Suppose a person books a house,which is under construction and the possession will be given in DEC. 2010. There is an agreement to sell. (Down payment for booking being Rs 4 lacs).

Now, till DEC. 2010, the person stays in a flat from 1st April 2009 to 30th Nov.2010, which is hired by him (rent being Rs.10,000 /- p.m.) and the company pays Rs.12,000/-. p.m. as HRA.

Loan from bank (Rs 24 lacs) is taken on 1st Oct. 2009 @ 10% p.a.

1) How the Total Income will be computed for A.Ys. 09-10 and 10-11 ? (Assume salary is Rs. 35,000/- p.m.).

2) Also, if in the case of the flat taken on rent, the deposit amount of Rs.30,000/- and rent is paid in cash, can the benefit be claimed in IT (is it sufficient to show the agreement) ?

Suppose a person books a house,which is under construction and the possession will be given in DEC. 2010. There is an agreement to sell. (Down payment for booking being Rs 4 lacs).

Now, till DEC. 2010, the person stays in a flat from 1st April 2009 to 30th Nov.2010, which is hired by him (rent being Rs.10,000 /- p.m.) and the company pays Rs.12,000/-. p.m. as HRA.

Loan from bank (Rs 24 lacs) is taken on 1st Oct. 2009 @ 10% p.a.

1) How the Total Income will be computed for A.Ys. 09-10 and 10-11 ? (Assume salary is Rs. 35,000/- p.m.).

2) Also, if in the case of the flat taken on rent, the deposit amount of Rs.30,000/- and rent is paid in cash, can the benefit be claimed in IT (is it sufficient to show the agreement) ?

Hi
It is Compulsory to Put UTN for the F.Y.2008-09 if yes then if a person dont put That what will be penalties or Fine


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Sitaram

we are manufacturar exporter

i want to know that is it mantadery to maintain stock register RG-1 for maintaing the stock staus as per excise rules

Hi,

recently service tax for sez in eleminated for services which is being used inside SEZ. Now, do we need to pay service tax for CHA services?

Dear sirs,

we are declaring VAT paid on local purchases as advances & Deposits - Assets since the sale is zero rated ( only exports & no local sales ) and will get back the VAT from Dept as refund under TNVAT Act.Now the doubt is when we get the refund by cheque, the accounting entry reducing the advance and Deposits account will be enough or the receipt should be separately recognised as income under Income Tax Act in P&L.If so, how to pass entry?

sir,
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sir,
pls explain the term American depository receipts and global depository receipts...

A company is engaged in the business of Metalising (zinc coating mainly of auto parts). the work is done on job work basis. they raise a consolidated bill for the Material and their service Cost. the firm is also registered in the Sales tax and paying sales tax @ 1 % on the sales turnover. the total turnover of the Company is About 25-30 lacs.

Is service tax applicable on this kind of work?

If yes under with service and what will be the rate of service tax?

sir,
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(foreign direct investors and foreign institutional investors)
pls clarify it!is it synonyms??