Interest on Home Loan on Self Occupied House –Tax benefits

File validation Utility (FVU) version 3.6 for FY 2010-11 onwards & version 2.133 for upto FY 2009-10 Posted: 26 Sep 2012 09:13 PM PDT File validation Utility (FVU) version 3.6 for FY 2010-11 onwards and version 2.133 for upto FY 2009-10 released (17/09/2012). Key features of File Validation Utility (FVU) version 3.6 Import of challan file (.csi file): Import of challan file downloaded from the TIN website (Challan Status Inquiry)... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] NSDL revises format of Quarterly TDS/TCS statement Posted: 26 Sep 2012 08:30 PM PDT Quarterly TDS/TCS statement file format updated. Update file format available at download section (17/09/2012). Revised Formats can be downloaded from the following link :- https://www.tin-nsdl.com/etds-etcs/eTDS-steps.php [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Department must not take advantage of ignorance of assessee – HC Posted: 26 Sep 2012 08:25 PM PDT fficers of the Department must not take advantage of ignorance of an assessee as to his rights. It is one of their duties to assist a taxpayer in every reasonable way, particularly in the of claiming and securing reliefs and in this regard the officers should take the initiative in guiding a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No penalty for bona fide,inadvertent human error / Silly mistake – SC Posted: 26 Sep 2012 07:55 PM PDT The fact that the Tax Audit Report was filed along with the return and that it unequivocally stated that the provision for payment was not allowable under section 40A(7) of the Act indicates that the assessee made a computation error in its return of income. Apart from the fact that the assessee... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Valuation of Rent Free unfurnished accommodation Posted: 26 Sep 2012 07:18 PM PDT In this article I'll be discussing the valuation of a rent free unfurnished accommodation given to an employee as a perquisite. The term accommodation includes a flat, farm house (or part thereof) or accommodation in a hotel, motel, service apartment, guest house, caravan, mobile home, ship or... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Valuation of rent free Furnished accommodation Posted: 26 Sep 2012 07:11 PM PDT In this article I'll be discuss the valuation of a rent free furnished accommodation given to an employee as a perquisite. The valuation of a furnished accommodation (not being a hotel) is divided into 2 parts – [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Valuation of perquisite in respect of Medical Facilities Posted: 26 Sep 2012 07:05 PM PDT 1. Fixed medical allowance is always chargeable to tax. 2. The perquisite in respect of medical facility provided by an employer in the following hospitals/clinic is not chargeable to tax – a) Hospital owned/maintained by the employer. b) Hospital of Central Government/ State Government/ local... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest on Home Loan on Self Occupied House –Tax benefits Posted: 26 Sep 2012 06:58 PM PDT 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. 1,50,000). [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tax Audit – Section 44AB – Applicability, Due Date, Forms & Penalty Posted: 26 Sep 2012 06:42 PM PDT A person covered u/s 44AD is required to get his books of account compulsorily audited u/s 44AB if such person claims that the profits and gains from the business are lower than the profits and gains computed in accordance with the provisions of section 44AD(1) and if his income exceeds the maximum... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Object which seeks to promote or protect interest of a particular trade or industry is object of public utility Posted: 25 Sep 2012 11:08 PM PDT The first reason assigned by the Director for denying registration to the assessee under section 12A was that the object of the assessee are not for the benefit of general public but for specific members viz., benefit of companies who are engaged in commercial activities to improve their production... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No disallowance for non deduction of TDS on amount credited / Paid after receipt of Nil Rate Certificate Posted: 25 Sep 2012 10:11 PM PDT The dispute is for the sustenance of disallowance sustained under section 40(a)(ia) for the period from 13-7-2006 to 2-11-2006. From the certificate issued under section 197 relating to deduction of tax at source dated 3-11-2006, it is clear that the assessee was directed to make rent payment... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Fees paid for education of staff's children to schools promoted by assessee not allowable -SC Posted: 25 Sep 2012 10:00 PM PDT  It was found from the assessment order for assessment year 1985-86 and from the order of Commissioner of Income-tax (Appeals) that the assessee had made payments to schools other than those promoted by it which fact has not been discussed either in the Order of ITAT or in the Order of the High... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee can claim cenvat credit on Bills of Mobile Phone given to staff Posted: 25 Sep 2012 09:55 PM PDT In this case, there is no dispute that even though the bill is in the name of company C/o employee's name, the payment for the service has been made by the company only. I also find that the submission of the appellant that employee's name was put for internal purpose is also reasonable... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MVAT- Extension of due-date for registration, filing returns, Adm. Relief & paying tax for Builders / Developers Posted: 25 Sep 2012 09:05 PM PDT Trade Cir. No. 17T of 2012 You are well aware that Hon'ble Bombay High Court in case Maharashtra Chamber of Housing Industry (MCHI) has delivered a judgment and confirmed the levy of the tax in respect of sale of under construction flats etc. Thereafter, this office issued a Trade Circular cited at... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MVAT – Clarifications on last point taxation of Furnishing Fabrics Posted: 25 Sep 2012 09:05 PM PDT The Hon'ble Deputy CM and Finance Minister in his Budget Speech on 26th March 2012, declared to levy tax on the sales of Furnishing Cloth at the last point of sale. To give effect to this declaration, the Government has issued above referred 4 notifications. As a result of issuance of notifications... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI invites application to act as Checker for Chartered Accountants Examinations Posted: 25 Sep 2012 08:51 PM PDT Examination Department of the Institute would like to avail the services of the members of the Institute (upto 15 years of Experience) to act as Checker for totaling etc. of marks awarded by examiner, other details are as under: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MCA 21 2nd Cycle to Benefit Companies / LLPS Registered in India Posted: 25 Sep 2012 08:47 PM PDT The MCA21 is considered as one of the most successful mission mode project (MMP) having implemented many innovations viz. internet payments, credit card payment, electronic issuance of stamp paper (e-stamp), use of adobe e-forms, end-to-end electronic work flow and digital signature (DSC) based... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI (Mutual Funds) (Second Amendment) Regulations, 2012 Posted: 25 Sep 2012 08:23 PM PDT SEBI (MUTUAL FUNDS) (SECOND AMENDMENT) REGULATIONS, 2012 – Amendment in REGULATIONS 48 & 52 and Twelfth schedule, substitution of REGULATION 59 and insertion of REGULATION 51A NOTIFICATION No. LAD-NRO/GN/2012-13/17/21502, dated 26-9-2012 In exercise of the powers conferred under section... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FDI – Allotment of Shares to person resident outside India under MoA of an Indian company – Pricing guidelines Posted: 25 Sep 2012 07:27 PM PDT It has been decided that in cases, where non-residents (including NRIs) make investment in an Indian company in compliance with the provisions of the Companies Act, 1956, by way of subscription to Memorandum of Association, such investments may be made at face value subject to their eligibility to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Financial Restructuring of UCBs by RBI Posted: 25 Sep 2012 07:25 PM PDT The matter has been reviewed and it is advised that in partial modification of para 3 (v) of the circular, the Reserve Bank would, henceforth, consider financial restructuring proposals submitted by UCBs, involving conversion of deposits into equity / IPDI, even if the networth of the bank does not... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI – Review of Margining with respect to Exchange Traded Funds (ETFs) Posted: 25 Sep 2012 07:22 PM PDT CIRCULAR No. MRD/DP/26/2012, dated 26-9-2012 1. This is further to the Risk Management framework for Cash Market specified by SEBI vide Circular No. MRD/DoP/SE/Cir-07/2005 dated February 23, 2005 and modification thereto. The following additional provisions are hereby incorporated in the said... 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