Category Archives: INCOME TAX

ADDITIONAL DEDUCTION OF INTEREST ON HOME LOAN (SECTION 80EE)


A new section has been introduced in Budget 2013. It provides that while computing the total income of an assessee, being an individual there shall be deducted interest payable on loan taken by him from any financial institution for the purpose of acquisition of residential house property. This section allows for Additional deduction of Rs. 1 Lakhs for the Assessment year 2014-15 (FY 2013-14).
CONDITIONS
Deduction under this section shall be subject to the following conditions:-
• The value of house property does not exceed Rs.40 Lakhs.
• The assessee does not own any other house property on the date of sanction of loan.
• Loan must be from eligible financial institutions.
• Loan is sanctioned during the period beginning from 1st April, 2013 and ending on 31st March, 2014.
• Loan sanctioned does not exceed Rs. 25 Lakhs.
• Assessee is a first time buyer of House Property.
It is also provided that where a deduction under this section is allowed for any assessment year in respect of interest, deduction shall not be allowed in respect of such interest under any other provisions of the Income Tax Act for the same or any other Assessment year.
ELIGIBLE FINANCIAL INSTITUTIONS
The Financial institution providing loan must be either a Bank or a Public company formed with the main object of providing long term Housing Finance.
Note:- Deduction will be allowed only if loan is taken from Public company.
OVER AND ABOVE THE DEDUCTION OF Rs. 1,50,000
Deduction u/s. 80EE will be over and above the deduction of Rs. 1,50,000 allowed for self occupied properties under section 24 of the Income Tax Act.
ONE TIME DEDUCTION
This scheme is for one year only. In case where the interest payable for the previous year relevant to assessment year is less than one lakh rupees then balance can be claimed in AY 2015-16 i.e. FY 2014-15.

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Salary earners upto Rs 5 lakh need to file IT return: CBDT


Salaried with total income upto Rs. 5 lakh also to FIle IT return for A.Y. 2013-14.

CBDt has vide its press release dated 22.07.2013 clarified that exemption from filing return of income for salaried employees having total income upto Rs. 5 lakhs including income from other sources upto Rs. 10,000/- was only for assessment year 2011-12 and 2012-13 respectively. The exemption was given considering ‘paper filing of returns’ and their ‘processing through manual entry’ on system.
However, this year the facility for online filing of returns has been made user-friendly with the advantage of pre-filled return forms. These E-filed forms also get electronically processed at the central processing centre in a speedy manner. Hence, the exemption provided during the last two years is not being extended for assessment year 2013-14.

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Best CA Final Teachers for North India


Best CA Final Teachers for North IndiaACCOUNTS

Rank 1. Parveen Sharma (Examination Approach with best written notes, Strength: Holding Company)

Academy: Smart Teach CA, Conventional Center, IMA House, I.P.Marg. DELHI
Contact:9899706800,9899706801,9310273102,011-22446800
Website:www.smartteachca.com
Address:1/50 3rd floor lalita park Laxmi nagar

Rank 2. Parveen Jindal (For Detail Study Of AS/IFRS/US GAAP)Academy: Parveen Jindal Classes, D-1, Sai Baba Mandir Gali, Laxmi Nagar
Contact: 9871272725,9312281275&011-65068692
Website: www.jindalaccounts.com
Address:D-1,Sai Baba Mandir Gali,Laxmi Nagar

MAFA/SFM

Rank 1. Aaditya Jain(Specially For New Course SFM)
Academy: Bright Professional Pvt Ltd, 1/53 Lalita Park, Laxmi Nagar, Delhi – 92
Contact: 011-47665555; 9811136987, 9811042458,9911442626
Website: http://brightprofessionals.com/
Address:1/53 1st floor Lalita Park Laxmi Nagar

Rank 2. Ashish Kalra(Specially For Old Course MAFA)
Academy: Institute for Grooming Professionals, 160, 2nd Floor, Kapil Vihar, Pitampura
Contact: 27352757,41572757,22432757
Website: www.igpinstitute.org
Address:1/50 Ground Floor Laxmi Nagar

Rank 3. Rajesh Makkar (Specially For Old Course MAFA,Basically Question Approach With Less Stress On Concept)
Academy: F-6, 3rd Floor, Above CA Library, Vijay Chowk, Laxmi Nagar, Delhi – 92
Contact: 9818227937, 9811104384,
Website: www.mahadevmadhavnidhi.org

LAW

Rank 1. Munish Bhandari (Best Notes of Law in the industry,with examination approach; Strength: Director Chapter)
Academy: Bright Professional Pvt Ltd, 1/53 Lalita Park, Laxmi Nagar, Delhi – 92
Contact: 011-47665555; 9811136987, 9811042458
Website: www.brightprofessionals.com
Address:1/53 1st floor Lalita Park Laxmi Nagar

Rank 2. Deepak Gajrani (His PPTs explaning concepts are are very popular)
Academy:U-110,2nd Flr,Vikas Marg,Sakarpur,Near Laxmi nagar Metro Station
Contact:22432757,41572717

