I have spent Rs.2,20,000/- for my one children to avail admission for study at Media & Advertising to a reputed Educational Institution in the F.Y.2015-16. Her age is 18+.. Should I get the exemption of the expenses under IT Act ? Waiting for valued suggestion regarding the matter.

best book for taxation in ipcc

In response to IT dept notice regarding non filing of ITR-1 for AY 15-16, I filed my return. Then after filing, I noticed some error and revised my return. Now my account on IT Dept e-filling website is showing 2 returns, one as original and another as revised. Both are pending for E-Verification. Which return should I verify and why ? Please help... Thanks is advance

Sir, If I sold a residential house properly in April 2016 and has a capital gain more than exemption limit on the same but at the end of the financial year i.e. in march 17 I purchased another residential house properly and invested amount more than the capital gain arise earlier. Also I have pension income, interest income on fd. but my total income is below exemption limit. shall I compulsory require to File a income tax return. If yes than which ITR Please suggest me Thanks in advance..

i have doubt on calculation of turnover. for example my purchase( excluding vat) 2400000 and sales (excluding vat) 2700000. input tax ( VAT) 400000 and output tax ( VAT) 450000. so now my doubt is how to calculate turnover. turnover includes total sales and excess VAT I paid or sales and total output VAT I paid ???

hii guys..one of our client having bussiness of jeans manufacturing and they have crossed t/o of Rs.1.5crs in current month... they make a invoice after discount e.g. MRP Rs.1500 less discount Rs. 600 - Rs.900 net so can anybody help me for the excise duty application and at what rate?

hell
i filed my ITR on 10-12-2016 and mistakenly failed to claim deduction as per form 16.by this reason tax payable arises.instead of paying tax i uploaded the xml and i received a notice u/s 139(9) regarding defective return and to file a response within 15 days.i also was not filed it within 15 days.the wording of notice is as follows:-

Sl.No Error Code Error Description Probable resolution
1 38 Tax liability is shown as payable . The tax payer should pay the
in the return of income balance tax liability and furnish
complete details in the corrected
xml. Kindly ensure that
there is no tax payable at the time
of uploading the corrected XML.

Kindly note:
1. Please ensure no other information is changed apart from those error listed below in Annexure - A, incase of any
other changes in data, the return of income filed by you is liable to be treated as an invalid return.
2. For any change of income/ other heads, you may file a revised return as per the provisions of Income Tax Act,1961.
3. For the error codes mentioned in annexed table, the probable resolution has been provided there in.
4. Xml uploaded as above should have all the data to enable accurate processing, it should contain complete
information as furnished in the earlier xml along with information pertaining to the errors listed below.
5. The assessee is advised to use the software utility available on the website www.incometaxindiaefiling.gov.in
6. The above mentioned rectified xml uploaded in response to this notice, will be presumed to be duly verified and
correct and complete in accordance to the provisions of the Act.
7. If the above requirement is not complied within fifteen days of receipt of this notice, the return of income filed by you
is liable to be treated as an invalid return.

my problem is that:
1. how to claim the correct deduction as per form 16 so that my refund determined?
2. i can not revise it also because it is belated also.and without revising how it is possible to claim.
3. according to point no 1,i can not change any information in my earlier XML.am i right or not?

one thing i tell you that the link for response to section 139(9) is active right now.
please provide me a solution by which i can claim my refund with full process to be followed.

thanks

hi, i am receiving some apartments from builder as per joint development agreement in another 2-3 months. i do not intend to sell any of them. i am aware i am liable for long term capital gain. but builder is saying i need to pay 3.5% service tax within a month of getting possession certificate from him. the value will be based on builtup area i am receiving at guidance value at registrar office. is it true? thought there is service tax only if i sell my share before construction is complete.

Sir
My client used to pay near rs 75000 as tax and he forgot to file his return for F. Y, 2013-14. So what are the consequences and is there any way to file return for that year and return of F. Y 2014-15 AND F. Y 2015-16 are not filled yet.

Hello,

I and my wife own a 2nd home (apart from our current residence) where my wife's name is first name and mine is second name.
My wife and I both were co-borrower in home loan though I paid full EMIs from my bank account.
And we paid EMIs before possession since we booked it during construction. We got possession in Aug 2014.
Now, as per the rule I know that, the EMIs paid before the possession can be claimed for Tax rebate in 5 equal parts in 5 years after possession.

I have 2 questions here.
1) Can I alone claim the 100% benefit Tax rebate for the EMIs paid before possession for 5 years after possession ?
Or we both have to claim it 50-50% in our individual tax filing ? Or is it as per our percentage share in the property ?

2) Relating to above question, one more sub question is how to know the %share of me and my wife in the property.
Although we own it jointly with my wife's name as first name, On the agreement or property documents
I dont see the percentage share clearly mentioned any where.

More Info: We have given this property on rent to a tenant with a proper registered rent agreement where me and my wife both are party.
and we will be considering this rental income also while claiming Tax benefit of above mentioned Pre-possession EMI paid.

Kindly request you to reply.

Warm Regards,