Avinash Chomal (Student) (55 Points)
12 August 2011HELLO CCI MEMBERS,
I HAVE BEEN FACING GREAT CONFUSION IN TAXATION. ON RPF INTREST EXEMPTION RATE. IN GIRISH AHUJA IT IS GIVEN THAT IT WILL BE EXEMPT UPTO 8.5% AND IN EXCESS WOULD BE INCLUDED IN GROSS SALARY.
I WANT TO KNOW EXACTY IS IT 8.5 % OR 9.5%
AND WHAT RATE WOULD BE APPLICABLE FOR NOVEMBER 2011 ATTEMPT IPCC.
BECAUSE IN GIRISH AHUJA 25TH EDITION ASSESSMENT YEAR 2011-12 QUESTIONS ARE SOLVED WITH 8.5 %
PLEASE HELPPPPPPPPP
hardik dave
(student)
(508 Points)
Replied 12 August 2011
excess of interest over 9.5% is taxable.
it is given in V.K.SINGHANIA
Interest credited to RPF:
Exempt from tax if rate of interest does not exceed notified rate of interest
(i.e., 9.5 % before september 1,2010 and 8.5 % with effect from September 1 , 2010 )
excess of interest over notified rate of interest is taxable
Source : Vinod K. Singhania
45th edition
2011-12
hardik dave
(student)
(508 Points)
Replied 12 August 2011
in V.K.singhania it is given 8.5%
44th edition A.Y. 2011-2012
kamal kishor sen
(STUDENT Rajasthan)
(2156 Points)
Replied 12 August 2011
sanju
(Accountant)
(348 Points)
Replied 13 August 2011
i think for nov 2011 attampt we should adopt 8.5% , every body pls share their own views on this issue. bcoz realy it is confusing
sanju
(Accountant)
(348 Points)
Replied 13 August 2011
for nov 2011 , wich rates we need to follow is it 2011-12 assesmnet year rates?
%$ anil ....article trainee
(help ever fnd forever)
(204 Points)
Replied 13 August 2011
Avinash Chomal
(Student)
(55 Points)
Replied 13 August 2011
ya this is of great confusion but i think it is 8.5% because in latest editions questions are solved with 8.5%
any other views please post
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