| India Taxes |
| What is the cuurent rate of income tax in india? |
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The present Income Tax Rates for Financial Year 2005-2006 are as follows -
For Individuals ( Women )
Income not exceeding Rs.1,35,000/...... |
| How income tax calculated if annual aanual incum is 1,07,000 Rs? |
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If Assessee is Male(not a senior citizen) taxliability is
I 1,00,000/- not taxable.
II 7000/- taxable@10% and Educat...... |
| We are a private company. we have purchased bricks from un regd.dealers. are we liabil to pay tax u/s 6A? |
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If you are purchasing from an unregistered dealer you need to pay tax.
Now the issue is VAT is introduced in most states so the implicati...... |
| What is MAT tax ? where it is applied? where will the sensex market go? |
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You have asked two different questions:
A) What is mat? Well MAt means Minimum Alternate Tax. The provision is applied on Companies. It say...... |
| Why student has to pay servce tax besides they are not paying income tax.? |
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Remember Service tax is Indirect tax that is levied not directly on the consumer but the SERVICE PROVIDER .The service tax is charged on the...... |
| Quarry about Taxation of Transfferable shares? |
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There will be no tax if all those shares are listed on any stock exchange. Rate of tax on Long term Gain on Shares is NIL...... |
| Can Karta of HUF can gift the shares of Company held by him to HUF, if so what is Gift implementation on HUF? |
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This is a matter of interpretation.
As per Section 64(2) of the I T Act, income derived from such shares shall be treated as your income....... |
| Who pays fringe benefit tax ? |
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an employer providing fringe benefits to his employees collectively is liable to pay fbt
employer includes:
1. a company
2. firm
3. ...... |
| Do I need to pay capital gains tax even if my total income does not come under tax bracket? |
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No and yes.
If there is long term capital gain on Shares, its EXEMPT.
If its other Long term capital gain and total income is less than RS...... |
| Stying at mumbai in a rented place, can i buy a home (loan) at my native place and claim tax savings on both? |
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Under the I T Act, yes you can claim benefit given to an individual if for reason of occupation he can not reside in the home he purchase. Y...... |
| How many residential status are there in india according to income tax law ? |
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an individual and HUF have three residential status.
these are:-
resident and ordinarily resident
resident but not ordinarily resident
n...... |
| What is ModVat? |
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MODVAT refers to an excise duty scheme introduced in 1986 for allowing relief to final manufacturers on the excise duty borne by their suppl...... |
| Since when NRI status rule changed.What does the new rule says.? |
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I am afraid your observation is not correct.the correct poistion is
An individual is said to be resident in India in any previous ye...... |
| I own shares of some companies bought in 1994. I became an NRI in 1995. I can't sell them as I do need? |
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These days, the purchase and sale of shares very easy. Ask your brother to bring out forms of opening accounts with online brokers.You open ...... |
| On what basis i need to pay the tax for Govt? |
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You don't HAVE to pay it, but "they" will make your life miserable if you don't.... you can't hide from them forever...... |
| Will medical reimbursment included in Gross salary? |
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Here 2 things are important
1) Is employer having medical Insurance scheme, wherein medical exp is being reimbursed? If the answer is yes...... |
| If i invest NSC on 15th April 2006, will I be taxed on maturity for this NSC? |
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See, the interest from NSC was talways taxable. There was always option with the individual to show interest as income every year or the tot...... |
| How calculate salary? |
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Hey, if you are earning salary in india, the question is without bare minimum details becuase for tax purpose, on eneed to know many items o...... |
| Where can i invest money from sale of inherited property to avoid capital gains tax ? |
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See, there are lots of issues which determine the taxability of capital gains under I T Act1961 .You have not given complete detail.
Pr...... |
| What are thechanges in latest indian budget regarding capital gains ? |
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There are two changes
1. Section 54 ED has been scrapped which provided that in case that the capital gains arising from transfer of long ...... |
| What about fringe benifit tax? |
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The imposition of fringe benefit tax that proposes to tax companies on perquisites...... |
| What is Excise/Excise Duty? What are the rates applicable for Pharmaceutical Comapnies of India ? |
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Excise duty is a duty on manufacture,
The general rate is 16% + 2 % education cess
However it changes acc to the classification of th...... |
| WHAT IS vat? |
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It is Value Added Tax. For instance if Government put 10% vat on something and if that thing costs $100 you have to pay $110. That extra $10...... |
| $299.99=?rupees? |
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U.S$1= 45 INR (current exachange rate)
THEREFORE, U.S $299.99= (299.99 X 45) INR
= 13499.55 INR
...... |
| Is biofuel beneficial? |
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no - takes more energy to make than it produces. At this time it is good to research, but not mass produce....... |
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