if any company has changed its accounting policy i.e. from wdv to straight line method on year end(31-03-2008) then whether loss on sale of machinary ,sold on 01-10-2007 & depriciation thereon is liable to change retrospectively or not, is retrospective change is required to be given on existing machine on year end only

urban cooperative bank has invested funds as fixed deposit in other coperative bank.
it has invested with a condition that at the time of maturity the interest will be added to principal amount & again will be reinvested.what will be the treatment of interest accrued for the financial year 2006-07?
will it not be claimed u/s 80p from the profit of the bank as income derived by the cooperative society from investment made in other cooperative society?

urban cooperative bank has invested funds as fixed deposit in other coperative bank.
it has invested with a condition that at the time of maturity the interest will be added to principal amount & again will be reinvested.what will be the treatment of interest accrued for the financial year 2006-07?
will it not be claimed u/s 80p from the profit of the bank as income derived by the cooperative society from investment made in other cooperative society?

urban cooperative bank has invested funds as fixed deposit in other coperative bank.
it has invested with a condition that at the time of maturity the interest will be added to principal amount & again will be reinvested.what will be the treatment of interest accrued for the financial year 2006-07?
will it not be claimed u/s 80p from the profit of the bank as income derived by the cooperative society from investment made in other cooperative society?

urban cooperative bank has invested funds as fixed deposit in other coperative bank.
it has invested with a condition that at the time of maturity the interest will be added to principal amount & again will be reinvested.what will be the treatment of interest accrued for the financial year 2006-07?
will it not be claimed u/s 80p from the profit of the bank as income derived by the cooperative society from investment made in other cooperative society?

urban cooperative bank has invested funds as fixed deposit in other coperative bank.
it has invested with a condition that at the time of maturity the interest will be added to principal amount & again will be reinvested.what will be the treatment of interest accrued for the financial year 2006-07?
will it not be claimed u/s 80p from the profit of the bank as income derived by the cooperative society from investment made in other cooperative society?

Construction of the Property was started in June-2007 and it is completed in February-2008. Whether the Pre-EMI (interest) paid can be claimed in the current year as deduction or it should be spread over for 5 years?

Explanation to the Sec 24 says:

Explanation.Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other provision of this Act, shall be deducted under this clause in equal instalments for the said previous year and for each of the four immediately succeeding previous years:

In this case there is no interest paid prior to the previous year of completion of construction. The commencement and completion of the construction is within the same previous year

Reimbursement of medical expenditure upto Rs 15000/- per year is exempted. Please advise whether medical bills should also be pertain to same financial year or may be related to previous years also( old bills ).

Dear members,

Some of my TAMILNADU GOVERNMENT EMPLOYEE clients (SALARY HOLDERS )have received Interest on Pay commission arrears in the assessment year 2008-2009.

The nature of the case is as follows

1) Government of tamilnadu declared Increment on salary to Government employees in the year 2000-01.
2) Since by that time there were no funds in the government treasury the arrear declared by the government was credited in to the G.P.F. account of the Employees. and the assessees claimed rebate u/s 88 for ascertaining their Taxable income.
3)FOR THE financial year ended 2001, and F.Y 2002 it was kept in G.P.F. Account.
4) For and from the F.Y. 2003 the arrear amount was excluded in the P.F. SLIP. and no interest was calculated from that year.
5) In the financial year 2007 TAMILNADU GOVERNMENT has released one portion 30% of that arrears from G.P.F. Account. (I have not considered this as a salary as it was refunded from G.P.F. account).
6) In 2008 Government released another 30% from G.P.F. account and also paid Interest for the previous years 2001-2007.

my querry is
A) whether am I claim interest is non taxable for the assessment year 2008-2009.
B) Whether the Principle is non taxable as it was invested in G.P.F. Account for the financial year 2000-2001. (NOW RECEIVED)

MEMBERS MAY CLARIFY to ascertain the proposed taxablity of my clients in this regard.
Regards,
AUDITOR SEKAR
sugavanamsekar@yahoo.com

I HAVE TAKEN HOUSING LOAN IN 2005 TO PURCHASE A NEW HOUSE AND CLAIMING DEDUCTION U/S 24B AS SELF OCCUPIED HOUSE PROPERTY LOSS FROM INCOMR FROM SALARY. NOW I HAVE TAKEN LOAN FOR HOUSE REPAIRING/RENOVATION. CAN I CLAIM DEDUCTIN FOR THE LOAN REPAYMENT FOR PURCHASEM OF HOUSE AND LOAN REPAYMENT OF HOUSE REPAIRING /RENOVATION. I AM PAYING INSTALLMENTS OF BOTH THE LOAN. SO CAN I CLAIM DEDUCTION U/S 24b for both the loan interest and principal.
please guide me.