If income has to be taxed under the head house property then one of the conditions is that the owner should not occupy the residential house property for carrying on his own business and profession,right? (I am not too sure about that)

so if he does use the residential house property to carry on his own business and profession,what happens to the income then??

And can anyone please guide me on how to study income tax. I have done 3 heads(house prop,sal,cap gain) but i still am not sure about how to approach the total income questions with so many points. how can i approach those questions?

Do we get extra marks for quoting the sections? and
Do we lose marks for not quoting the sections?

CA IPCC student.
Please help.

Sir,
The housing loan is sanctioned by LIC on
5th March 2013,
LIC has given the cheque of the loan amount in d name of MHADA to d assessee on
30th March, 2013.
But, the assessee has deposited the same in the MHADA A/c maintained by Axis Bank on
2nd April, 2013.
My Query is whether the loan should reflect in the Balance Sheet as on 31st March, 2013?
and from when the deduction u/s 80C for principal repayment of housing loan and u/s 24 for interest on housing loan begins?

Please help me in providing the circular in which the requirement of DSC is explained for return filinf. Moreover for salaried if income exceeds 10 lacs does DSC required for return filing?

I am indian national.I am working in dubai,UAE which is tax free country.now as per NRI norms, I became an NRI AS stayed for more than 182 days during a year.

I sends money to India from foreign currency to INR in Indian Bank every month .
Does Remmitance to India taxable?
If am I making FD on NRI status, is interet is taxable in India ?

Respected Sir,
One of my clients has won a MHADA Lottery.I want to know whether payments made to MHADA for purchase of a residential house property qualifies for deduction under sec 80C.
I referred to sec 80C(2)(xviii)(a) wherein it is stated that :
Sums paid in the previous year by the assessee for the purchase of a residential property, where such payments are made towards or by way of any instalment or part payment of the amount due under any self financing or other scheme of any development authority,housing board, engaged in construction and sale of house property on ownership basis,shall be deducted in computing the total income of the assessee.
Please guide me on this matter at your earliest.
Regards.

Hi, can anyone pl confirm if Tuition fee received by an individual and for whom TDS is being deducted

- Can he claim Provision of Sec 44AD of Presumptive taxation of 8%.

Thanks.

VERY URGENT

i am going to file ITR for a women and have to show profit of 225000 please tell me as to which

1.ITR NO. to file

2.in which column i will fill it..i mean what should be best option to show as income source and in which column...

please also tell me going to file ITR 4S can i also mention income from other source of amount 30000 with presumptive net profit of 200000 with out any tds implication..

helloo all my seniors
during my articleship period I didnt get much exposure of work
coz my principal ws mainly involved in lic policies
cn anyone plz help me to find a job as a ca in a firm where I cn get prpr exposure
firm should b in delhi
plz help
thnx in advance

what is the meaning of implied volatility in "options"

Why pay TAX again for an already deducted amount of TDS? (TDS is Tax Deducted at Source)

Income TAX calculation for individuals in INDIA in the present format, does not take into account TDS amount while calculating tax liability and in case of income from multiple sources you end up paying 10% , 20% or 30% etc ., (Depending on the slab) for TDS amount also i.e. You are paying TAX on TAX.
(All amounts in Rs.)
Eg. A senior citizen gets say 30,000 per month pension with 1000 TDS in pension amount and has 3 FD’s giving him interest from savings bank with 10% TDS on the interest paid.
FD1=10000 TDS =1000
FD2=15000 TDS=1500
FD3=150000 TDS=15000

Now let us calculate his tax liability and total tax. Let us take for senior citizens no tax upto 3,50,000.
And 10% Tax for below 1,00,000 and 20% above 1,00,000 on the taxable income.

Income 30000 p.m
Annual Income 3,60,000
SR. Citz., no other deductions
TAX =360000-350000=10000
TAX 10 % =1000
TDS 1000 for pension amount.
If he has no other income then TDS and TAX to be paid are same and TAX to be paid by him is nil.

If he has the following income then
FD1 interest 10,000 TDS 1000
FD2 interest 15,000 TDS 1500
FD3 interest 1,50,000, TDS 15,000
Income = 360000+10000+15000+150000
Taxable amount = 535000-350000=185000
TAX=10000+17000=27000
TDS =1000+1000+1500+15000=18500
TAX to be paid by him on return filing =27000-18500=18500 = 8500

Let us calculate his tax as per the amount received by him (i.e. Excluding TDS)
Actual amount received by the person= 359000+9000+13500+135000=516500
Taxable income =516500-350000=166500
TAX to be paid =10000+13300=23300-18500=4800
Difference = (8500-4800) = 3700 = 20% of TDS
So this senior citizen is compelled to pay TAX on TAX (TDS) equivalent to 20%

My contention is that while calculating Tax liability on total income for individuals, 100% Tax exemptions are given for professional tax, employment tax etc ., Tax Deducted at Source should also be exempted, otherwise it leads to paying Tax on Tax. I fully agree that TDS is a convenient way of advance tax payment and helps the individuals the cumbersome task of Tax calculation. But it is a TAX.
Tax Liability for the above calculations excluding TDS will be
Taxable income =535000-18500(TDS) = 516500-350000=166500 and TAX to be paid 4800
Actual income tax rates in effect at present are different. To show the logic of my contention I have given the above example. By present income tax rate, the above person may end up paying 10% of TDS amount as tax which he has not received. Ie Rs.1850.
For argument sake I say that if this person donates the TDS amount to say PM’s relief fund or some charity organization he need not pay any TAX on that amount, since TAX exemption rules already give exemption for such type of amount.
In conclusion I wish to say that either TDS should be exempted from Tax Liability calculations or from calculated Total Tax, the tax on the TDS amount has to be subtracted.