If a employee got the salary from more than one employer in a year then tax calculation by latest employer in term of followings :

1) If he declare the salary from previous employer but not provided supporting documents (i.e. Form 12B or Form 16)?

2) If employee does not provide any information about salary from previous employer ?

Thanks

Whether school tuition fees which is borne by employer be exempt in the hands of employee if FBT is paid on the same by the employer under Employee Welfare - clause (E) of sub-section (2) of section 115WB,

I got an allotment of housing board flat of the TamilNadu Housing Board (TNHB), through Government Quota in my name.

TamilNadu housing board wanted an application for the allotment of the flat based on the government orders.

As I was about 63 years old and had no major income, I included the name of my first son in the application along with my name.

TNHB approved the application and gave the allotment orders of the flat in joint name of my first son and me.

TNHB gave the A certificate and B Certificate and outright purchase agreement in the favour of Bank of Baroda. A legal opinion was obtained on the title based on the above documents and nil encumbrance certificate.

First son approached Bank of Baroda and got a home loan, cleared the entire outstanding with TNHB through a banker’s cheque.

First son also obtained private loans to fund the balance cost of flat.

He was regularly paying the monthly EMI to the Bank, he was also claiming income tax benefits under income from housing property for 3 years.

Subsequently he had to leave India to Nigeria from where transfer of money was going to be difficult and long drawn process and he was also not interested in owning a flat in India.

So he gave in writing to TNHB that he is not interested to be a owner or co owner in the flat and wanted his name to be deleted and in his place his brother be included who has adequate resource to take Bank loan and meet the cost and pay the EMIs.

An affidavit was obtained from my first son to this effect and given to TNHB along with the concurrence of my second son (his brother) and myself.

Accordingly TNHB gave a letter stating that they have included my second son’s name also.

Based on this letter Bank of Baroda sanctioned a home loan to my second son, myself and my first son in Aug-04

Now, my second son is regularly meeting the EMI from his salary and also took over the private loans for which also he is paying the interest.

The property was rented out.
While filing IT returns, my second son showed only 50% of rental income as income from property by mentioning 50% Co-owner and the remaining 50% was shown as income in my name. The interest paid on the Bank loan and private loan was claimed in full for deduction from Income tax as it was totally met from my second son’s salary and borrowings.

The balance 50% of rental income was shown in my name and while filing my IT returns and I did not claim any amount under Interest paid.

The ITO on scrutiny of the returns has stated that since second son has shown only 50% of the rental income he can only claim only 50% of the interest paid as he is a 50% Co owner.

The property is not yet registered.

The documents that have been given by TNHB to the Bank do not mention % of share in the property against each name.

Under the circumstance how to substantiate the ITO view point as below on the IT returns submitted by my second son.

Under income from house property in my second sons name, it is shown as below

Rent received is shown as 50% of total rent received being 50% Co-owner
Less 30%
Less Municipal taxes
Less total (100%) interest paid to both bank and private loans

The ITO points out that as rental income has been shown as 50% hence my second son can claim only 50% with respect to the interest paid to both the banks and private loans.

I would require some I.T. rules or rulings or case laws or Tribunal decisions.

The point to note is I have not paid any amount towards the cost of acquisition of the property. The property has been financed only by my second son through Bank loans and private loans in full.

How to justify, that my second son uses 50% rent in his I.T. return and I use 50% rent in my I.T. return and also my second son is authorized to claim 100% of the interest paid on bank loan and private loan (as he has met the entire cost of the flat and paying the interest on all the loans – bank and private loans) in his I.T. return.

what is the meaning of stockinvest

On 1.4.1982 mr.A purchased asset later he transfer this asset to his wife(Mrs.A) as gift on 1.4.2003 which she has sold on 31.3.2008.
COST WILL BE OF MR.A i.e. 1/4/1982
This is a Long Term capital gain but my query is related to COST INDEXATION
Whether to take Indexation cost of 1.4.2003 or 1.4.1982.

we have make a provision entry for Directors Commission (Section Code 92B) with TDS deduction and credited to directors account on 31-03-2008 but till date the net commission after deducting TDS was not paid to directors what is the due date for TDS Payment to Govt.pl clarify

How are gains earned from PMS (portfolio management scheme) taxed - as Capital gains or as Business Income?
Please quote case decisions if possible.

My question is related to Haryana vat

Question-1: I would like to ask that can we take the credit of the inter state purchase input against our intra state sale.

Question-2: If i will pay the extra amount than my net output liability then where it will be shown in the VAT R2.

Hello all!!i m registered with a CA firm in Delhi.now i want to take transfer and go back to my home town (MP).the regional center for my city is Kanpur.so it is obvious that i will submit form 102 n 103 at kanpur.but where do i submit form 109, in delhi or kanpur,as i m currently corresponding with delhi center. moreover do i have to give a seperate application for change in address or will the informationation of the same in form 102/103 suffice??kindly advice..thanks

What is the Difference between Amalgamated balancesheet and Consolidated Financial Statement? and AS- 14 & AS- 21 ?