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The Reserve Bank Of India has further liberalised the forex rules and one of the relaxation affecting Individuals immediately will be raising of remittance limit under Liberalised Remittance Scheme for resident Indians. Read the press release issued by RBI.

P. (DIR SERIES) CIRCULAR NO. 9, DATED 26-9-2007
Attention [...]

What Happens If Possession of Flats Gets Delayed Beyond 3 Years?

What is the income tax rule if my apartment possession gets delayed by more than 3 years (from the date I take the loan)? Nitin
Section 24 of the I T Act is for deduction of interest from house property income. What ever interest is paid is allowable in case the property is not [...]

How to Compute Tax In Case You Have Agricultural Income?

While clubbing the agricultural income with non-agricultural income for tax purpose , whether non- agricultural income to be taken at gross income or net taxable income after deduction u/s. 80C ?Mahesh
The non-agricultural income is the total income without consideration of agricultural income. The total income is found out by gross total income minus [...]

When Can Your Return Be Declared Defective?

I have filed the return for the AY 2006-07 computing tax as per the provisions of 44AD as the gross receipts was less than 40 Lakhs. I have declared 8% income on the gross receipts as required by the said provision. Now, I have received a letter from the Assessing Officer stating that my return [...]

What Is the Meaning of Dependant for Claim of deduction u/s 80DD?

I have a handicapped dependent who is my cousin ( son of my mother’s sister). He is completely dependent on me and every month I spend Rs 5000. He is suffering from 95 % Blindness and mental problem. I wanted to know whether I can claim tax benefit under 80DD. I went through the Income [...]

What Are The Tax Benefits Available To Senior Citizens?

What are the deductions admissible to a Senior Citizen? K G Menon
There are not many Exclusive deductions available to senior citizen . A person becomes senior citizen under Income Tax Act in any year after attaining the age of 65 even for one day. Once he attains 65 years, his status as senior citizen in [...]

Why Should You Not Forget To Deduct Tax At Source?

Now , even individuals or HUF have been made responsible for deducting tax at source if their sales turnover exceeds Rs 40 lakhs or gross receipts from profession exceeds Rs 10 lacs. Not deducting tax at source from payments made will make them suffer very heavily. The punishment for not deducting tax at source, was [...]

Is Insurance Premium Exceeding 20 % Injurious To Wealth ?

Life Insurance and Unit Linked Insurance Plans are very popular as a tool to get deduction u/s 80C of the I T Act.There is two common perception regarding these two types of investments

The investment in life insurance and ULIP can be deducted up to Rs 1,00,000.
The insurance money received form policies are totally [...]

Is FBT Applicable on Charitable Trusts?

Whether FBT is applicable to Charitable Trusts? Kishan Lal Agarwal
Proviso to section 115W(a) of the I T Act inserted from Asst Yr 2006-07 specifically exempts funds ,trusts or institution eligible for exemption u/s 10(23C) or registered u/s 12AA of the I T Act . The proviso states

Provided that any person eligible for exemption under clause [...]

eTDS Is Mandatory For Most Persons Now!

Till now, only eTDS was mandatory for Government or Company deductor . However, now the CBDT has amended the Rule 31A, & 31AA vide Notification No. 238/2007 [ S.O. 1484(E) ] dated 30th August, 2007 to provide that in addition to the existing two categories, quarterly statements of TDS/TCS shall also have to be [...]

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