Think Luca Solutions Inc. and team wish you all a happy and prosperous new year.
Think Luca Solutions Inc.
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Accounting Services to Indian as well as overseas customers. Services include Accounting, Preparation of payroll, Invoices generation, Income Tax (India)
Our Services: GST Return filing, Accounting, Balance Sheet Preparation, Income Computation, Income Tax Return, Preparation and Filing thereof, TDS Computation, TDS Return filing, all kind of consultancy and advisory services related to income tax, company law, Auditing, Internal Audit etc., ROC annual Forms Filing, ROC Forms Preparations, Preparation of legal documents related to company law, maintenance of stock, stock valuation, stock audit etc.
Discussion:- Deduction from Income for payment of Interest on Home Loan:-
1. Tax Benefits on first Home or Self Occupied:
Those with self-occupied property, are currently allowed to claim interest paid up to Rs 2 lakh on home loan. This is due to deduction from other parts of income such as salary income or income from any other source only if the construction of the house is completed within 5 years from the end of the financial year in which loan is taken, or else Rs. 30,000.
2. Tax Benefits on Rented House:
When it’s about rented house, 30% of the rental income which is like the standard deduction plus municipal tax paid on the house and interest paid on the loan taken for that house are allowed as deductions. After all these deductions, most of the times the rental income zero’s down and is then termed as loss from house property. In the financial year 2017-18, this loss is presently allowed to be set off against other parts of income such as salary without any limit.
Discussion:- Form 15H, TDS deduction on Pension or Fixed Deposit Interest.
As regards Senior Citizens, the Basic Exemption for Income Tax is upto Rs. 3,00,000/- if aged between 60 to 80 years & Rs. 5,00,000/- if aged more than 80 years.
TDS is deducted by Banks on FD Interest Earned by you compulsorily if it exceeds Rs. 10,000/-. However you may submit Form 15H with bank authorities if your Income is not expected to cross Rs. 3.0 lacs/5.0 lacs as above-mentioned. Form 15H is basically for instructing bank to not deduct tax as your income is not supposed to exceed basic exemption limit.
Similar Provisions are applicable to Pension Income Received from Nationalised Banks.
06/12/2017
Hello everyone you may now visit us on our recently developed website:-
mysite HOME
06/12/2017
A brief report on impact of demonitisation issued by Press Information Bureau, Govt. of India. Click on link below:-
http://pib.nic.in/newsite/PrintRelease.aspx?relid=170405
For more updates follow us on:-
https://www.facebook.com/think.luca.solutions.inc/
Impact of Demonetisation on Black Money, Widening of Tax Base and Direct Tax Collections The Government of India launched a concerted drive against black money with Demonetisation being an important step in that direction. Among the main objectives of Demonetisation was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax?...
GUIDANCE NOTE ON REPORT
UNDER SECTION 92E OF
THE INCOME-TAX ACT, 1961
(TRANSFER PRICING)
[Based on the law as amended by the Finance Act, 2017]
(Revised 2017)
Link:-https://resource.cdn.icai.org/47758citax37682.pdf
For more updates:- Follow us on https://www.facebook.com/think.luca.solutions.inc/
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D-128, Street No. 6, Laxmi Nagar
Delhi
110092