Dear experts,

I know that interest on 2nd house if fully deducted from taxable income.

My question is.
1) Can this second house need to be in same city where i am staying or another city ?

2) If i had closed housing loan for first house , can i claim full interest of 2nd house as deduction Or to claim deduction of interest of 2nd house, the Housing loan of 1st house should not be closed?

Regards
yogi

Hello seniors and experts, I got into Statutory audit deprtment as articled assistant in one of the big firm in Bangalore.. My reporting date is on friday..So i have 3days for preparation.. I like accounts very much hence i chose SA department. My questions are..
1. i want to perform well but how to perform well ?? I dont know how exactly it works.. I mean audit of companies..
2. i dont know how audit is being done in tally!! i only know vouching in tally.. Now what to do?? i m litttle week in tally 3. Should i read something about SA and BANK AUDIT in these 3 days??
4. Is there any book which will help me to perform well in SA audit??
5. what will I be asked to do during intial days?? So that i can prepare now itself.. PLease suggest me some ideas..

sir, while joining as an article trainee in one of the firm , i am being asked to sign an undertaking stating that you will not take transfer in any circumtances.
What is the validity of this undertaking??

Dear Expert

One of our supplier is issuing Invoice and putting Original/ Dupliate/Tripliate/quadupliate/ Extra copy in invoice & highliting . We take credit on duplicate copy where they highlight , & Original copy , as they highlight, sent to accounts for payment, Is any difficulty in this transaction to take cenvat credit ?

Normely Original for buyer & Duplicate for transporter copy is issued for removal of goods but in the above case they are preparing 4-5 invoices and highliting individualy each .Please guide

ISD has credit of Rs 18 lacks which it wants to distribute to its branches

BRANCHES TURNOVER
Rajkot (manufacturing only exempted goods) 20 lacks
Baroda 40 lacks
Jamnagar 60 lacks
Surat 80 lacks

Now, how the 18 lacks will be distributed to BARODA?

Option 1:
18lacks*(40lacks/200lacks)

Or

Option 2:
18lacks*(40lacks/180lacks)

I have completed by Articleship in 1985. I have not passed the Intermediate examination at that time and did not pursue the course further. Is it possible to re validate and write the intermediate exam or its equivalent now ?

WE have submitted an application in form no 117 for approval of firm name to ICAI Delhi,
3 week have passed and we have no reply, can someone please tell me how long does it take to get the firm name approved from Delhi.

One of Our client is interior decorator doing interior work he has opted for composition scheme under works contract so in given scenario the dealer gets the set off reduced by 36% i.e. if 100 Rs vat paid towards purchases than dealer will only get set off of Rs. 64 which is local purchase in our case we have local sale + OMS sale so what we have done is taken ratio of Local:OMS sale and than bifurcated the set off according to the ratio for Example 40:60
1)so my Query is that should we reduce our full set off by 36%???? or
2) reduce the local sale i.e. 40 by 36% and take full set off against OMS sale ???

I have filed manual income tax return for assessment year 2008-09.

The following are details as per return:

Total Income -173550/-
Tax payable- 5366/-
Tds deducted by employer- 12122/-
Refund -6756/-

However i have been issue refund of Rs 2190/- only.

Also in respect of same assessment year 2008-09 notice of demand arrear for sum of Rs 7076/- is issued.

Also as per NSDL TDS is Rs 9889/- whereas as per TDS certificate it is Rs 12122/-

I have filed the rectification u/s 154 and also a clarification letter but till date i got no response.

Please guide me to take further appropriate action in this regard.

I have completed 17 months of articleship and I want transfer. I have submitted form 109 to the institute with NOC from principle after inquiring to the ICAI. But now they have rejected my form. Please suggest me what to do.