• Concessional Housing Loan given by company and Perquisite Value of interest?

    I have availed Concessional Housing Loan given by my company at 5.25% interest rate. Now consider this: FY 2007-08 Perquisite Value of entire interest as per 12BA = Rs 31051/- Amount paid by the employee (me) = Rs 15164/- Amount of taxable perquisite = Rs 15887/- This portion of the interest (Rs 15887/-) is paid by the company on my behalf... show more
    I have availed Concessional Housing Loan given by my company at 5.25% interest rate. Now consider this: FY 2007-08 Perquisite Value of entire interest as per 12BA = Rs 31051/- Amount paid by the employee (me) = Rs 15164/- Amount of taxable perquisite = Rs 15887/- This portion of the interest (Rs 15887/-) is paid by the company on my behalf and I have paid 30% tax on Rs 15887/- as it is assumed to be my indirect income. But “u/s 24(b) i.e. Loss from House Property”, I get benefit on only Rs 15164/- and not on Rs 31051/- Why? In my Form 16 the company has shown eligible amount for deduction u/s 24(b) = Rs 15164/- and calculated TDS accordingly. According to me the eligible amount for deduction u/s 24(b) should have been Rs 31051/- i.e. the perquisite value of interest should have been added 1st in 12BA and then should have been subtracted u/s 24(b). The same thing applies for accrued interest on NSCs, which is added to income as other sources and then deducted u/s 80C as assumed reinvested in NSCs. Please advice.
    4 answers · India · 10 years ago
  • Revised income ceiling for non-creamy layer status for OBC?

    National Commission for Backward Classes (NCBC) on 01.07.08 recommended an income ceiling of Rs 4.5 lakh for creamy layer for reservation benefits in the Other Backward Classes (OBC) category. Has the govt. taken a decision on this yet?
    National Commission for Backward Classes (NCBC) on 01.07.08 recommended an income ceiling of Rs 4.5 lakh for creamy layer for reservation benefits in the Other Backward Classes (OBC) category. Has the govt. taken a decision on this yet?
    1 answer · Higher Education (University +) · 1 decade ago
  • How do you deduct proffessional tax from your Gross salary in ITR 2 ? In which Schedule?

    I have paid Rs. 2500/- as Proffessional Tax during the year 2007-08. I want to reduce this amount from my gross salary, but can't find the right schedule in ITR-2. Please help. The Gross Salary in my Form 16 is inclusive of proffessional tax. If I reduce the amount of Gross Salary (by the amount of proffessional tax) in ITR2 than the two... show more
    I have paid Rs. 2500/- as Proffessional Tax during the year 2007-08. I want to reduce this amount from my gross salary, but can't find the right schedule in ITR-2. Please help. The Gross Salary in my Form 16 is inclusive of proffessional tax. If I reduce the amount of Gross Salary (by the amount of proffessional tax) in ITR2 than the two figures wont match.
    4 answers · India · 1 decade ago
  • How do you deduct proffessional tax from your Gross salary in ITR 2 ? In which Schedule?

    I have paid Rs. 2500/- as Proffessional Tax during the year 2007-08. I want to reduce this amount from my gross salary, but can't find the right schedule in ITR-2. Please help.
    I have paid Rs. 2500/- as Proffessional Tax during the year 2007-08. I want to reduce this amount from my gross salary, but can't find the right schedule in ITR-2. Please help.
    2 answers · India · 1 decade ago
  • Can someone please grade the following engineering colleges in Pune?

