Interest on Housing loan

INTEREST ON HOUSING LOAN:

Interst on House Loan is an important aspect of tax planning.
As per provisions if you have taken any house Loan, the Interest on said loan is subject to deduction. This is irrelevant whether the house is self occupied or let out.

Interst on house loan if it is self occupied can be availed to the maximum extent of Rs.150000/- only.

As per second provision, if the house is let out, you can avail deduction of actual amount of interst paid during the preceeding financial year(P.Y).

Interst is deductible on actual payment basis, not on due basis.

If you have more than one house and you have taken loan for acquisition or constructruction of the houses, you can still claim deduction for all houses, except for the self occupied house. On self occupied house you can claim only Rs.1,50,000/- maximum.

The format is as under:

Anual rent received:                                                                          XXX
Less:Un realised rent:                                    XXX
          Tax paid to Municpal authority           XXX
                                    Total                             XXX                          XXX          

                                    GAV                 a                                               XXX
Less: 30% on above                                       XXX
          Interst on House Loan
          IF Self Occupied                                   (Actual amt, Max,1,50,000)
          If Let out                                               (Actual Amount)
                                                                        _________________
                                 Total                     b         XXX                              XXX

        Income from House property   (a-b)                                           XXX




            

http://www.box.net/shared/3obv5gf50l

This a depreciation statement in excell format. Just put the asset specifications and opening balance s and additions and deletions. rest of things are auto matic

Income Tax return fillinge

Last date for Income Tax return filling for Individuals and HUF is 31st July 2010 and for other corporate and non corporate assessee is 30th September 2010.
For Individuals Filing return online is Mandatory. For Firms, AOP, Companies, subject to tax audit are required to file return online through online portal.

For filing online return you need to choose appropriate form called ITR. This e-filed copy need not be saved in physical copy. All what is required is you have to send a hard copy to Bangaluru.
Check out your TDS certificates before May'10.

In case if you have been deducted TDS more than the tax liability you need to pay , you can calim refund.
If you are other than individual, and havenot obtained TDS certificates before filing and you are sure that you will get the certifiacte after due date of filling Income Tax but before two years, then you can still claim the amount.

Accountant_part time

If you cant afford a full time account, we will provide a part time accountant at most affordable cost. We will undertake the tax filing matters also