FAQ on Housing Loan & Income tax benefit

FAQ on Housing Loan & Income tax benefit Posted: 21 Jan 2013 07:30 PM PST 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... Deduction U/s. 80G of Income Tax Act, 1961 for donation Posted: 21 Jan 2013 07:30 PM PST The amount donated towards charity attracts deduction under section 80G of the Income Tax Act, 1961. Section 80G has been in the law book since financial year 1967-68 and it seems it's here to stay. Several deductions have been swept away but the tax sop for donations appears to have survived the... Some Helpful Tips For Filing Wealth Tax Returns Posted: 21 Jan 2013 07:25 PM PST The W.T. return for Individuals, Hindu Undivided Families and Companies is to be filed in Form BA. Value of an asset for an assessment year is to be declared as on the relevant Valuation Date i.e. 31st March of each year. Thus, for the assessment year 2012-13, the valuation date will be 31.3.2012,... Few tips to Prevent Income Tax Raids Posted: 21 Jan 2013 07:20 PM PST One should not keep any unaccounted or undisclosed money, property or income popularly known as black money. If such a disclosure is made before its detection by the Income Tax Department, the chances of being trapped in a tax raid are minimized. A tax raid may also be conducted against a person in... CPT (Paper Pencil Mode) Dec 2012 – Pass Percentage & List of Toppers Posted: 21 Jan 2013 06:10 PM PST The Institute of Chartered Accountants of India (ICAI) announced the results  of  Common Proficiency Test (Paper Pencil Mode) held on December 16, 2012 on 21.01.2013. The top three rank holders of Common Proficiency Test (Paper-Pencil Mode) held on December 16, 2012 are from Guntur (Andhra... CA Final Nov 2012- Pass Percentage & List of Toppers Posted: 21 Jan 2013 06:04 PM PST The Institute of Chartered Accountants of India (ICAI) announced the  results of Chartered Accountants Final Examination held in Nov, 2012 on 21.01.2013. The top three rank holders on all India basis of Chartered Accountants Final Examinations held in November, 2012 are from Mumbai,... Notice U/s. 148 cannot be issued unless return which has already been filed has been disposed of Posted: 21 Jan 2013 05:15 AM PST Notice cannot be issued when returns are pending - Notice cannot be issued unless the return which has already been filed has been disposed of - CIT v. M.K.K.R. Muthukaruppan Chettiar [1970] 78 ITR 69 (SC); Bhagwan Das Sita Ram (HUF) v. CIT [1984] 146 ITR 563 (SC). Import Duty on Gold & Platinum Raised to 6 Percent Posted: 20 Jan 2013 06:14 PM PST The Government has proposed to provide a link between the Gold ETF (Exchange Traded Fund) and the Gold Deposit Scheme. The objective is to unfreeze or release a part of the gold physically held by mutual funds under Gold ETFs and enable them to deposit the gold with banks under the Gold Deposit... Company Secretaries (Amendment) Regulations, 2012 to implement New Training Structure of the ICS Posted: 20 Jan 2013 11:14 AM PST The following draft of certain regulations, further to amend the Company Secretaries Regulations, 1982 which the Council of the Institute of Company Secretaries of India proposes to make, in exercise of the powers conferred by sub-section (1) of section 39 of the Company Secretaries Act, 1980 (56... ECB Policy – Repayment of Rupee loans and/or fresh Rupee capital expenditure – USD 10 billion scheme Posted: 20 Jan 2013 10:58 AM PST As per the extant guidelines, Indian companies in the manufacturing and infrastructure sector (as defined under the extant ECB policy), which are consistent foreign exchange earners, are allowed to avail of ECBs for repayment of outstanding Rupee loan(s) availed of from the domestic banking system...