Housing property

  • case of Price Waterhouse Coopers (P.) Ltd- avoid casual and careless approach

    Penalty – Liberal view taken by the Supreme Court in special circumstances- should not be considered as a guide to be careless.

    The Supreme Court has taken liberal view in special circumstances and held that in the given case and its peculiar facts, penalty was not justified because there was no will full concealment of income or furnishing of inaccurate particulars, but inadvertent mistake took place while computing income in

  • Tax & Loan Eligibility benefits from Home loan in Joint Names

    One of the most attractive benefits of taking a home loan is that they help you save

  • Budget Proposals - Income from House Property.

    Deduction in respect of interest on loan sanctioned during financial year 2013-14 for acquiring residential house property

    New section 80EE - Presently, for the purpose of computing Income from House Property a deduction can be claimed up to a limit of Rs.1,50,000  in respect of interest payable on borrowed capital.

    As an additional benefit for first-home

  • All About Tax dispute resolution Coverage, Scope, Problems, Challenges, Suggestions & Motive

    Tax dispute resolution in the Indian context hasn’t particularly been an encouraging experience. While a portion of this taint could be attributed to complexity of tax laws and efficiency levels of the administrative process, a material reason is delay in seeking resolution due to multiple layers of appeals, which currently is four.


  • Article on Section 194A – TDS on Interest other than Interest on Securities

    What is Section 194A?
    This section is only applicable to a resident. Thus, the provisions of section 194A are not applicable in case of payment of interest to a non-resident.
    Payments made

  • Tax Clarifications For Multiple House Property Investment

    f you are wondering how many residential properties you can own? Well, legally speaking, there are no restrictions on owning more than one house property. Today, owning multiple house properties is fast catching up with the urban population and thus the various tax implications need to be necessarily analyzed to keep tax related worries at bay. Generally, the requirement for another house arises when we want to reside in one

  • House Rent Allowance

    My grandmother says in Hindi, "Salary is tankha" tan means body, kha means eat). Often my clients from industry ask my advice for reducing their tax incidence. Earning a monthly salary they often end up coughing upto 27% of their salary in TDS. With meager 1 lakh exemption limited under Section 80C of the Income-tax Act ("Act"), 1961 and standard deduction long gone, salaried tax payers bear a very high net tax rate. Exemptions for

  • Note On House Rent Allowance

    Generally employee submits Rent receipt and rent deed to his employer to claim exemption of tax on account of HRA however recently CBDT vide circular:08/2013 dated 10 Oct 2013 has made mandatory that If annual rent paid by the employee to his/her land lord exceeds Rs 1,00,000 per annum, he/she will have to report PAN of the landlord to the employer. In case the landlord does not have a PAN, a declaration to



    Income from House Property : Quick revision notes for CA /CS Aspirants


    Below whitepaper is devoted to CA & CS aspirants for revising “House Property Income” Head

  • House Rent Allowance (HRA) Vs. Rent Free Accommodations (RFA)

    House Rent Allowance (H.R.A.) results in tax savings because accounting under Income tax act is direct exemption based. However, accounting of Rent Free accommodation is valuation based taxation and added to total income of employee presumptive basis.


  • Faq On House Rent Allowance A Tool Of Tax Planning

    Q-1:- one of our client is providing rent free accommodation to its employees, one of the employee's family is out of state, he is receiving HRA, also paying Rent for house out of state occupied by his family,in this case can he claim HRA exemption?

    A-1:- Generally HRA is allowed for the place where employee is rendering service however there is no restriction ‘as such’ has been imposed in any provisions thus it may be

  • Common Mistakes Done by Assessee while Filing Income Tax Return

    Wrong Calculation of Exemption of House Rent Allowance (HRA)

    So, Many times claim exemption of whole amount House Rent Allowance (HRA) Received even if Some portion of HRA is Taxable. Asseessee must take exemption of minimum of - 

    Actual HRA Received

    40% Of Salary or Incase of Metro Cities 50% of Salary

    Excess of Rent Paid over 10% Salary

    Note: - Here Salary means Basic plus Dearness Allowance (DA) if

  • Explanation to Different Income Tax Return Forms  


    ITR -1

    ITR -1 is simple Return for Resident Individual

  • Income Exempted from Income Tax

    Agriculture Income: - Any Income earned by any Asseessee on sale of Agriculture produce or Income derived from renting Agriculture Land for Agricultural Activities shall be fully Exempted from Income Tax. However agriculture Income is included in Total Income of Asseessee for ascertaining slab Applicable to Assessee if Agriculture Income exceeds Rs. 5000 and Non - Agriculture Income doesn't

  • Income Tax and Goods and Service Tax Compliance Applicable to Company

    Income Tax Compliance Applicable to Company 

    TDS Return for Q1: - Every Deductor who Deducted TDS in Q1 shall require to

  • Note on House Property and Taxes

    1. Basics of House Property

    A house property could be your home, an office, a shop, a building or some land attached to the building like a parking lot. The Income Tax Act does not differentiate between a commercial and a residential property. All types of properties are taxed under the head ‘income from house property’ in the income tax return. An owner for the purpose of income tax is its legal

  • Treatment of unrealized and arrears rent under Income under the head Income from House property

    Treatment of unrealized andarrears rent under

  • Blackmoney Warehouse of tax data for I-T in the offing

    As part of its vigour to track blackmoney in country's economic channels, the I-T department is creating a new "warehouse" of business related intelligence and funds data which will empower the taxman to check multiple trends of expenses made by individuals and entities.

  • Penalties under Income Tax Act

    Sec 140A(3): - When assessee fails to pay wholly or partially of Self Assessment Tax or Interest or penalty or less than, in such a case Assessing Officer may impose any amount of fine subject to Maximum of Tax in arrears.

    Sec 158BFA(2): - Minimum 100% of Tax leviable subject maximum of 300% of Tax liable on determination of Undisclosed Income.

    Sec 221 (1): - Any amount may be imposed by Assessing Officer as penalty on