Two residential house properties are purchased, one in 2004 and another in 2006, each under an housing loan availed from 2 different banks. Whether assessee can claim deduction u/s 80C on repayments of both these loans for AY 2008-09? [or whether the section permits deduction on only one (first)housing loan pertaining to one property only?]

Will the answer be different if in the above case, second loan is availed to construct first floor on the same property?

[The loans are used for construction only and not for any repair / renovation in the above cases]

The above queries are with specific reference to the later restrictive provision of the same section. The A.O interprets that any additional loan availed, whether used for constructing additional floor or a new building, after completion of construction or obtaining possession of first property or ground floor, will not qualify for deduction for its repayment.

Whether demand can be raised by ITO (TDS) for non deduction / shortfall in deduction of TDS by an assessee?

If so, whether any time limit exists for raising such demand. How far back he can go? For example, can he raise demand in 2008 for default in deduction of TDS in FY 2003-04? [The problem is that the payee can not claim credit for such belated deduction of tds (even on the basis of form 16A), if the filing of revised return is time barred or disabled (owing to non filing of original return in time), even assuming that this otherwise provides a valid ground for filing a revised return]

Will this not amount to double payment of tax, if the payee had made good the shortfall by himself paying the advance tax?

Tax deducted on 31st March is to be deposited upto 31st May.


The above statement is confirmed by refering to following links:


http://www.indiancaonline.com/story/2005/6/14/19284/1062(refer notes: point 2)


http://www.mmehtaco.com/TDS_RATES&DUE_DATES.pdf


BUT

Following link says the above rule is NOT applicable to PAYMENT OF SALARY(Point 12)



http://ghalla-bhansali.com/it_tds.asp


Please confirm whether TDS on Salary is an exception to the statement - Tax deducted on 31st March is to be deposited upto 31st May - BY QUOTING RELEVANT SECTION / RULE

Suppose an AOP has the following income:
Dividend = 50000
Rent = 1000000
Interest = 1000
STCG = 150000

And it also has a corpus donation of 10 lacs.


So What will be the tax liability of AOP?

Suppose an AOP has the following income:
Dividend = 50000
Rent = 1000000
Interest = 1000
STCG = 150000

And it also has a corpus donation of 10 lacs.


So What will be the tax liability of AOP?

Sir/Madam,

Please send me the FBT calculation sheet applicable for private companies for the F/Y 2007-08.

Regards,
Daulat

for the assessment year 2006-2007 ie financial year ended 31.03.06 the return was filed on 31.12.07. but the assessee has paid advance tax. whether penalty u/s 271f can be imposed. there was only delay in filing returns.whether there is any case law in favour of the assess to escape penalty

a man invest a sum of Rs. 20000/- in the name of his wife in "LIC Market Plus Plan". i want to ask that , Is he eligible for deduction of Rs. 20000/- U/s 80c in his Income Tax Return which was invested in his wife name.

Can you please tell me can father in law gift to daughter in law . is that amount is taxable , in whose hands.

IS additional Depreciation allowable for machinery for AY 2008-2009 ? If yes what is the percentage for additional depreciation for the year ended 31/03/2008.