Monday, July 05, 2004
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IN TODAY'S PAPER
Since 1st March, 1999
While calculating the income tax returns for the financial year 2003-04 (assessment year 2004-05), will the current rules be applicable or the changes brought about in the forthcoming budget will come into effect'
Sushmita Ghosh, Ranchi
The current rules will be applicable for calculating the income tax returns for the financial year 2003-04 (assessment year 2004-05). Any changes brought about by the forthcoming budget will come into effect for calculating the returns for financial year 2004-05 (assessment year 2005-06).
Funds from far
I receive $500 every month from my brother settled in the US. Would this be included in my taxable income'
If you give a declaration that the amount has been gifted by your brother duly signed by both your brother (as donor) and by you (as donee), then the amount is tax-free.
I want a PAN
I am a college student and not yet a taxpayer. Since a PAN card is useful for many other purposes apart from income tax related matters, can I obtain a PAN card' Is there any disadvantage of getting the PAN card now'
It is true that nowadays, PAN card is useful for many other purposes and there is no disadvantage of applying for the PAN card.
Good old days
I am 77 years old. Will I get the benefit for senior citizens under section 88B'
Also, I have contributed Rs 70,000 in public provident fund. Shall I get rebate at 20 per cent under section 88'
A. R. Dasgupta, Calcutta
Of course, you will get the tax rebate of Rs 20,000 for senior citizens under section 88B.
As for the tax rebate under section 88, since you have not mentioned your total income it is not possible to say whether you would get rebate at 15 or 20 per cent. If your gross total income is within Rs 1,50,000 then the rate is 20 per cent, and if it is between Rs 1,50,000 and Rs 5,00,000, then the rate is 15 per cent.
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