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Income Tax - Highlights / Catch Notes

Home Highlights September 2018 Year 2018 This

TDS from salary payment to employees - considering the house ...

Income Tax

September 15, 2018

TDS from salary payment to employees - considering the house property loss resulting from the deduction on account of interest on housing loan while making deduction of tax at source from the payment of salary to some employees who had also claimed exemption on account of house rent allowance u/s 10 - There is no fault in allowing two benefits under two independent provisions.

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  4. Income from house property - Deduction of Interest paid on security deposit received from the tenants - these interest bearing deposits has been utilized for repayment...

  5. Reimbursement of salary expenses of employees to the sister concern, who were deputed by the sister concern to the assessee does not require deduction of tax at source.

  6. Rejection of books result - estimation of NP @5% of gross contractual receipts - assessee firm is entitled for separate deduction of depreciation, interest and salary...

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  8. Deduction on interest of housing loan u/s 24(b) -AO restricted it to 25% since 75% of the property is belongs to other co-owners - Action of AO is justified - AT

  9. Assessee had claimed loss under the head income from house property’ by claiming deduction u/s 24(b) of the Act in respect of interest paid for purchase of house...

  10. Interest u/s 234B is not chargeable since ECB interest received by the assessee from the borrowers was subject to tax deduction at source u/s 195 - AT

 

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