Clarification on levy of excise duty on branded readymade garments

0 comments Sunday, June 26, 2011
In the budget of 2011-12 Branded Readymade garments were brought under the Central Excise. CBEC has given a clarification in regard to issues pertaining to the levy of excise duty on branded readymade garments and made-up articles of textiles.


The Board has clarified that levy of excise duty on school uniforms, uniforms for private security guards, companies, hotels, airlines etc and made-ups such as linens, towels etc bearing the name or logo of a hotel, restaurant or airlines etc would not be treated as “branded” products merely because the name of the school, institution or company or, their logo or the name of a hotel, restaurant or airlines is either printed, embroidered or etched on them
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Deductions relating to Housing loan under Income Tax Act, 1961

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Housing loan can save your income tax. EMI we pay for housing loan includes two things principal amount and interest amount. Principal amount is deductible u/s 80C and interest paid on housing loan is deductible u/s 24 of Income Tax Act, 1961.

Here below provisions of Income Tax Act relating to tax planning with housing loan are discussed.

Deduction of Interest amount on housing loan: Section 24 of Income Tax Act provides for deduction of interest paid on borrowed capital taken for acquiring, constructing, repairing, renewing or reconstruction of a house property from the Net Annual Value of a House Property. The amount of interest payable on such borrowed capital is allowable as deduction on accrual basis.

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