The Tax Preparation Blog

Archive for November, 2010

Question: How PAN no is usefull for me.I am a NRI.if i send money to india from uk will they deduct money from my accoun

will Income tax department deduct my money if im nri and sending money to my indian NRE icici or hdfc account..could u please suggest me the answer..
and my father earns 1 lakh 52000 rupees per year is it taxable..and if he applies for a pan number is it a good idea..
people are saying that Income tax department will cut 30000 rupees for every 1 lakh rupees of income..can u advice me regarding this please..i appreciate your answer

Answer: No tax will be deducted for the money sent by you from UK or no tax has to be paid on this amount. Because the amount sent by you from UK is not an income of your father or mother will only be treated as gift. And at present no gift tax on NRI gifts. Gift tax is only on the gifts within India. At present there is no need for you to have a PAN. If you wish to have a PAN number, it is OK. It will may be useful in future.

Regarding your father, I advise him to take a PAN number. If your father’s age is >65 years (Senior Citizen), then he is eligible for Rs. 1,95,000/- tax free income. (Last year it was Rs.1,85,000/-). If his age is <65 years, then he is eligable for Rs.1,10,000 tax free income. (Last year Rs.1 lakh).

From now onwards send money to your mother. Then the income earned on that money will be your mothers income and she is individually eligable for a tax exemption of Rs.1 lakh 45 thousand. (Last year Rs.1.35 lakhs). If she is also >65 years then the exemption for her will be Rs.1.95 lakhs.

DDA to launch Housing Scheme-2010 from Nov.25

New Delhi, Nov.19 : Delhi Development Authority will be launching the “DDA Housing Scheme, 2010″ from 25th November to 24th December,2010.

tax guru 4th oct 2008

Question: The congress approves change in ATM just before new year, have tax preparation softwares in the market updated

Answer: AMT not ATM.
They’re working on it, and updates are available online when you sign on with them. Doesn’t affect most people. Some credits arent’ available with some forms until mid February.

Superglass Hldg PLC – 2010 Preliminary Results

Superglass Hldg PLC – 2010 Preliminary Results

Tax Marketing 101-Marketing Resource

Question: Should severance pay count as employment earnings for Unemployment Claim?

I was laid off last November 2008 and from December 2008 to March 2009 I was receiving “severance pay” from the employer that laid me off. The California Unemployment Office first counted the $14,000+ of severance pay for that 4-month duration as income for the last quarter earning thus giving me a larger weekly claim.

They recently sent me an amended claim stating that the $14,000 will NOT count as income in the last quarter of 2008 thus reducing my weekly pay from $474 to only $370.

My question is shouldn’t that severance pay count towards my last quarter earnings? Does severance pay not count at all when calculating someone’s earnings? I am being taxed on it and at a very, very high rate (25%).

Thanks!

Answer: Dear S: Unfortunately it’s CA game and they make the rules. A double hit as the IRS taxes it and unemployment pay. This year ’09 the first $2400 of unemployment pay is not taxed.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

Signet Reports Third Quarter Profit

HAMILTON, BERMUDA–(Marketwire – 11/23/10) – Signet Jewelers Limited (“Signet”) (NYSE: SIG – News ) (LSE: SIG – News ), the world’s largest specialty retail jeweler, today announced its results for 13 weeks (“third quarter”) and 39 weeks (“year to date”) ended October 30, 2010. Third Quarter Highlights: — Same store sales: up 7.2%, US division up 9.7% — Income before income taxes: $12.0 …

California Joblessness Reaches 70-Year High

Question: california state taxes: do dependents have to file a state tax form?

i am asking this for my mother…

my little brother is trying to fill out the 540 ez form for state taxes but i read this form that says that if you are a dependent there is a different requirement for filing…what is this requirement?

http://www.ftb.ca.gov/individuals/FileRtn/7.shtml?Submit=Continue#6

can someone please explain what link is trying to explain…i am not understanding!

Answer: If you can be claimed as an exemption on another person’s tax return, you can’t claim yourself on yours. Your brother is worth a lot more as an exemption on your parents return than on his own.

Biz Beat: Shift to higher sales tax eyed

A key member of Gov.-elect Scott Walker’s transition team is floating an increase in Wisconsin’s sales tax as a way to stimulate the economy and create jobs.

California Gov. Jerry Brown’s Prop 13 Address: June 8, 1978

Guelph Area Event CalendarWaterloo Region Event Calendar

Here is a list of things to see and do in the region.