vaibhav sankla director hr block india epayment of income tax my bank has sent me a letter with details of the tax deducted on my fixed deposits the tax deducted is 10 but i fall in the category of 30 my questions are a do i need to pay the balance tax and how b can i save this tax next year by transferring the fds in my wifes name my wife is a housewife ravinder panthri yes you will have to pay the balance tax you can make the payment by cheque or cash accompanied by a duly filled in challan no itns 280 in a bank alternatively you can visit and make an epayment of income tax income tax on overseas income a friend of mine wants clarification for filing income tax return for 201112 he was an nri and was abroad for a couple of years and worked as a salaried person he came to india in november 2011 to take up some job here he thus is technically a nonresident for the year 201112 having spent over 200 days abroad he has some assets abroad which he acquired during his stay with the money earned there he had got permanent resident permit over there which is valid for some more time does he have to declare his assets house bank deposits shares etc held abroad as on 3132012 in his income tax return if yes how and in what format j singh first of all despite being outside of india for over 200 days during the financial year your friend would still be considered as resident in india based on the information provided he would be considered a resident of india as he was in india for more than 60 days during the financial year and for more than 365 days in the preceding four financial years if he was abroad just for a couple of years he would be considered as an ordinarily resident in india further being an ordinarily resident in india he would be required to pay taxes in india on his global income he would also be required to disclose his foreign financial assets in schedule fa in the tax return capital gains tax on land let me know the present capital gains tax rate for land both short and longterm with and without indexation balasubramaniam k shortterm capital gains arising on sale of land is taxable as per your marginal tax rates there is no indexation benefit on shortterm capital assets longterm capital gains on sale of land are taxed 206 indexation benefit is available on longterm capital assets further exemptions under section 54ec and 54f are available if the gains are longterm in nature the views expressed are of the author and may not reflect the views of hr block india