Reserve Bank of India will shortly issue ₹ 100 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India.
Kaniayamparambil Steels Vs Asstt. Sales Tax Officer (Kerala High Court) The petitioner seeks release of the goods detained by the 1st respondent, under Section 129 of the Central Goods and Services Tax Act, 2017 as also the Kerala State Goods and Services Tax Act. 2. Earlier, a Division Bench of this Court, under similar circumstances, disposed of W.A. No.1802 […]
Major Amendments proposed in CGST Act, 2017, IGST Act, 2017 and the GST (Compensation to States) Act, 2017 vide recently released Draft proposals for amending GST Laws which was open for public comments till 15th July 2018. Section 2(4)- Adjudicating Authority National Anti-Profiteering Authority constituted by the Central Government under section 171 of the CGST […]
Pr. CIT Vs Britannia Industries Ltd (Calcutta High Court) If an assessing officer doubts the quantum of expenditure incurred towards exempted income, is it mandatory for the assessing officer to apply the formula prescribed in rule 8D of the Income Tax Rules, 1962 or can he take a view otherwise? This is the question which is […]
Rental income in the hands of owner is charged to tax under the head Income from house property. Rental income of a person other than the owner cannot be charged to tax under the head Income from house property. Hence, rental income received
We all think that we are eligible for Interest Deduction U/s. 24(b) up to Rs. 2,00,000/- on home loan taken for Self Occupied property. But many taxpayers are not aware that in some cases the deduction of Housing Interest on Self Occupied Property is available only upto Rs. 30,000/- instead of Rs. 2,00,000/-. In this article we have discussed Such provisions.
The Public Provident Fund is the darling of all tax saving investments. You invest in it and you get a deduction on your income. Besides, the interest you earn on it is tax-free. Since it is a scheme run by the Government of India, it is also totally safe.
As we are in the middle of the financial year , it is time to start planning your tax saving strategies. A house can also be used to reduce the tax liability to a certain extent. Under Section 24 of the Income Tax Act, deduction in respect of interest paid up to Rs 1.5 lakhs (2 lakh from AY 2015-16) per annum on a home loan is allowed.
March of any year is the month when one feels as if he is being subject to extortion – not in its literal meaning but in the form of tax deduction at source or advance tax or forced to invest in tax saving investments. There could be moments when you feel that you have paid too much of taxes or too much of tax has been deducted from your salary.
Form 26As can be viewed/ downloaded through e-filling website incometaxindiaefiling.gov.in, internet banking or TRACES website based on the choice of the taxpayer to view his tax credit. Note:‑ For records greater than 20,000 a download request for Form 26AS as a text file needs to be submitted at TRACES by its registered users. For any […]
