Deduction of Interest Paid on More Than One Loan Borrowed for Purchase or Construction of same House

Guidelines for Conversion of Cost Accountants' Firms into Limited Liability Partnerships (LLPs) Posted: 06 Feb 2012 07:59 PM PST In terms of Council decision dated 22nd January, 2012, the following guidelines for conversion of Cost Accountants firms into LLPs and constitution of separate LLPs by the practising Cost Accountants have been finalized. They are applicable for... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Deduction under section 80DDB – Do I need to reduce Insurance Claim recd. from Expense Amount Posted: 06 Feb 2012 07:53 PM PST Medical treatment of specified ailments under section 80DDB:-Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB. The maximum amount of deduction... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Deduction of Interest Paid on More Than One Loan Borrowed for Purchase or Construction of same House Posted: 06 Feb 2012 07:45 PM PST There is no bar in section 24 of the Income Tax Act regarding the number of loans on which interest is allowable simultaneously. In fact ,the simple rule of the deduction of interest u/s 24 of the Income Tax Act is that whatever be the interest paid... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012- Income tax exemption Limit may be raised to Rs. 2 lakh Posted: 06 Feb 2012 07:22 PM PST The government is likely to provide some relief to individual income tax payers in the forthcoming Budget by raising the exemption limit to Rs 2 lakh, as provided in the Direct Taxes Code (DTC), and hiking the slabs for different tax brackets.The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] In motor vehicles accident compensation claims entire amount may be disbursed to the claimant if he or she is literate – SC Posted: 06 Feb 2012 06:53 PM PST A.V. Padma & Ors. Vs. R. Venugopal & Ors. (SC) - In motor vehicles accident compensation claims, the entire amount may be disbursed to the claimant if he or she is literate. It is not necessary to deposit it in a bank for the safety of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] No VAT on Goods Sold by Duty Free Shops – SC Posted: 06 Feb 2012 06:49 PM PST SC set aside the assessment of VAT under the Karnataka Value Added Tax Act, on the sale of liquor and other imported goods at Bangalore International Airport by Hotel Ashoka, run by the India Tourism Development Corporation. At these duty free... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Proceedings in bounced cheque cases under Negotiable Instruments Act will continue even if there is a scheme to revive the sick company Posted: 06 Feb 2012 06:42 PM PST JIK Industries Limited & Ors. Vs. Amarlal V. Jumani (Supreme Court) - It was held that cases of bounced cheque are independent of the revival bid of a sick company. Proceedings in bounced cheque cases under the Negotiable Instruments Act... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 – Govt likely to reduce STT in Budget to boost markets Posted: 06 Feb 2012 06:37 PM PST The Finance Ministry is likely to reduce Securities Transaction Tax (STT) on equity trade in the forthcoming Budget in a bid to boost the capital market despite pressure to improve revenue collection. The ministry, however, may not revisit the issue... [[ This is a content summary only. Visit www.taxguru.in for full article.]] IRDA – Exposure Draft on Insurance Cover for Persons Living with HIV/AIDS Posted: 06 Feb 2012 06:31 PM PST Circular No. 70/IRDA/HLT/Coverage of HIV/2011-12, -The Authority has received representations from various stakeholders including public bodies and Government Authorities, to provide insurance cover to people living with HIV and to people in general... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI cautions Public Once Again against Fictitious Offers Posted: 06 Feb 2012 06:19 PM PST The Reserve Bank of India has today reiterated that it never contacts the public via unsolicited phone calls or emails asking for money or any other type of personal information. The Reserve Bank does not maintain/give money/foreign currency or any... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Guidelines issued under Section 36(1)(a) of the Banking Regulation Act, 1949 – Implementation of the provisions of Foreign Contribution (Regulation) Act, 2010 Posted: 06 Feb 2012 06:15 PM PST The Reserve Bank, considering the public interest and on being satisfied that it is necessary so to do, in exercise of the powers conferred by Clause (a) of sub-section (1) of Section 36 of the Banking Regulation Act, 1949 (Act 10 of 1949) and of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Scamsters using Income Tax dept website to dupe people Posted: 06 Feb 2012 08:41 AM PST Cyber experts have warned Internet users of phishing scamsters who are luring people with government domain names and sending unscrupulous e-mails to collect financial and personal information. Mail boxes of people are being hit by an e-mail sent... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Highlights of the National Policy on Narcotic Drugs and Psychotropic Substances Posted: 05 Feb 2012 08:29 PM PST (i) The policy recommends production of Concentrate of Poppy Straw (CPS) in India by a company or body corporate. This would enable India to retain its status of a traditional supplier of Opiate Raw Material (ORM) to the rest of world, while... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Know Your Unique Code Number Posted: 05 Feb 2012 05:31 PM PST This has reference to your application for the multipurpose panel for the year 2011-12. The Bank Branch Auditors panel for the year 2010-11, prepared thereof alongwith the Unique Code Number is hosted at http://www.meficai.org/ucn.jsp , for your... [[ This is a content summary only. Visit www.taxguru.in for full article.]]