CA Sandeep Kanoi

When Rs. 2,00,000 maximum interest deduction not available on SOP

Income Tax - 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 dis...

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All about PPF and Income tax benefit

Income Tax - 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. ...

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Income Tax Benefits from House Property and Loan

Income Tax - Section 80C for Investment in Residential House Property and for payment of Principal amount – The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest. The principal component of the EMI qualifies for deduction under Sec 80C....

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Rebate under Section 87A of Income Tax Act, 1961

Income Tax - A question which is coming in the mind of Taxpayers nowadays is do Rebate of income-tax under section 87A as available from FY 2013-14, also available for FY 2015-16 and subsequent years. One more question which comes to mind is amount of Rebate Available, i.e is it Rs. 2000/- or Rs. 5000/- for Financial Year 2015-16?...

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Lesser Known Tax Saving Tips / Deductions

Income Tax - For most of the people 'tax savings' brings to mind life insurance, PPF, NSC, Sukanya Samriddhi Account and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1.50 lakh (One Lakh Up to AY 2014-15) under 80C. ...

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Wish you all a Very Happy Diwali and Prosperous New Year

Income Tax - We at Taxguru Wishes all our Readers, Staff, Panel Authors, Freelancers, Technical Support Team, Sales team, Editorial Team and Their Family a Very Happy Diwali and Prosperous New Year and wish that New Year shall bring more peace and renewed energy and fulfill your cherished dreams. Regards, Team Taxguru...

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CA Slapped by service Tax Official- Online Petition- CAs Soft target?

Income Tax - In a series of attacks on Chartered Accountants latest is been alleged by A CA from Pune that he has been slapped by a Service Tax Official when he visited his office with his Assistant and client in respect of reset of password of his clients Service Tax Account on online portal of Service Tax Registration....

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Extension of Due Date to 31.10.2015 all over India?

Income Tax - CA Sandeep Kanoi After protest from all over India partial extension by CBDT, Dr. Hasmukh Adhia who took over as Revenue Secretary, Ministry of Finance, Government of India on 01.09.2015 has tweeted on his twitter handle that Because of so many legal verdicts by different courts, we have extended time of filing of audited tax […]...

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Department still amending ITR Schema & Validation Rules but no extension

Income Tax - In this article we have compiled the details of release of Schema of ITR Forms for AY 2015-16 , Schema of Forms (Other than ITR), Schema of Form BB (Return of Net Wealth) for AY 2015-16 and ITR Validation Rules for AY 2015-16 from the details we can make out that department has updated the […]...

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Tax Audit Date Extension- Latest Status of High Courts Appeals

Income Tax - In this article we have summarised the status of Writ Petition filed against non extension of Due date of Tax Audit and Income Tax Return (ITR) filing for cases covered under Tax Audit Provisions, filed in various High Courts All over India. Till Date as per our information Writs been filed in Gujarat, Delhi, Jodhpur, Karnataka, Orrisa, M...

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Exercise of S. 263 on expenses claim withdrawn by Assessee valid: SC

Commissioner Of Income Tax Vs Amitabh Bachchan (Supreme Court of India) - Hon'ble SC held that Making a claim which would prima facie disclose that the expenses in respect of which deduction has been claimed has been incurred and thereafter abandoning/withdrawing the same gives rise to the necessity of further enquiry in the interest of the Revenue....

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Interim Stay order period is to be excluded for computing Limitation Period: SC

VLS Finance Ltd. & Anr. Vs Commissioner of Income Tax & Anr. (Supreme Court of India) - It is not in dispute that the period during which interim stay of the order passed by the court is in operation has to be excluded while computing the period of two years as limitation period prescribed for completing the block assessment. ...

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Amendment to Section 35F of CEA, 1944 are Constitutional: HC

M/s. Hindustan Petroleum Corporation Ltd. Vs Union of India (Karnataka High Court) - Section 35F of the Act has retrospective operation and is not restricted to only prospective It applies to all lis which have commenced prior to or after the enforcement of the amendment, except to cases covered under the second proviso thereof....

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S. 80IC: Despite substantial expansion there cannot be two initial A.Y.

Sh. Sumit Kumar Vs ITO (ITAT Chandigarh) - The initial assessment year has been defined and the expression or' has been used in respect of new units by stating commences operation' or complete substantial expansion'. Here the expression or' is to be read as a mutually exclusive expression which refers to a particular situation by excluding ...

