Transaction Income Tax Question

by Anil
(Delhi)

Transaction Income Tax

How much transaction will take search income tax in state bank of india?

Income Tax Claims

Can I claim my 38 year old son as a dependant if he lived with me all year and hasent worked? Can I claim my grandaughter if she lived with me all year?

Income Tax on Monthly Cash Payments

by Manoj kumar
(Bangalore)

I am working from home using my PC. My friend is allotting the software work and paying me in cash according to the work done on a monthly basis. which IT form should i use to file IT return. Is this payment can be considered as salary income or .......Please reply. should i need to buy any certificate of payment from my friend as income proof.

Income Tax From Previous Years

by Vishwa
(Pathankot)

Mr. Mukesh submits the following particulars in respect of his income of previous year 2010-11.

Income from Business 1,05,000

Interest on Govt. Securities (Gross)25,000

Interest from House Property 35,000

Net Agricultural Income 10,000

Compute Income Tax payable by Mr. Mukesh for the assessment year 2011-12

Income Tax and Bankruptcy

Does Canada's Bankruptcy Act allow a full discharge of federal income tax that's in dispute for many years now and placed in abeyance by CRA pending a federal court decision that hasn't even been scheduled ?

Income Tax Defalut

by RajeshChand
(Bangalore)

My Dad was running a business fro 25 years in Bangalore before he closed it down 4 years back. During that time we had Income tax raid and he was asked to pay for Tax default. The case went on for years and is still pending in court. Dad finally applied for insolvency couple of years back in court but the case is still pending. Now that my dad has expired can the Tax liablity pass on to sons?

Regards

Raj

Income Tax Evasion

My husband died and had failed to file income taxes for over 20 years. He owned a home. What can happen now? Thank you so much?

Income Tax for Ex Spouse Due To Court Order

by Thomas Locke
(Lancaster, Oh USA)

Can I led claim my diabled wife as a dependent if I provide her with 100% of my retirement? It exceeds 75% of her income.

Income Tax on Inheritance

I will receive my parents estate at their death--will I have to pay income tax on the estate? the estate includes a house, CD's,cash, and Money Market accounts--total value is appoximately $300000.00 . If I do have to pay, do I have to pay on total amount including house. How can I limit my tax liability--can parents start gifting me money now.
Gail

Income tax owed to IRS (state of PA)

If you took your 401(k) money and lost it gambling and don't have anything left how do you afford to pay the IRS?

Income Taxation problems

by Rajeev
(Gurgaon)

My brother`s family and mine lives together in a common accomodation,purchased jointly. We spend without any calculation. There is no record of each others expenditure on anybody. However, while filing income tax returns, we file seperately as Individuals....please suggest, if it is not right as we do not know...may be my brother has spent more as his salary is just double to that of mine.

We claim income tax rebates individually in seperate ITR forms....need your suggestion....

Income Tax for Indian Government Money

by Abrar
(Hyderabad)

How much money does indian govt. collecting through all sort of taxes per year??

Income Tax On Monthly Basis

by Manoj Kumar
(Karnataka)

I am doing software work from home using my PC. My friend is allotting the work and pays me according to the work done on a monthly basis. Is this income can be considered as salary. When filing IT return which form should be used. He is paying me by cash.

Income Tax on Sold House

p sold a house property on 30th november ,2010 for rs.650000. he had acquired this property from O under a will on 1.6.1991 and expended rs.19900 on its improvement in 1991-92. compute p's income under the head of capital gains for the assessment year 2011-12 assuming that O had acquired this property at a cost of rs. 40000 in 1981-82 and further spent rs. 15000 during the same year on its improvement . the cost inflation indices are as under : 1981-82-100, 1991-92-199,2010-11-711?

Income Tax For Guest House

Hi, I have a house to give it for rent. If I am giving it to Company for guest house purpose, how much tax would I be expected to pay?

