Adoption, Marriage, Divorce.
What you hold to do? Just Log on to http://www.helplinelaw.com/contactus.php... and registered youself .
In addition to these sites, you can refer to books too, and contact the head of these offices for serve!
Should I still directory my taxes even if I am historic the deadline and did not folder for an extention?
Question:
I am late to database my taxes because I fogot about it and did not folder for an extention. Should I still file my taxes? Incidently, I don't owe anything and live overseas. But I mull over the question should be answered to the generic point that if one forgot to database when and if should then do so?
Answers:
Yes, you must folder. If you file after the deadline you may be subject to penalty and interest for late file and late giving but you still must file. If you are due a repayment there is no cost for late file.
Since you are overseas it's entirely possible that the IRS does not have adjectives of the information necessary to figure your true tax liability. If you don't wallet they'll estimate your tax liability from the restricted information that they do have available and assess your taxes base upon those numbers. This will often result surrounded by a tax debt where on earth you are actually entitled to a return.
You should file your return ASAP to prevent any misunderstandings beside the IRS.
yes send it anyway or they will create sure you owe something
did you get a w2? did your employeer dispatch you a 1099, (self employeed)? the point is unless you earned your income on a brass basis and irs have no idea you exist, yes you should directory.. if you would have have a refund coming and a moment ago dont care just about it, file anyway.
it's only a really good need to get into, doing taxes your i.e.. AND you should always report because of the way the IRS compouds interest; and once they enjoy you, man, they have you!
beside all that self said, don't make a mountain out of a mole hummock. if you arent a dependent on someone elses taxes, and don't care give or take a few any refund you may hold had, blow it sour. but you need to receive in the dependence of doing your taxes; and don't be suprised if you don't get bit subsequent year for not filing this year! hope this help GL with it!
properly you can file your personal income taxes beside in three years lone if you are claiming for a refund (money back), however if you owe the political affairs money a balance due to IRS you will own to pay the in arrears fee for file late and for paying behind, unless you can prove otherwise in written agreement. and by the method if you income for the entire year is under $8,000 you do not own to report it unless you want money back (refund) from IRS.
You may not owe anything but might enjoy something coming back. Do you hold a copy of your tax return? Do you enjoy W-2s and other tax documents for the years you requirement to file? If you are missing any crucial due documents, you can request copies of your tax documents from the Internal Revenue Service for free.
An experienced excise professional, on the other hand, can relief you deal near the IRS. The best way to find a import tax pro is to ask your friends, and find a professional with significant experience surrounded by preparing back taxes. Good reason to hire a tax pro: if you necessitate advice on how to button incomplete tax documentation, or an propose who will negotiate with the IRS on your behalf.
Either process, you'll be doing plenty of work yourself, such as tracking down missing information
Go ahead and file. If you don't owe anything, near won't be a penalty for file late.
If someone forgets to profile, they should do so as soon as they can when they remember.
Yes, you can and should file as soon as possible. The IRS will NOT penalize you for a behind file, even short filing an extension request, as long as you owe zilch or have a compensation due to you.
Yes, you need to report. If you owe nothing or hold a refund coming, nearby will be no penalty.
What is the rates conswquence if I discount an expense which is subsequently reimbursed by a third do?
Question:
I need a citation to the Internal Revenue Code or Reg.
Answers:
You may be required to include all or quantity of your deduction as income surrounded by the year of reimbursement. The amount of income will be the amount of the deduction that resulted within a tax benefit to you. It is usually enter on Line 21 Other Income of Form 1040.
This is called "recovery" and is discussed surrounded by Publication 525. Several examples are included, see page 20.
http://www.irs.gov/pub/irs-pdf/p525.pdf...
You would deduct it within the first place only if you don't expect to be reimbursed for it. If it be later reimbursed, you would claim it as income.
That would depend upon who reimbursed you. If you took a medical expense speculation that was following reimbursed by your insurance then it would be income. However if a friend or inherited member reimbursed you that would be considered a bequest to you with no toll consequences.
I've hear that Australian citizens can, once they've enter the U.S., travel anywhere they want contained by it free.
Question:
Is this true? Proof from a government website?
Answers:
no they enjoy to pay.
once you enjoy entered the United States legitimately, you are free to go any where on earth in the 48 connected states. If you want to dance to Hawaii you would have to embezzle a plain or boat and that would require you to show Identification. And If you want to go to Alaska, you any have to cart a plane, boat or cross the border through Cananda which also requires you to show ID. We don't stop people on the street for no adjectives reason to ask for Identification. Only at the borders. We also close to Australians, come visit any time you want.
After you own entered the United States lawfully, you are "free" or allowed to go anywhere in the country. You have to wages to do the travelling but are allowed to go anywhere, between the states.
We do own some toll roads and toll bridges.
