Finance Budget 2009

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Proof of Leave Travel Allowance

Proof of Leave Travel Allowance The Apex court in a recent order stated that there is no statutory obligation on the employer to collect supporting evidence from the employees claiming LTA/LTC exemption and furnish it to the tax department. Currently, if LTA and conveyance claims are not supported by journey bills they would be taxed. The order came on a plea by Larsen & Toubro and ITI. The bench comprising Justice SH Kapadia and Justice Aftab said that employers are under no statutory obligation to collect supporting evidence and furnish them to tax authorities. The court stated “the beneficiary of exemption U/s 10(5) is an individual employee. There is no circular of Central Board of Direct Taxes requiring the employer under Sec192 to collect and examine the supporting evidence to the declaration to be submitted by an employee”. However the concerned employee must retain such proofs to be presented before I-T Dept. when required.
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Interest on borrowed fund for self-occupied property

Source : www.simpletaxindia.net Interest on borrowed capital for self-occupied property The maximum amount of interest permissible in cases of  self-occupied property is Rs 200000 wef Ay 2015-16 (Rs.1,50,000 up to AY 2014-15) (in respect of funds borrowed on or after 01.04.1999). Please note that there is no upper (maximum) limit for interest on house loan claim for let out house property of deemed to be let out house property. If person have more than one house then only one house may be treated as self-occupied. Where a person has occupied more than one house for residential purposes, only one house, as chosen by him will be treated as ‘self-occupied’ and all other houses will be deemed to be let out .In regard to one house treated as used for own residential purposes throughout the year, Section 23 (2) (a) prescribes that annual value of such house shall be taken to be nil, if the conditions mentioned below are satisfied: •the property (or part thereof) is not actually
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Income Tax Provisions at a Glance

Source : www.simpletaxindia.net Income Tax Provisions at a Glance as being circulated among the Members and being refreshment of the Income Tax Provisions: 1.                   Detailed information of Income Tax is available on www.incometaxindia.gov.in 2.                   As per Income Tax Act, Income is taxable under five heads- Salary, House Property, Business or Profession, Capital Gain and Other Sources. 3.                   Salaried person must obtain Form 16 from his Employer Every Year. 4.                   Income Tax Return should be filed by considering Form 16 and other Income. 5.                   Transport Allowance is exempt up to Rs.1,600 per month. 6.                   30% Standard deduction is available on Income from House Property. 7.                   Income to be considered as deemed let out on second House property. 8.                   For self-occupied house property, deduction of Interest on Housing Loan is allowed up to Rs. 200,000/- and
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