Rank 3.NK Singh (One Of the Most popular teacher of CS)
Academy:Smart Teach CA, Conventional Center, IMA House, I.P.Marg. DELHI
Contact :9818248595,9899706800,9899706801,9310273102,011-22446800
Website:www.smartteachca.com

Rank 4.Sangeet Kedia
Address : 11/27, SECOND FLOOR,EAST PATEL NAGAR MKT,NEW DELHI-08 (Opposite Canara Bank)
Phone No.:+91-11-25886623 ; :+91-11-25886624 ; Mob No.:9811265771
Websitite:www.sangeetkediaclasses.com

AUDIT

Rank 1. Surbhi Bansal (Her stories helps in learning concepts then and there itself.)
Academy: Bright Professional Pvt Ltd, 1/53 Lalita Park, Laxmi Nagar, Delhi – 92
Contact: 011-47665555; 9811136987, 9811042458
Website:www.brightprofessionals.com

Rank 2.RK Rastogi
Academy : Rastogi Education Centre
Contact : 9818766887,9212868425,9212868426

Rank 3 :Kamal Garg
Academy : Kamal Garg’s Classes
Phone 011-65748585 ;Mobile :09899954015
Email cakamalgarg @ gmail.com

Rank 4:Pankaj Garg
Phone:93544-05511
Website : pankajgargclasses.com

COSTING

Rank 1. Parag Gupta(Specially For New Course)
Academy: Costing By Parag Gupta, A-156, Gali No. 4, Shakarpur, Laxmi Nagar,Delhi-92
Contact: 9968875529,47665555, 9811136987
Website:http://groups.yahoo.com/group/costingbyparagguptawww.brightprofessionals.com
Address:1/53 1st floor Lalita Park Laxmi Nagar

Rank 2.Sanjay Agarwal(Specially For Old Course)
Academy: Sanjay Agarwal Classes, D-223, Laxmi Chamber, Laxmi Nagar, Delhi – 92
Contact: 011-43053800, 9818555803
Website: www.sanjayaggarwal.com

MICS/ISCA

Rank 1.Dinesh Madan (His MICS Book is very Popular)
Academy: Smart Teach CA, Conventional Center, IMA House, I.P.Marg. DELHI
Contact: 9899706800,9899706801,9310273102
Website: http://smartteachca.com/

Rank 2.SK Monga
Academy: Bright 1/56 A, Lalita Park , Laxmi Nagar , Delhi:-110092
Contact:9811136987,9811042458
Website:www.brightprofessionals.com

Rank 3.Veekas Kapur
Academy: 1/56 A, Lalita Park , Laxmi Nagar , Delhi:-110092
Contact:9818266987,9910823042
Website:sukhsagar.com

Rank 4.RM Jha
Academy: AVJ institute,Laxmi Nagar
Contact:9717784681,9310167881

DIRECT TAX

Rank 1.Vinod Gupta (For Detailed Knowledge )
Academy: 211-212, Anarkali Complex, Jhandewalan Extn., Near Videocon Tower, Delhi-55
Contact: 9810053982
Website: http://www.vinodguptaclasses.com/

Rank 2.Satish Mangal (Examination Approach)
Academy: D-223, Laxmi Chamber, Laxmi Nagar, Delhi – 92
Contact: 9350647377, 9350647378, 9810748920
Website: www.satishmangalclasses.com

Rank 3.Girish Ahuja (Fast & Practical Approach,His Book is very popular among CAs)
Academy: Smart Teach CA, Conventional Center, IMA House, I.P.Marg. DELHI
Contact:9899706800,9899706801,9310273102,011-22446800
Website:www.smartteachca.comAddress:1/50 3rd floor lalita park Laxmi nagar

Indirect Tax(IDT)

Rank 1. Dippak Gupta [For Detailed Knowledge & Detailed Notes]
Academy: Deepak Gupta Academy; 1/56 A, Lalita Park , Laxmi Nagar , Delhi:-110092
Contact: 09971575755 [Timing: 1:00 to 2:00 afternoon]
E-Mail: dgacademy @ gmail.com , dg @ idtfundaas.com
Personal Meeting: 09212308859

Rank 2. Rajkumar (Examination Approach)
Academy: Smart Teach CA, Conventional Center, IMA House, I.P.Marg. DELHI
Contact:9899706800,9899706801,9310273102
Website: http://smartteachca.com/

Rank 3. Manoj Batra (Examination Approach)
Academy: Bright Professional Pvt Ltd, 1/53 Lalita Park, Laxmi Nagar, Delhi – 92
Contact: 011-47665555; 9811136987, 9811042458
Website: http://brightprofessionals.com/

Rank 4. Krishna Shankar Prasad
Academy: 1/11, Lalita Park, Laxmi Nagar, Delhi-110092
Contact: 9868308387 , 9811880881
Website: www.caksp.com
Website: www.idtfundas.in