    All India Shri Shivaji Memorial Society's College of Engineering, Pune Dr. D.Y.Patil Pratishthan's D.Y.Patil College of Engineering Akurdi, Pune Pune Institute of Computer Technology, Dhankavdi, Pune Pune Vidyarthi Griha's College of Engineering and Technology, Pune Sinhgad College of Engineering, Vadgaon (BK), Pune Vishwakarma... show more
    All India Shri Shivaji Memorial Society's College of Engineering, Pune Dr. D.Y.Patil Pratishthan's D.Y.Patil College of Engineering Akurdi, Pune Pune Institute of Computer Technology, Dhankavdi, Pune Pune Vidyarthi Griha's College of Engineering and Technology, Pune Sinhgad College of Engineering, Vadgaon (BK), Pune Vishwakarma Institute of Technology, Bibwewadi, Pune Padmashri Dr.D.Y. Patil Institute of Engineering and Technology, Pimpri P.D.E.A.'s Lata Annasaheb Gopalrao Awate College of Engineering , Hadapsar, Pune All India Shri Shivaji Memorial Society,s Institute of Information Technology, Pune Progressive Education Society's Modern College of Engineering, Pune Modern Education Society's College of Engineering, Pune Genba Sopanrao MozeTrust's Genba Sopanrao Moze College of Engineering, Pune Pimpri Chinchwad College of Engineering, Nigdi, Pune Vidya Pratishathan's College of Engineering Baramati Pune STES Smt. Kashibai Navale College of Engg , Vadgaon,Pune MAEER's M.I.T. College of Engineering , Kothrud, Pune Rajarshi Shahu College of Engineering, Tathawade, Pune Bharati Vidyapeeth's College of Engineering for Women,Katraj,Dhankawadi, Pune B.R.A.C.T's Vishwakarma Institute of Information Technology, Kondhwa (Bk.), Pune JSPM's Jayawantrao Sawant college of Engineering, Pune Sinhagad Institute of Technology, Lonavala Sinhgad Academy Of Engineering, Kondhwa(Bk.), Kondhwa-Saswad Road, Pune Imperial College of Engineering & Research, Wagholi, Pune SSMS's Padmabnooshan Vasantdada Patil Intitute of Technology,Pune Genba Sopanrao Moze Trust's Parvatibai Genba Moze College of Engineering, Wagholi, Pune Marathwada Mitra Mandal's College of Engineering,Pune Raisoni College of Engineering & Management,Wagholi, Nagar Road, Pune. Indira College of Engineering & Management, Pune Zeal Education Society's,Dyanganga College of Engineering & Research, Haveli, Pune G H Raisoni Institute of Engineering and Technology, Wagholi, Pune
    1 answer · Higher Education (University +) · 1 decade ago
  • Regarding LongTermCapitalGain. Can brokerage paid to agent be deucted from sale price while computing LTCG?

    I have paid Rs.30000/- by cheque to estate agent as brokerage & also have receipt for the same. Can this amount be deducted from the sale price while computing LTCG? I will save Rs.6000/- in tax.
    I have paid Rs.30000/- by cheque to estate agent as brokerage & also have receipt for the same. Can this amount be deducted from the sale price while computing LTCG? I will save Rs.6000/- in tax.
    3 answers · India · 1 decade ago
  • Compute capital gain tax for sale of residential flat?

    Purchase price Rs. 5,51,780/- date August 2002. Selling price Rs. 11,50,000/- date February 2008. Also how do I make the tax payment to the income tax department if I want to deposit the tax amount in SBI by filling a challan? What will be the challan no.? Can LT capital gain tax be paid without indexation at 10% rate if it is less than tax... show more
    Purchase price Rs. 5,51,780/- date August 2002. Selling price Rs. 11,50,000/- date February 2008. Also how do I make the tax payment to the income tax department if I want to deposit the tax amount in SBI by filling a challan? What will be the challan no.? Can LT capital gain tax be paid without indexation at 10% rate if it is less than tax computed with indexation at 20%?
    6 answers · India · 1 decade ago
  • Compute capital gain tax for sale of residential flat?

    Purchase price Rs. 5,51,780/- date August 2002. Selling price Rs. 11,50,000/- date February 2008. Also how do I make the tax payment to the income tax department?
    Purchase price Rs. 5,51,780/- date August 2002. Selling price Rs. 11,50,000/- date February 2008. Also how do I make the tax payment to the income tax department?
    1 answer · India · 1 decade ago
  • How can one invest directly in all these various mutual funds so as to save entry load?

    Can any one provide the mailing address of CAMS in Mumbai?
    Can any one provide the mailing address of CAMS in Mumbai?
    1 answer · Investing · 1 decade ago
  • Can a co-operative soceity refuse membership on the basis of religion citing resolution passed in AGM ?

    Under which section of the law is this not possible?
    Under which section of the law is this not possible?
    5 answers · Law & Ethics · 1 decade ago
  • Can you suggest good/cheap hotels to stay in Agra-Delhi-Manali ?

    I am visiting Agra-Delhi-Manali between 30.04.07 and 09.05.07
    I am visiting Agra-Delhi-Manali between 30.04.07 and 09.05.07
    4 answers · Other - India · 1 decade ago