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You are here: Home / Archives for August 2007

Can You Claim Deduction On home loans for Two or More Houses?

August 31, 2007 By taxworry Leave a Comment

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Excerpt: 1. I have borrowed Housing Loan of Rs. 700000/- for my house where I am staying, EMI is Rs. 12000/-. Principal Amount is app. Rs. 5000/- pm, Interest portion is app. Rs. 7000/- pm2. Now I want to purchase a new flat by taking a Housing loan of approx. Rs. 25.00 Lacs. EMI will be approx. Rs. 26000/-. I can fetch rental income of Rs. 15000/- per month on this flat. Can I get the Income Tax benefit for Interest portion of both the Housing Loans OR Should I deduct interest portion from the rent received on the second…

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Filed Under: Deductions, House Property Tagged With:

Can The User of Service Be Liable to Pay Service Tax?

August 31, 2007 By taxworry 1 Comment

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Excerpt: can user of service be liable to pay service tax any way, if service provider has not charge service tax in their bill.Also tell me relevant section in the act. RAMAKANT KHANDELWALThe concept of service tax is generally implies that service provider is liable to pay service tax . However , there are some express provision in service tax laws which lays onus of paying service tax on the receiver of service. Therefore, in following cases, the ‘person’ who receives the taxable service is liable to pay Service Tax:(i) Insurance Company pays service tax for service given by…

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Filed Under: Service Tax Tagged With:

Can You Claim HRA Exemption As Well As Interest & 80C Deduction?

August 29, 2007 By taxworry 5 Comments

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Excerpt: Whether HRA exemption and housing loan rebate can be claimed together. Prashant P.DamaniYes, both can be claimed , but in some special circumstances. For claiming HRA exemption under the I T Act, one has to pay rent. But if you have claimed that the house property purchased by is self occupied , which most of us do as the annual value of one house is taken as Nil , but even then interest deduction is allowed, how can you claim that you are paying rent.Special Circumstance No 1Suppose you are living in some other cities for employment purpose, and…

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Filed Under: Deductions, House Property Tagged With:

What Is The Difference Between 194C & 194I ?

August 29, 2007 By taxworry 2 Comments

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Excerpt: What is the TDS rate applicable for Car hire? We have an arrangement with a car rental company for the car hire, they are exempt from TDS, but last financial year they mistakenly omitted our name from the list they provide to the income tax. This fact was bought to our notice recently. Earlier the TDS rates for car hire were 2.244%. Is it the same or now it falls under the bracket of rent i.e 22.44. ngiri7@………..comThis is most common query now , because of overlapping appearance of two provisions i.e section 194C and 194 I. The…

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Filed Under: TDS Tagged With:

Is Consultant For Software Testing Service Provider Taxable Under Service Tax?

August 28, 2007 By taxworry Leave a Comment

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Excerpt: I am working as a Domain consultant for Software testing service provider. I raise a monthly Invoice for fees & I state ” Fees towards services rendered as Domain Consultant for Software testing ” . Please clarify if this falls under any of the category of the 107 which are subject to service tax . satya1254@hathway.com Out of 107 services brought under service tax net, I feel your service may come under any of the following two services : Consulting Engineering Services. Scientific and Technical Consultancy Service. The consulting engineering services may be ruled out in case the services…

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What Is The Difference Between A Member & A Coparcener of An HUF?

August 21, 2007 By taxworry Leave a Comment

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Excerpt: I was a member of HUF of which my father was Karta. My mother & myself were co-parceners. Recently, we have made partition & new HUF is formed of which I am Karta. My wife, Priyanvada, & my son, Pratik, are the co-parceners of this new HUF.I want to open HUF saving account in bank. But the bank says that my wife, Priyanvada, cannot be an account holder because she cannot be a member / co-parcener of HUF. As per their opinion, wife cannot be a member of HUF, but a son is. How can it be, because my mother…

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What Is The Correct TDS Rate For Composite Rent?

August 20, 2007 By taxworry Leave a Comment

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Excerpt: We are providing service for lease of property & repair & maintenance services to our client. But the repair & maintenance services provided by third party who is our contractor. The TDS Deducted by the client on both services @ 20.66% but as per my view TDS on repair & maintenance service should be deducted at the rate of 2.266% but my client is not convince with my view. Sir, as per your view my view is correct or not & how can I convince ( Reference of any case law or notification) to my client. Amit Khera If repair…

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Filed Under: TDS Tagged With:

What Are Powers Of A.O u/s 142(1) & 143(2)?

August 20, 2007 By taxworry Leave a Comment

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Excerpt: I have the following queries?1. Is there a time limit for issuing notice u/s 142 (1) ?2. Can a notice u/s 142(1) be issued after a notice under 143(2) has been issued? If, yes what is the rational behind issuing such notice as powers under 143(2) are much wider than 142(1). Ajay Varma I presume you are asking about the powers of enquiry u/s 142(1) of the I T Act. There is no time limit for issuing notice u/s 142(1) of the I T Act . However, power of enquiry u/s 142(1) is vested in A.O for completing assessment which…

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Is Capital Gains Earned Out Side India Taxable in India?

August 15, 2007 By taxworry Leave a Comment

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Excerpt: One of my relatives has returned to India about 6 years back after residing in USA for about 15 years. His Indian Income comprises of Interest on Bank Deposits and on which he is paying Indian Income-tax. His dividend income- is exempt. His one residential house property does not yield any Income.In USA, his sources of Income is Bank Interest, Dividend on Shares of U.S. Companies, and Capital Gains on sale of Stocks of US Companies. He has been paying U.S. Income-tax on all his Income in USA.Now, since he is Resident in India, in view of DTAA Provision, does…

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Filed Under: A of Your Question, non-resident

Risk Is Life!

August 10, 2007 By taxworry Leave a Comment

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Excerpt: Just Read It!Recently somewhere I read this very inspiring poem by Janet Rand on the virtue of taking risks in one’s lifeTo laugh is to risk appearing fool.To weep is to risk appearing sentimental.To reach out for another is to risk involvement.To expose feelings is to risk exposing your true self.To place ideas and dreams before a crowd is to risk being called naïve.To love is to risk not being loved in return.To live is to risk dying.To hope is to risk despair.To try is to risk failure.But risk must me taken, because the greatest hazard in life is to…

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