Hi,

I was a salaried employee until May this year and have now turned to being a fuilltime freelance writer. This comes with its own issues of learning how to calculate and pay income tax. I have a few queries that I need help on. Request your help on these.

1. Will my income (from salary for the year include my March salary, that was credited in April) or will it only be calculated from my April salary (credited in May) for purposes of calculating my taxable income?
2. I am earning a living from writing for clients abroad and being paid on a contractual basis for my work. Does this make me eligible for some tax rules for earning money in foreign currency? In other words, do I have to pay more tax for earning in dollars or does the standard rate apply?
3. Do I need to pay advance tax?
4. What is the easiest way in which I can compute my earnings and tax to be paid? I do not know any CA and hiring one is too expensive since I am not earning much right now? Can expenses like rent, telephone and internet bills, society maintenance charges etc. be claimed as deductibles? What all can be claimed as deductibles/expenses?
5. I stay in Ghaziabad/Noida? Is there anyone you could refer me to who could help me with this calculation and payment of tax at a reasonable rate?

Requesting your help in this baffling issue.

Regards,

Anthony

A person not filing Income tax returns claims that:-

He received cash loan from friends for five lacks two years back., and this money he claims that he gave as an interest free loan to a friend for business need.

1) Whether he has erred in not filing the IT return = which section.

3) So he has also not filed advance tax return.

3) Now whether the money received from unknown creditors will be treated as his income. which section.

Please guide.

Sir if my Bank has MICR code, but i did not filled it in my return and giving nine 0 in that place and choose the option no for ECS return. Now I am afraid that whether i will get my refund or not?

I have got 23.00 lacs out of my share in the ancestral(father's name) property being sold in the year 2012-13. i m a government servant and have no other income besides my salary for which TDS is being paid directly by my employer. Also the above mentioned ancestral property was old one purchased by my father in 1980 and after he expired in December 2011, the legal heirs including myself being the nominees inherited the same in the year 2012-13 and subsequently sold off the same in 2012-13 itself. further i have invested the whole amount in purchasing a new house for myself.Kindly guide me whether the gains arising from this sale is eligible for the exemption under section 54 even though my holding period in the said property was less than the mandatory 03 years. if exemption cannot be claimed due to less holding period, then under what section can i claim exemption for the gains.

My gross salary for 8 mnts from 01.08-31.03.13 is Rs 349600
HRA for 8 months 96000
Gross total income = Rs 445600
Mediclaim=1700
Deduction u/s 80c=6240
net taxable income=437660
tax on net taxable income=23766
add: education cess=713
tax payable=24479 for 8 months
tax p.m=3060

above is the break up provided to me

what are the documents to be submitted for nil tax per month

i have my own Lic amounting to Rs 6000 pm & my parents having too can i get deduction for that

Having mediclaim policy of Rs 8000
what else i have to submit for 0 tds

please can anybody help me with amount break up & details.

Thanks in advance..

Sir after filling belated return, then is it possible to file revised return in future?

Can any body tell me what is the Tax applicability on Art work like Paintings, sculptures, etc. may be of professional artist possessing qualifying degree or not, ??? i mean on such work whether it is considered as Taxable service n taxed under Service Tax or whether it wd b treated as Manufacture (as such thing fulfills the conditions of movability & Marketability) so Excise duty ll b applicable, n if so then whether VAT is applicable or Woks contract tax would be applicable (both Service Tax n VAT wth reduced %)????
& if Service Tax is applicable then while purchasing such arts/paintings/sculptures to keep them into commercial premises as showpiece or else by Assessee (on whom Tax Audit provisions r applicable) needs to deduct TDS u/s 194J ????

hello experts,
My total income is less than 5lacs, but I had to claim for the house rent allowance, medical bills etc through return of income under section 139(1),but I failed to file the return .Now my query is whether I can claim these deductions through belated return.I am a salaried employee and I did not furnish the documents before the due date required by the company as a result more tax was deducted from my account.
thanks you very much.

WHAT IS THE DUE DATE FOR PAYING PROFESSION TAX & FILING THE RETURN-CUM CHALLAN ? IS THERE A PROVISION LIKE IF THE PT PAID LAST YEAR IS LESS THAN RS FIFTY THOUSAND THEN THIS YEAR THE TAX TO BE PAID YEARLY ? WHAT IS THE EXACT DUE DATE ?

Hi I filed a IT return online for a salaried person in last month but has not send the acknowledgment to the IT office. Now he wants me to avail some more deductions under 80C.Therefore I have to file the return again.
In this case as the acknowledgment for the previous filing was not send to the IT Dept , should I file the return as ' 11-Before due date 139(1) ' OR as '17-Revised 139(5)' (as given in the excel template) ?.

Kindly help

Thanks

Rahul