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

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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