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REBATE IN INCOME TAX ON LOAN TAKEN FOR REPAIR / RENOVATION OF HOUSE INCOME TAX

Deduction towards the amount of interest paid/ payable on loan taken for repair/ renovation of house is allowed to the extent of Rs. 30000/-. If an additional floor is constructed, then a deduction to the extent of Rs. 150000/- would be allowed. However, principal payment on such a loan is not eligible for deduction u/s 80C of the Income Tax Act, 1961

AMENDMENT IN E-FORMS DIN 1, DIN-4 AND DIN-18 BY MCA COMPANIES ACT home title Posted by GTC

MCA has amended e-forms DIN-1, DIN-4 and DIN-18 vide Notification GSR (E) dated 24.12.2012. The new forms shall come into effect from 25.12.2012. The modifications are summarized below:-
1) Form DIN-1: (a) A new column for “current occupation” and “educational qualification” has been inserted. (b) Annexure 1 to DIN 1 has been modified. Now, the affidavit has to be given on non-judicial stamp paper of Rs. 10/- which has to be duly notarized. Some additional declarations have also been inserted in the Affidavit.
2) Form DIN-4: Some additional certification is required after serial no. 17 regarding the identity of the director and the completeness of the documents attached with the form.
3) Form DIN 18: (a) Mandatory clause 4(b) regarding ownership of registered Office has been inserted in the Form.
(b) Some additional attachments have been inserted like proof of Registered Office address, No- objection certificate from director if registered office is owned by the director and a proof that the company is permitted to use the address as the registered office if it is owned by any other entity.
(c) Additional verification has been inserted which states that “ The company undertakes to file the form-18 for change of registered office address with the ROC within prescribed period”
(d) Additional certificate certifying the personal visit by CA/CS/CWA has been inserted.

INCOME TO BE ASSESSED UNDER HOUSE PROPERTY INCOME EVEN IF UNSOLD FLATS LYING AS STOCK IN TRADE

Where assessee is engaged in the business of construction of flats and the unsold flats are held as stock in trade, the income from such flats shall be considered as Income from House Property Income and shall be assessed U/s 22 of the Income Tax Act, 1961 as held by Hon’ble Delhi High Court in the case of Commissioner of Income Tax Vs Ansal Housing Finance & Leasing Co. Ltd.

INTRODUCTION OF CENTRALISED PROCESSING OF TDS STATEMENTS SCHEME BY CBDT ¿¿¿ INCOME TAX

CBDT, vide Notification No. 3/2013, [F.NO.142/39/2012-SO(TPL)], dated 15-01-2013, has introduced Centralized Processing of TDS statements with a view to address the numerous problems being faced by taxpayers due to faulty processing of TDS claims. The scheme provides for the manner of filing of correction statements, their processing etc. It is provided that an adjustment of refunds against outstanding tax demand can be done u/s 245 of the Act only after issuing prior intimation to the taxpayer. An appeal can also be filed against the actions of the CPC.

EXEMPTION U/S 11 OF THE INCOME TAX ACT CANNOT BE DENIED IF BUSINESS ASSETS ARE EXPLOITED

As per the recent Judgment of Hon’ble Madras High Court in the case of Commissioner of Income Tax, Madurai Vs. P. Iya Nadar Charitable Trust, where the primary objective of the assessee trust was to provide relief to poor, education and medical relief, means employed by exploiting its assets to earn income to achieve objects could not defeat claim of the assessee u/s 11 of the Income Tax Act, 1961.

NEW FORMAT OF E-FILING OF QUARTERLY RETURNS FOR THE THIRD QUARTER OF FY 2012-13

The quarterly returns for the third quarter (Q3) for the financial year2012-13 are due on 1st January 2013. It is hereby informed that the  Excise and Taxation Department is planning a  new web portal and a new format to file quarterly returns.Therefore, the dealers/ advocates / chartered accountants are advisednot to prepare the Q3 returns in the earlier formats or VAT forms.It is however clarified that the tax due for the third quarter must be duly deposited by the tax payer in the State treasury on or before the due date.

E-FILING FOR VAT-15 FOR 3RD QUARTER OF FINANCIAL YEAR 2012-13 WILL START FROM 23RD JANUARY 2013

E-filing for VAT—15 for 3rd quarter of Financial Year 2012-13 is likely to start from 23rd January 2013. Sufficient time of one month would be provided to e-file VAT15 for the above mentioned quarter. The last date for submitting due tax has not been changed.

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