VAT rate on Declared goods in Haryana enhanced to 5%

0 comments Sunday, June 5, 2011
Haryana Govt has enhanced vat rate on declared goods from 4 % to 5% w.e.f 19-04-2011 after the ceiling rate has been enhanced by central Govt in the Budget 2011-12. The relevant notification is produced herebelow:

 362 HARY ANA GOVT. GAZ. (EXTRA.), APR. 19, 2011
(CHTR. 29, 1933 SAKA)

[Authorised English Translation]

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Credit of TDS to be allowed across the years in the same proportion in which income is assessable

The Chennai ITAT has held in  ITO Versus Shri Anupallavi Finance & Investments that Where tax has been deducted at source and paid to the Central Government and income is assessable over a number of years, credit for tax deducted at source shall be allowed across those years in the same proportion in which the income is assessable to tax.

In this case deductor deducted TDS on accrual basis of income whereas deductee was declaring such income on cash basis as and when it was recieved by the deductee. The deductee-assessee however, claimed the credit of whole of TDS in the year of deduction stating that TDS deducted represents his income and is automaticaly offered to assessment in the year of deduction. But the AO allowed claim of TDS on pro rata basis i.e on the basis of income offered for assessment.
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Education loan can save your income tax-Deduction u/s 80E of Income Tax Act.

If You have taken education loan for the higher education of your children or of your spouce or of your own, it can save your income tax. Section 80E of Income Tax Act provides for deduction of 100% interest amount on education loan taken from any financial institution or approved charitable institution, taken for one's own, or spouce's or children's higher education.   

This deduction is available to an individual assessee only. Before A.Y. 2006-07 section 80E also provided for deduction of the principal amount of education loan, repaid. But w.e.f A.Y 2006-07 deduction of only interest amount is available u/s 80E.

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