Basics of the tax .....
Page no : 3
S.ASWATH
(Manager)
(704 Points)
Replied 08 January 2012
Whether not ordinarily resident can give form 15g/h and form 60 its belonging to residents
and NRI how the make tax payment if they don't have PAN
* Krishna *
(CA Student)
(6149 Points)
Replied 08 January 2012
Form 15G is meant for non-senior citizens, where as Form 15H is meant for senior citizens. If these forms are submitted to bank, it wont deduct tax and pays interest as accrued. However, NRIs are not eligible to submit Form 15G or H, whether or not they are senior citizens.
MS SAMEER
(CMA*CA*CMDM*ast FUND MANAGER*LEGAL ADVISOR)
(14938 Points)
Replied 08 January 2012
tnqqqqqqqqqqqqqqqqqq
santhisundaramg
(articledassistant)
(434 Points)
Replied 08 January 2012
vry much useful 2 all cci'ties, simply presented n easily undstud by all,
Srikanth M S
(finalist)
(88 Points)
Replied 08 January 2012
Incase of sale proceeds of Rural Agricultural land, it is taxed neither a agricultural income nor Capital gain income.. It just goes untaxed.. In fact the same doesn't appear in the Income tax Statement too, while computing the Income tax payable/refundable..
Ranjan
(CA)
(127 Points)
Replied 09 January 2012
@ Srikanth....
As per explanation 1 to sec 2(1A), sale proceeds of rural agricultural land will be deemed as agricultural income which is exempt u/s 10. Explanation is as follows for your clarification in which only urban agricultural land have been excluded...
12[13[Explanation 1.]—For the removal of doubts, it is hereby declared that revenue derived from land shall not include and shall be deemed never to have included any income arising from the transfer of any land referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of this section.]
CA.Ganesh
(Practicing Chartered Accountant)
(308 Points)
Replied 09 January 2012
what is the treatment of Housing loan interest during preconstruction under sec 80C?
![Ritesh Indian Son[CMA*CS*CA]](/img/avatars/my_avatars/289269.jpg)
Ritesh Indian Son[CMA*CS*CA]
(" Simple Living High Thinking ")
(4117 Points)
Replied 09 January 2012
Good Work dear............
CA.Ganesh
(Practicing Chartered Accountant)
(308 Points)
Replied 09 January 2012
what is the treatment of Housing loan interest during preconstruction under sec 80C?
CA Devender Chauhan
(Group Financial Accountant)
(1526 Points)
Replied 09 January 2012
Thanks Renu for starting such good Forum...
A quick recap of what we have learned studied.
Looking forward for your more posts.....
A big Thanks for your contribution
deepak_bhat08
(Chief Accountant)
(33 Points)
Replied 09 January 2012
Housing Loan Interest is not Covered under section 80C
but Covered under sec 24(b) - interest on borrowed Capital.
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