Who Should Not Worry About Filing Return By 31st July??

31st July is the due date for filing of return by individuals who are not subject to tax audit or who are not partners of a firm which is subject to tax audit.Therefor large numbers of taxpayers or assessee are those individuals for whom due date is 31st July. Every year there is is great [...]

Easy Chart To Compute Accrued Interest on NSC & KVP!

National Saving Certificate (VIII) is issued for 6 years. Premature withdrawl is not allowed.No TDS at the time of encashment.Can be purchased on Minor’s name , but an NRI is not eligible to purchase NSC.It is available in denomination of Rs100,Rs500,Rs 1000, Rs 5000 & Rs 10,000.

Accrued Interest on NSC of Rs 100

Year of Accrual
If [...]

What Will Be The Cost In Case Of Inheritance?

My father purchased a property in 1973 , the property belongs to his huf. He expired in 1990, my mother also expired in 1996, the property was transferred by inheritance. I sold it in 2006 . I would like to know what will the cost inflation index period be for me , whether it will [...]

From Which Year Deduction Of Interest On Educational Loan Begins??

I have taken a education loan from SBI for my MBA education. The loan amount was close to 3 lacs and the interest to date is 47000. so now the current balance outstanding is Rs. 347000/- …now the bank has started the repayment of 7458 per month for 60 months . but they say i [...]

Can I Get Tax Benefits If I Pay Rent To Father ?

I pay housing loan interest & I pay rent to my father whether. Can I claim interest deduction on loan & can I get exemption for my HRA also for rent paid to my father.There are two house of my father & of my mine in one city. Your Email nsukhia@…………..com

If your house [...]

Is There Time Limit For Issuing Notice For Search Assessment?

A search was conducted on some person in 2002. during search certain papers belonging to me were also found. However till 2006 no notice was issued to me. In 2006, deptt has issued me a notice for block assessment. First of all block assessment has been abolished from 2003. But I feel that situation is [...]

Who Are Required to Maintain Books of Accounts ?

Section 44AA along with Rule 6F states

Legal,Medical,Architectural,Engineering,Accountancy,Technical Consultancy,Interior Decoration,Authrised Representative before Tribunal ,Film Artist,Company Secretary and Information Technology professionals having gross receipts of Rs 1,50,000 per annum in any one of the three years immediately preceding the previous year.
Anyone carrying business or profession , other than 1 above , if total income [...]

Tax Offices Open On Saturday & Sunday !

News You Can Use
CBDT has issued order for keeping the income tax office open on 28 & 29 th July 2007 for tax payers convenience.
F.No.220/3/2007- ITA-IIGovernment of IndiaMinistryof FinanceDepartment of RevenueCentral Board of Direct Taxes

New Delhi, the 24thJuly, 2007.

Order under Section 119 (1) of the Income Tax Act, 1961.
The [...]

Can I Claim HRA By Paying Rent To Wife?

I had taken a HBA from my office for the house which is jointly owned by me & by my wife. I repaid the full amount to the office and the land document is released to me by my office. Sine the house is in joint ownership of my wife & me . Against the [...]

A Tale Of Two Flats!

I bought a flat in Andheri in Nov 2000 Rs 14 lakhs. In May ‘06 I bought 2 under-construction flats (same building, same floor) in Kharghar 57 lakhs (loan of 51 Lakhs). I got possession in Dec ‘06. In March ‘07, I sold my Andheri flat for 30.5 lakhs. After repaying loan of 13 lakhs [...]

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