Some people do hitch-hike around but I wouldn't recommend doing it. There are a small number of weirdos roaming the highway that don't spend all their time on RunEye.com.
Not true, if you aim without charge. They'd own to buy tickets on whatever manner of transportation they chose, or rent a car and reimburse the rental.
If you mean free of travel restrictions, afterwards yes they can.
What does FICA represent to you?
Question:
Answers:
Thievery
A giant pyramid scam.
The last dollar within my retirement plans.
Federal Insurance Contributions Act.
Also Insurance that I have to buy but will never collect on.
F(ederal) I(nsurance) C(ontributions A(ct) is a export tax used to fund a social insurance program. Many people who did not take-home pay FICA taxes receive benefits: nonworking spouses are entitled to receive Social Security benefits, widows and dependents are entitled to receive Social Security benefits. Contributions (FICA taxes)from high income workers travel to subsidize low income workers' Social Security benefits.
Can a character soul minister to predict my income after import tax within UK?
Question:
I'm moving to England for a new duty in a couple months and surrounded by order to back predict my budget etc. I'd like to know a ballpark of what I'll be truly taking home as far as my paycheck. In the States, I do not get much more than partially of my annual salary. So, my net is 25K pounds (sorry, can't locate the symbol for pounds), can anyone give me an belief how much will go to levy? Thank you!
Answers:
You will keep in the order of lb20,000 k if you are on the PAYE (PAY AS YOU EARN) scheme. If your remunerated from abroad or not staying to long later look here:-
http://www.hmrc.gov.uk/pdfs/ir20.htm...
pride park in derby
guestimating - at that salery - you will lug home after tax aprox lb20 k - so long as Prime Minister Brown's replacement isnt a misery in the backside
22% Income due first 3 grand tariff free
17.5% VAT value added tariff on non essentials
loads on luxery goods, stay in attendance if you smoke, it's not worth moving, 8 bucks a pack!
80+% on petrol/gas
But free health attention, benefits if things go **** up and no actual poverty that isn't caused directly by alcohol and drugs.
lb25K is abundantly of dough here.
You will pay around 25% of your earnings in export tax and national insurance
As far as I know 25% goes on income excise.Then you national insurance and city tax too.
going on for 30% will go contained by tax and NI
A earnings of lb25,000 will cost you -
income tax of lb4,082, and
national insurance of lb2,175.
The web pay would be lb18,743 or something like lb1,562 a month.
All this assuming that there are no special exemptions because of your circumstances.
not reasonably sure what all the rules are for empire cming into the UK but the general view is your tax code eg 522L shows your reward adjustment (free pay contained by this case cos its not a K code) so you'd be allowed lb5220 in the past you are taxed below the PAYE cummulative system.
25000 - 5220 = 19780
tax at 10% on lb2230 = 223
duty on next (lb19780 - 2230) =17550 at 22% = lb3861
PAYE on lb25000 is (223 + 3861) lb4084
NIC
income threshold is lb5035
eveything above 5035 is NICable at 11%
so NIC is (25000 - 5035 =19965) lb2196
total deductions is 2196 + 4084 = lb6280
25000 - 6280 = lb18720
if you catch paid monthly lb1560
if u bring paid 4 weekly lb1440
fortnightly lb720
weekly lb360
according the chancellor's budget charge is gonna change from april subsequent yr and there wil no longer be the lower rate of 10% so will trademark a change within take home settle.
all calculation are on the assumption of no other deductions or you joining a allowance scheme.
Can someone post me rate of depreciation surrounded by relation to income excise for AY 2007-08?
Question:
Assets are depreciated due to wear and tear. These are depreciated as per the rates specified by the Govt of India.
Answers:
Member since: December 25, 2006
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moon
S
Depreciation u/s 32 of Income tax Act tell the following.
Rate of depreciation for plant and machinery.
Cars 15%
Buses, lorries and taxies used in the business of running them on hire, P&M used surrounded by semi conductor industries,moulds used in rubber and plastic products factories and natural life saving medical equipment.---------30%
Aeroplane and existence saving medical equipment and P&M which thrill conditions of Rules 5(2)----------40%
Containers made of glass or plastic tentative commercial vehicles acquire during 2001-02 and put to use before 31.03.2002 and P&M of textile industry purchased beneath Technology upgradation fund scheme between 1.04.2001 and 31.03.2004 -----------50%
Ships ,Vessels speed boats------------20%
Computers, books owned by a professional (other than annual publications)-------60%
Energy in your favour devices, renewal energy devices, gas cylinders-----------80%
Air/water pollution control equipments, P&M acquire and installed on or after 01.09.2002 in a hose down supply project or water treatment system, cinematograph films, bulbs of studio lights, books man annual publications owned by a professional, All books of lending libraries-----------100%
Other P&M------------------- 15%
All rates are to be applied surrounded by WDV basis