Dear Colleques
For the year 2007-08, I was partly employed and partly in consultancy. I have interest income, salary and income from profession. Which form of ITR should I use
Thanks
Trisha Bedi
(CA)
(78 Points)
Replied 07 April 2008
ITR IV is used if u'r having income from Business as well Other sources!!
Shefali Bajpai
(Article Assitant & CA Final Student)
(1148 Points)
Replied 07 April 2008
ITR - IV shall be applicable.
Pushkar Kumar
(CA FINAL)
(145 Points)
Replied 07 April 2008
As u have income from business & profession as well as other income also ITR-4 is the appropriate form for u.
Shefali Bajpai
(Article Assitant & CA Final Student)
(1148 Points)
Replied 08 April 2008
ITR 7 is applicable for Societies/Trust.
narinder
(C.A.)
(38 Points)
Replied 09 April 2008
@ sbajpai
pl guide me about tax rates also for society ( a temple )not having exemtion u/s 12A . surplus is of 52000/-. can the sec 11 be applied on suplus?
narinder
Neha Abhineet Kesarwani
(student)
(22 Points)
Replied 11 April 2008
is interest on saving bank deposit eligible for deduction under 80C
Shefali Bajpai
(Article Assitant & CA Final Student)
(1148 Points)
Replied 11 April 2008
No. Interest on Savings Bank is taxable under the head Income from other Sources.
Shefali Bajpai
(Article Assitant & CA Final Student)
(1148 Points)
Replied 11 April 2008
@ CA Narinder
Societies are taxable in the status of AOP and different rates of tax are applicable to the income of an AOP in different circumstances:
A. Individual shares of members in AOP are not determinate:
i. Where the total income of any member of the AOP is taxable at a rate higher than the maximum marginal rate-Rate of tax is such higher rate.
ii. Otherwise-30%
B. Individual shares of members in AOP are determinate:
i. If total income of any member is not higher than Rs 50000/- (excluding share from AOP) and no member is taxable higher than 30%- Rate of tax on total income of AOP is the rate applicable to individuals.
ii. If total income of any member is higher than Rs 50000/- (excluding share from AOP) and no member is taxable higher than 30%- Rate of tax is 30%
iii. If any member is taxed higher than 30%, then (a) Tax on the portion of total income of AOP that is relatable to the share of such member is levied at such rate higher than the 30%, (b) tax on the balance total income will be 30%.
Regards,
Shefali.
Pushkar Kumar
(CA FINAL)
(145 Points)
Replied 12 April 2008
Interest on bank deposit is not deductable under any section.
it is taxable under head Income from other sources.........
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