The Tax Preparation Blog

Archive for March, 2006

Question: What is the income tax rate for capital gain to a non resident indian?

A non resident indian has sold a inherited Urban Non agriculture Land in india. What will be the tax rate on such capital gain in india? Is he liable to file income tax return in india if the purchaser has deducted TDS while making Payment?

Answer: Payment of LTCG tax @20% along with interest, payable by the NRI, is the responsibility of the buyer. Hence the buyer must deduct tax at source.

The NRI is liable to file income tax return in india.

HMT

Budget 2010: What the aam aadmi wants

Citizens of the country are hoping that the FM pays heed to their wishlist during this Budget session.

Question: Last date for professional tax?

Kindly let me know the last date for filing the returns of Professional tax for the second half year 2007-08 under corporation of chennai

Answer: Last Date 31/03/2008 Professional tax of employees to be deducted from salary

Hyatt Continues Building Presence in India’s Large and Midsize Markets with 2011 Hotel Openings and Expansion of …

CHICAGO–(BUSINESS WIRE)–Hyatt Hotels Corporation (NYSE: H) today announced that Hyatt affiliates have signed management agreements for nine new Hyatt-branded hotels in emerging cities across the country. This continued expansion in India brings the total number of Hyatt hotels under development there to 38. The agreements cover three Hyatt brands: a Grand Hyatt hotel in Noida, Hyatt Regency …

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IRS offers its top 10 tax time tips

While the tax filing deadline is more than three months away, it always seems to be here before you know it. Here are the Internal Revenue Service’s top 10 tips that will help your tax filing process run smoother than ever this year.

Bookkeeping for the Self Employed Tracks Income & Expenses Automatically and Free

Question: want to know Professional Tax Rate In West Bengal w.e.f 01/04/2008?

Answer: West Bengal (not the current rates)
!,500 or less- Nil
Rs. 1501 or more but less than Rs. 2001- Rs. 18 per Month
Rs. 2001 or More but less than Rs. 3001 -Rs. 25 per month
Rs. 3001 or more but less than 5001- Rs 30 Per month
Rs. 5001 or more, but less than 6001-Rs. 40 per month
Rs. 6001 or more , but less than 7001- Rs. 45 per month
Rs. 7001 or more but less than 8001 – Rs. 50 Per month
Rs. 8001 or more but less than 9001 – Rs. 90 Per month
Rs. 9001 or more but less than 15001 – Rs. 110 per Month
Rs. 15001 or more but less than 25001- Rs. 130 Per month
Rs. 25001 or more but less than 40001- Rs. 150 per Month
Rs. 40001 and above – Rs. 200 per Month

This is rate which is used by West Bengal State Tax on Professions , Trades and callings and Employment Act 1979 .

Forum for India Taxes http://www.mytaxes.in

Horror accident survivors move on

“WE CANNOT change the cards we are dealt, just the way we play the hand.” These were the words of Dalan Phillips, one of the survivors of a horror crash in 2002 that claimed the lives of a Selborne teacher and four schoolboys.

Question: Given income, find tax and tax rate (ASAP!)?

If I have an income of $100,000 how do I find my tax and tax rate using the 2008 Federal Tax Table? (This is for school so I need steps so that I can understand this please…I really don’t get it.)
i know i have that already and i dont get it. the rest of my class is initially subtracting $78,850 and i dont understand why

Answer: Snag a copy of the 2008 version of Pub 17 and a Form 1040. Follow the instructions.

Pub 17: http://www.irs.gov/pub/irs-pdf/p17.pdf

Form 1040: http://www.irs.gov/pub/irs-pdf/f1040.pdf

Form 1040 Instructions: http://www.irs.gov/pub/irs-pdf/i1040.pdf

The best way to learn it is to do it.

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Ron Paul Las Vegas Tea Party Part Three