Income Tax For Selling a Property To Blood Relation

Dear Sir,
My father bought a plot in 2003 in Lucknow on the name of my younger brother as I was out of India. Last year registry was completed on my brother and his wife name. I paid all the bill from beginning to the end for this plot from my NRE account. Now I want that plot to transfer on my name. Could you please let me know if my brother has to pay any income tax or which is the best way to pay minimum income tax.
Thanks a lot.

Income Tax on Money Coming From Property Sold Abroad

Hello. Please help me with this question. Do I have to pay income tax if I sell my real estate property overseas and buy a house here in US with those money. The second scenario is if my mother gives me money as a gift and i purchase a house here in US on those money. Thank you.

Income Tax Refund Taxable

Is my federal income tax refund taxable in the following year?

Is my State income tax refund taxable in the following year?

Income Tax Refundable

by RAJ
(Pune)

I am running a firm. last year my turnover was 25crs and i paid 24lacs tax. this year my turnover is 23crs but after deducting advance tax n all i have income tax refundable this year. What does it mean?

Income Tax Withholding

by Jane Doe
(Florida)

I live in Florida but work in Massachusetts. Do I still have to have Mass income tax withheld from my check?

Tax

I am limited Co and have been subcontracting to a large Co for 4 years. They have been paying me gross weekly and I have paid tax annually. In July 2011 the tax office contacted the company informing them they should have been deducting 20% of my payments for tax since April 2009. Since then they have witheld all payments to me.
Although I agree with them witholding payments until they collect the tax due from April 2011 until present date. This figure was reached within 3 weekly payments. However, they are still witholding all payments 9 weeks later.

*Can they keep 100% of payments for tax?
*Can they collect tax money for 2009 and 2010?
*How can I get my money from them?

Tax Calculation

by syed asad hassan
(brooklyn,ny,usa)

How much is my individual tax due if my annual income is $28000.00 and I am living alone in brooklyn ny and my also how much is late filing penality? thanks

Tax Consequences For Taking Loan on 457 deferred comp account

by Erin
(Phoenix, AZ USA)

I am taking a small loan of 1450 from my 457 deferred comp account and am wondering, what might the federal tax consequences be when I file for my 2011 tax return. Presently I file as head of household and recieve a percentage of the earned income credit, childtax credit and this year will have mortgage interest as well. I usually receive about 4,000 for my return and ma wondering if this loan will have a large impact on that since taxes won't be withheld and the interest I am paying on the loan will go directly into the deferred comp account.

Tax exemption

by Daniel
(Massachusetts)

Hi, I was wondering if it was ok to change my claim status to exempt just for the rest of this year so my taxes aren't taken out. I'm on disibility and I need all the money I can get.

I have been paying my taxes for all of 2011 and was wondering if that is a smart choice to make the change. I don't understand the language that goes along with the status changing as in no liability and so fourth so what's you opinion?

I was expecting to get a refund when I file next year if that helps. Thank you.

Tax Witholdings

by Jennifer
(Iowa)

If my husband makes 36000.00 a year, how much taxes would he have to have withheld if he does not want to owe to the government? Right now he is paying about 250 in taxes federal and state bi-weekly.

thanks

Taxation

by Tom Lupi
(Toronto, Canada)

In 1978 my great aunt created 2 trust funds jointly managed by my mother and her sister and a bank. The trust provided them income thru the years and was to be dissolved on either of their deaths with proceeds being paid out to the 5 children equally.

My siblings and I were born in the USA to an american citizen. We were raised in Canada as my father was Canadian.

When these trusts were created, we were required to apply for a social security number, which we did. My brother and I, having stayed in Canada all our lives, have never used the SS#...

My aunt has recently died, so the bank is going thru the sale of the assets for the trust my aunt was co-managing.

My question is, will there be a witholding tax on the proceeds of the trust as paid out, either in Canada or the USA?

United State Taxation

by J Martin
(South Hampton)

United States Taxation

Dear Miss, I work in Nigeria and pay local tax. I am employed by an English company on a 6 week on and 6 week off rotation.

My permanent residence is South Hampton UK. What is my taxation obligation to the U.S.?

Taxes

by steven
(ontario canada)

I need proof of my 2010 taxes but didnt work in 2010 I live in ontario.

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