S.R. Batliboi & Co. Vs ACIT (Calcutta High Court) Kelvinator of India Ltd. (supra) has held that, after April 1, 1989 the assessing officer invoking the provisions of Section 147 of the Act of 1961 must have tangible material to come to the conclusion that, there was escapement of income from assessment. Reasons must have a […]
Get your pending GST refunds on exports of goods sanctioned quickly. CBIC is observing GST refund fortnight across all its field formations from 16th – 31st July, 2018 to deal exclusively with the pending GST refund claims (IGST & ITC). Refunds of GST have been a concern for the Government and Trade for the past […]
The Article aims at creating awareness amongst salaried employees about various tax compliance and possible tax planning over the year. We are in the month of June wherein the last financial year (FY) 2011-12 has gotten over and due date to file Return of Income stares in the face and also it is time to submit your Investment declaration for FY 2012-13.
CBIC notifies changes in BCD on Certain Textile Goods vide Notification No.53/2018-Customs dated 16th of July, 2018. Vide notification CBIC amended duty rates on certain textile goods.
Section 24(b) of the Act allows deduction from income from houses property on interest on borrowed capital on Home Loan as under:- (i) the deduction is allowed only in case of house property which is owned and is in the occupation of the employee for his own residence.However, if it is actually not occupied by […]
If capital is borrowed for reconstruction, repairs or renewals of a house property), then the maximum amount of deduction on account of interest is Rs. 30,000 (and not Rs. 2,00,000).
There are a number of tax saving instruments that are covered by section 80C. The most popular ones include Bank Fixed Deposits, National Savings Certificates (NSC), Equity Linked Savings Scheme (ELSS), National Pension Scheme (NPS), Repayment of Housing Loan (principal amount), Public Provident Fund (PPF), Voluntary Provident Fund (VPF) and Insurance Preimum (most popular Online Term Plans).
The Income Tax Act provides deduction under section 80C against Principal Repayment and exemption under Section 24(b) on Interest payment of Housing Loan. Article explains tax benefit on Housing Loan taken and possession received in the same year and also when possession received in next year.
To encourage enhanced investment in house properties, the Government has increased the tax benefits on home loan. It helps you to reduce your taxable income, thereby paying fewer taxes. Section 80C provides for deduction of the amount paid as part payment or any installment in respect of home loan. Home loan should be for purchasing […]
Very often, readers keep enquiring about the submission of forms No. 15G/15H to the banks or others payer so that interest could be received without deduction of tax at source (TDS). In this column, I am covering all about Form No. 15G & 15H and hopefully the detailed elaboration hereunder would provide a comprehensive picture about the submission of Form No. 15G & 15H.
