FAQ on Housing Loan & Income tax benefit

Exempt Services & Exemption from Service tax Posted: 18 Apr 2012 09:00 PM PDT 1. Services provided to the United Nations or a specified international organization; 2. Health care services by a clinical establishment, an authorised medical practitioner or para-medics; 3. Services by a veterinary clinic in relation to health care of animals or birds; 4. Services by an... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FAQ on Housing Loan & Income tax benefit Posted: 18 Apr 2012 08:40 PM PDT First Equated monthly instalment (EMI) amount is to be divided into the principal and interest components. The repayment of principal amount of the loan can be claimed as a deduction under section 80C up to a maximum amount of Rs.1 lakh. The repayment of the interest portion of the EMI is also... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 80C – Investment in Residential House Property Posted: 18 Apr 2012 08:30 PM PDT Deduction under section 80C of the Income tax Act is available for investment in house property subject to the satisfaction of the conditions of that section in regard to qualifying amounts in the following circumstances to the individuals/Hindu undivided families. Payments made towards the cost of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Investment under section 80C Posted: 18 Apr 2012 08:29 PM PDT Provident Fund (PF) & Voluntary Provident Fund (VPF: PF is automatically deducted from your salary. Both you and your employer contribute to it. While employer's contribution is exempt from tax, your contribution (i.e., employee's contribution) is counted towards section 80C investments. You... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] All about Public Provident Fund Scheme (PPF) Posted: 18 Apr 2012 08:29 PM PDT Every individual desirous of subscribing to Fund under the Scheme for the first time either on his own behalf or on behalf of a minor of whom he is the guardian or on behalf of a Hindu Undivided Family of which he is a member or on behalf of an Association of persons or a Body of individuals as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Excel Bill Book for Service Tax Assessees Posted: 18 Apr 2012 08:28 PM PDT Download Format of Bills for CA, CS, ICWA and other Professionals. This Format will work only in Excel 2007. In this bill book you have to enter only details of bill book in a table and after that you can print the bill you want to print in just one command. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Conditional Exemption from Income Tax Return Filing Posted: 18 Apr 2012 08:28 PM PDT According to a CBDT Notification, only a specified class of persons has been exempt form the requirement of furnishing a return of income for the assessment year 2012-13 subject to certain conditions. Class of persons implies an individual whose total income for the assessment year 2012-13 (in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Automatic Form 16 with Rupee Font A.Y. 2012-13 Posted: 18 Apr 2012 08:28 PM PDT The attached form has an input sheet in which You have to fill all the details and Form 16 will automatically get filled. To Display new Indian Rupee font user have to install the new Indian Rupee font on his computer. Font is available on many websites for free. One such website is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment with State Health Society Chennai For Concurrent Audit Posted: 18 Apr 2012 08:25 PM PDT Govt of India (GOI) in partnership with the States is implementing the National Rural Health Mission which comprises of various programmes, with the objective of improving medical facilities in the rural areas and seeks to provide accessible, affordable and quality health care to the rural... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment with Project Implementation Unit, Gujrat Posted: 18 Apr 2012 08:25 PM PDT Expression of interest for firm of Chartered accountant (Registered) to render various services Design the accounting system, introduce the system of fund based accounting & also Implement the system, establish accounting system in tally software to get the detail of grant received, grant... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Alterations in the Schedule XIV of the Companies Act, 1956 Posted: 18 Apr 2012 08:25 PM PDT In Schedule XIV to the Companies Act, 1956, after serial number IV relating to Ships and the entries relating thereto, the following serial number and entries shall be inserted, namely:- [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TDS on Salary Calculator A.Y. 2012-13 Posted: 18 Apr 2012 08:25 PM PDT TDS on Salary Calculator for Employers for A.Y. 2012-13 F.Y. 2011-12. Calculate TDS of more then one employee in single file. 1 Fill the data in sheets Bonus, arrear, Apr to Dec only 2 Estimates will be automatically calculated 3 ESI and PF in Estimate calculation applied only for applicaple... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Excise – Regarding admissibility of exemption under area-based Notification No. 56/2002-CE dated 14.11.2002 Posted: 18 Apr 2012 06:46 PM PDT Circular No. 965/08/2012-CX Your kind attention is invited to Notification No. 56/2002-CE dated 14.11.2002 which provides for exemption from the duty of excise to specified goods cleared from industrial units in the State of Jammu & Kashmir to the extent of duty paid in cash by way of a refund... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Maintenance of Records Under Service tax Posted: 18 Apr 2012 09:14 AM PDT Maintenance of records under the service tax is dealt with the provisions of Rule 5 of Service Tax Rules, 1994. According to the said rule following are the records required to be maintained for the purpose of service tax: Records including the computerised data as maintained by an assessee as per... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Proposed Disclosure Framework for the Annual Business Responsibility Report Posted: 17 Apr 2012 09:00 PM PDT The Disclosure Framework is an electronic Report compatible with the MCA-21 and comprises five sections in which the last section seeks information on the nine (9) principles enshrined in the National Voluntary Guidelines. This document is meant for reporting on the National Voluntary Guidelines on... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Liberalization in ECB Policy Relating to Refinancing of Rupee Debt for Power Sector Posted: 17 Apr 2012 09:00 PM PDT Infrastructure development holds the key to India's economic growth. Currently, since September 23, 2011, Indian companies in the infrastructure sector are permitted to utilise 25 per cent of the fresh ECB raised by them towards refinancing of the domestic Rupee loan (s) under the approval route. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] IDBI Bank loans become cheaper following 25 bps reduction in Base Rate Posted: 17 Apr 2012 09:00 PM PDT IDBI Bank's loans, linked to Base Rate/BPLR, will become cheaper following a 25 bps reduction in Base Rate (to 10.50%) and BPLR (to 15.00%), with effect from April 20, 2012. IDBI Bank has taken this pro-active step, keeping in view the recent policy measures announced by the RBI and the emerging... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Allowing ECB for Capital Expenditure on the Maintenance and Operations of Toll Systems for Roads and Highways Posted: 17 Apr 2012 09:00 PM PDT Development of physical infrastructure especially Roads and Highways needs to be expedited. Towards this purpose, there is a need to augment avenues for financing of such projects. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 80C – Eligible Investments and Expenses Posted: 17 Apr 2012 07:28 PM PDT As per section 80C, an employee will be entitled to deductions for the whole of amounts paid or deposited in the current financial year in the following schemes, subject to a limit of Rs.1,00,000/-: (1) Payment of insurance premium to effect or to keep in force an insurance on the life of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Authorised Dealer Category II – Permission for additional activity and opening of Nostro account Posted: 17 Apr 2012 07:12 PM PDT A. P. (DIR Series) Circular No. 109 Authorised Dealer Category-II entities desirous of opening Nostro accounts may approach the Reserve Bank for a one time approval to open and operate Nostro accounts. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rate of TDS on Salary – FY 2011-12, AY 2012-13 Posted: 17 Apr 2012 06:03 PM PDT As per the Finance Act, 2011, income-tax is required to be deducted under Section 192 of the Income-tax Act 1961 from income chargeable under the head "Salaries" for the financial year 2011-2012 (i.e. Assessment Year 2012-2013) at the following rates: [[ This is a content summary only. Visit my website for full links, other content, and more! ]]