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No Penalty for non disclosure of Income manner, if same was not asked during statement recorded U/s/ 132(4)

DCIT Vs Shri Rajiv Chopra (ITAT Chandigarh) - Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, assessee could not be expected to substantiate same later on; penalty could not be levied under section 271AAA...

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CBDT rejects KSCAA representation on Extension of ITR/Tax Audit Due Date

F.No.225/207/2016/ITA.II - (30/09/2015) - The Karnataka State Chartered Accountants Association ('KSCAA') has Fled a representation dated 15.09.2015 in Central board of Direct Taxes (CBDT) seeking extension of date for filing returns from 30th, September. 2015. Subsequently KSCAA flied a PIL In Honble Karnataka High Court seeking interventi...

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CBDT extends date only in Punjab, Haryana, UT of Chandigarh and Gujarat

F.No.225/207/2016/ITA.II - (29/09/2015) - Vide its order dated 30.09.2015 CBDT has extended due date only for the state of Haryana, Punjab , Union Territory of Chandigarh and Gujarat. Download Official Copy of the orders in PDF Format F.No.225/207/2016/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Dir...

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Tax Audit / Income tax due date extension order is FAKE : CBDT

NA - (28/09/2015) - It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of the Income-tax Act 1961 under the signature of one Upmanyu Reddy, Under Secretary to the Government of India is in circulation. The fake order extends the due date for fili...

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CBDT notifies new Wealth Tax Return Form & Rules for Online Filing

Notification No. 32/2014-Income Tax - (23/06/2014) - Notification No. 32/2014-Income Tax Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall— (a) in respect of assessment year 2013‐14 and earlier assessment years in the case of individuals, Hindu undivided families and companies, be in Form BA and shall b...

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Recent Posts in "CA Sandeep Kanoi"

When Rs. 2,00,000 maximum interest deduction not available on SOP

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 dis...

Read More
Posted Under: Income Tax |

All about PPF and Income tax benefit

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. ...

Read More
Posted Under: Income Tax |

Income Tax Benefits from House Property and Loan

Section 80C for Investment in Residential House Property and for payment of Principal amount – The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest. The principal component of the EMI qualifies for deduction under Sec 80C....

Read More
Posted Under: Income Tax |

Rebate under Section 87A of Income Tax Act, 1961

A question which is coming in the mind of Taxpayers nowadays is do Rebate of income-tax under section 87A as available from FY 2013-14, also available for FY 2015-16 and subsequent years. One more question which comes to mind is amount of Rebate Available, i.e is it Rs. 2000/- or Rs. 5000/- for Financial Year 2015-16?...

Read More
Posted Under: Income Tax |

Lesser Known Tax Saving Tips / Deductions

For most of the people 'tax savings' brings to mind life insurance, PPF, NSC, Sukanya Samriddhi Account and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1.50 lakh (One Lakh Up to AY 2014-15) under 80C. ...

Read More
Posted Under: Income Tax |

House Rent Allowance – Deduction u/s. 10(13A)

House rent allowance (HRA) is received by the salaried class. A deduction is permissible under Section 10(13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules. You can claim exemption on your HRA under the Income Tax Act if you stay in a rented house and get a HRA from your employer....

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Posted Under: Income Tax |

All about Kisan Vikas Patra and its Taxation

CA Sandeep Kanoi Kisan Vikas Patra is a saving certificate which was first launched in 1988. Kisan Vikas Patra was a very Popular Investment Scheme amongst the investor which was discontinued wef 30.11.2011 on recommendation of Shayamla Gopinath committee considering the misuse of the scheme vide government Notification [F.No. 1/10/2011-N...

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Posted Under: Income Tax | ,

Tips to save Income tax for Salaried Person

Often, investment for most individuals begins and ends with tax planning. Although it is pertinent to avail tax breaks, this should not be the sole focus. Start by jotting down your key financial objectives, the tentative time of money requirement and the corpus needed to achieve those goals....

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Posted Under: Income Tax | ,

Leave Salary encashment Exemption, Calculation, Download calculator

Earned leave means the leave accrued to the employee in proportion of the work done by him. This varies from employer to employer. For example in government sector, the earned leave is 2.5 days for every month worked. This 2.5 days is granted with a view to provide him rest to enable him to recover from the stess and strain endured by ...

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Posted Under: Income Tax |

Section 80DD Deduction- Medical expense of disabled dependent

Section 80DD allows a deduction to an individual or HUF if the person has incurred in the previous year any expenditure on medical treatment (including nursing), training and rehabilitation of a dependant with a disability or paid or deposited ...

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Posted Under: Income Tax |
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