sir , please make me clear that if an assesse is earning salary from a company or remuneration from a partnership firm and also paying intrest on unsecured loan taken from the other party then whether that intrest expenditure would be allowed as expenditure in order to calculate the NET INCOME from that head or it is necessary that , expenditure is in the nature of other source so it can be only be adjusted with other source income . please clarify it as soon as possible with some case laws links also .

Good Morning

In sec. 54 exemption is available for purchase of HP before one year of transfer or two year after transfer.

Eg. On 1/9/13 I purchased a house and then I sold my old house on 2/8/2014. Exemption is available to me u/s 54.(i.e. purchase a house within one year before the date of transfer)

Question:
1) When I already purchased the house before the sale of old house then why exemption is available, even if i have the money as it is, I don't use the amount from sale proceeding. What is the logic?

Mr. x is tax deductor & he has received a short deduction certificate to deduct @ 1% u/s 194j instead of 10%, still Mr. X received notice from IT department regarding lower deduction.. What steps should he take to tackle this? should he file revised return & send lower deduction certificate or what???

How can I file my IT return for AY 2012 - 13. and under which section. till date I have not filled. any solution?

Respected all
i m seeking for ur valuable suggestion
as my attempt for CA Final exams is May 2015
now i m confused whether i should go for Dt classes or wait for next batch

Is surcharge is applicable to all persons as per latest amendment? plz reply

how to apply for ppf and details ..?can any one answer this plzz

My client had raised credit bill in the month of November 2013 for the services provided in the FY 2011-12, the service tax rate was 10.36%, now how shall i show while filing ST return as it is 12.36% at present and i don't find coloumn to adjust it.

I tried to take net services provided for the month of November, however tax liability will vary.

Thanks with regards
Rakesh

I recently purchased two LIC policies. I paid the premium in cash. I want to know can my father claim deduction under section 80C in his income tax return on the premium I paid in cash. My father is a pensioner aged 71 & I am 35.

THERE IS A TRUST WHICH PROVIDES THE EDUCATION FACILITIES,THE TRUST HAS ONE LUXURY CAR AND THEY ALSO APPLIED FOR THE 80G.
THE COMMISIONER HAS OBEJECTION IN LUXURY CAR,IS THERE IS ANY PROVISION IN WHICH WRITTEN ABOUT THAT THE TRUST SHOULD NOT HAVE ANY LUXURY CAR..