I have a house which is rented out, the income coming by way of rent should it be declared as income from other sources after deducting the expenses incurred as Muncipal Corporation taxes towards that property?

I have a housing loan towards which I pay an interest of Rs. 2.4 lacs p.a the house is rented out @Rs.2000 per month. As this current house is far away from my place of work eventhough in the same city I have rented out a house for Rs. 9000 p.m., my company gives me an HRA of Rs. 8000 p.m.

Can I claim tax exemption on HRA (of course as per its specfic rules whichever is lowest of the 3 options) along with full deduction of Rs. 2.4 lacs minus Rs. 24000 rent receipts from my taxable Income.?
How do I need to declare this rent receipts of Rs. 24000 p.a. as my company issues me Form16?

Hi All

Can we net-off the foreign transaction ?

For example : Suppose we are liable to pay dividend to one of our group company X in Europe , and at the same time X compnay is liable to pay professional fees to our company in India

If the outcome of both the transaction is same say Euro 10,000. Could we pass the journal entry by debiting divend payable and crediting professional fees receivable a/c ?

Please help me.
Amit

Hi All

Can we net-off the foreign transaction ?

For example : Suppose we are liable to pay dividend to one of our group company X in Europe , and at the same time X compnay is liable to pay professional fees to our company in India

If the outcome of both the transaction is same say Euro 10,000. Could we pass the journal entry by debiting divend payable and crediting professional fees receivable a/c ?

Please help me.
Amit

An NRI brother wants to gift his
1. sister
2. Niece ( minor age)
3. brother-in-law
each with Rs. 15 lacs thru an interbank money transfer mode.

How will it be viewed by the Income Tax Authorities of the gains made by
1. sister
2. Niece (minor age)
3. brother-in-law ?
Will it be taxed in the hands of the beneficiaries?
By what rate ?

If I am doing Labour work to one of the Merchant Exporter, whether i being the propietorhip company has to collect the Service Tax ? or am i exempted?

HI
I AM TEACHING COST AND F.M. FOR CA PCC AND FINAL SINCE 2003 IN MORADABAD MORE THAN 700 STUDENTS HAVE BEEN TAUGHT BY ME
NOW I WANT TO START MY CLASSES IN DELHI, HOW WILL I HAVE A PLATEFORM TO TEACH THERE?

please tell how i can start my classes in delhi. whom I should Contact?

Dear Members,
I want to know about any notification regarding reduction of CST from 2% to 1%. If yes, than please provide me a copy of notification.

Thanks
From
Ashish Vishnoi.
Email: ashishvishnoi@sify.com

we under taken sub-contract for lay out devolopment in Karnataka from a PSU, actual client is a Govt. Department of Karnataka. 1.please provide info on sub-contractors liability for VAT. 2.Is there any exemption for sub-contractor as the client is deducting TDS on primary contractor bills. provide with rule and act position.
regards.-Muralimohan

Hello,

I changed Job in Nov - 2008 but I haven't received any Form 16 from my previous employer. My new employer deducted taxes from my salary taking into consideration only the salary from this new organisation. Due to this there is a liability on my end to pay the extra taxes. Can I pay this when we file the return during June-July? In that case will it attract any penalty ?