The IRS Deductions Blog

Posts Tagged ‘india’

Question: 3% TDS deducted from all invoices when payment is made by all Bhutanese client to any indian transport agency?

TDS (TAX DEDUCTION AT SOURCE) – IS THIS DEDUCTION ADJUSTABLE WITH SERVICE TAX / INCOME TAX WHEN FILING IN INDIA

Answer: As per Bhutan govenment rules:
Non Licensed Foreign Contractors: Foreign Contractors who are non licensed or contractors holding a temporary Bhutanese Trade License.
3% TDS on the bill amount shall be deducted at source by the Contract Awardee and deposited with the RGR account in lieu of Business/Corporate Income Tax. The amount deducted will be considered as the final tax paid. They are not required to submit final accounts or Income Tax Returns.

This should be adjustable with income tax under Foreign Tax Relief.

Items on Amazon Right Now for Tax Deduction At Source Tds India:

Pranab gets tough with tax havens not sharing data

Transactions with entities in ‘non-cooperative’ jurisdictions that do not effectively exchange information with India may soon attract TDS (tax deduction at source) of at least 30 per cent.

NAG

Question: Where the **** is my refund?!?

So the “Where’s My Refund” site and hotline says that my refund was deposited in my account yesterday (the 19th), well i still dont see anything in my account. I called my bank (Chase) and they have no records of the transaction or a deposit.

I did my taxes through TurboTax. Never had any problems before. They take their deduction out of my return so im wondering if this is why there is a holdup. The bank representative says i should check with IRS – they may have put in my bank account number wrong??! WTF? Well everything is automated when you call those damn numbers!! I need to speak with a real person.

Has anyone else had or is having this problem with the funds not being in your account as the “Where’s My Refund” claims??! I want my money.

Answer: The answer is likely what you thought. Deposits (federal atleast) are always done on Friday’s. If you opted to pay by having it taken out of your refund then the refund is sent to a turbo tax bank. Once the fee is taken from your return it is then deposited to your bank account. I use both turbo tax and tax cut from H&R block. When people opt to pay out of their return it is almost always sent to their bank first then yours. It will probably show up today or Thursday. Check with your bank when it is open to see if anything is coming in. Remember Monday was a Holiday so the banks were closed, delaying everything by a day. In the future if you want the money to go right into your account opt to pay them yourself instead of having it taken out of your return. As you are now expierencing this delays the time it takes for you to get it.

Items on Amazon Right Now for Tax Deduction Account Number:

Chris Dudley says he wants to help Oregon get its ’swagger’ back

The Republican candidate for governor brings celebrity and an outsider’s aura to the race.

Help Save A Life

Question: Is standard deduction still available in India for income tax?

Answer: Standard Deduction has been withdrawn effective Financial year 2005-06

Items on Amazon Right Now for Income Tax Standard Deduction India:

Niko Reports Results for the Quarter Ended June 30, 2010

CALGARY, ALBERTA– – Niko Resources Ltd. is pleased to report its financial and operating results, including consolidated financial statements and notes thereto, as well as its managements’ discussion and analysis, for the quarter ended June 30, 2010, the first quarter of Niko’s fiscal year.

Preparing India Income Tax Return – Part 3

Question: Can I deduct personal exemptions in addition to standard deduction?

I just heard, for the first time, about personal exemptions ($3500) as a deduction for reducing your taxable income. So far, I have always deducted the standard deduction ($8750 for 2008) on my 1040EZ form. Can I use the personal exemption in addition to the standard deduction? How/where would I do that? Does this mean I missed out all these years?

Can I also use personal exemptions if I itemize on Schedule A?

Thank you very much

Claudia

Answer: The standard deduction is $5450 (single filer) for 2008 tax year. 1040EZ really makes it easy for you cuz it combines the standard deduction and personal exemption already. You are not missing out on the personal exemption.

Items on Amazon Right Now for 2008 Standard Deduction Personal Exemption:

Dunne: MEA Council Meeting

Good afternoon and thank you for inviting me to speak to you today.

MeltDown #410 EMERGENCY ECONOMIC STABILIZATION

Question: professional tax deduction slap chart of india maharashtra?

what is professional tax and its slab rates in imaharashtra

Answer: no

Items on Amazon Right Now for Tax Deduction Slabs In India:

Tax slabs broadened for ‘aam aadmi’

New Delhi, Feb 26 : The ‘aam aadmi’ got a massive tax relief in the Union Budget 2010-11 today with the broadening of the direct tax slabs to include annual income up to Rupees 5 lakh in the 10 per cent tax net and income up to Rupees 8 lakh in the 20 per cent net.