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Archive for December, 2014

TDS on Salary – Circular for FY 2014-15

The Income Tax Department has issued the “TDS on Salary” circular for FY 2014-15. http://www.incometaxindia.gov.in/communications/circular/circular17_2014.pdf Please ensure that all tasks (income tax deduction, investment proof scrutiny, etc.) related to salary TDS compliance in your organization for FY 2014-15 are carried out as per the circular.

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Tax Benefit on Housing Loan Interest – Is it Rs 30,000 or Rs 200,000?

What is the maximum deduction available for the interest payment on a housing loan for a self-occupied house property (as of FY 2014-15)? Section 24 of the Income Tax Act provides for deductions on income from house property for the purpose of tax calculation. According to Section 24, where the property has been acquired, constructed, […]

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