Daily Archives: August 4, 2015

5 smart things to know about repayment of home loan principal

By | August 4, 2015

1. The principal repayment of home loan  EMI is allowed as deduction under Section 80C of the Income Tax Act. 2. The maximum tax deduction allowed under Section 80C is Rs 1.5 lakh, which includes investments in other instruments also. 3. This deduction is allowed only after the construction is complete and completion certificate is awarded… Read More »

CESTAT can extend time to comply with pre deposit order

By | August 4, 2015

Question :When the Assessee made pre deposit ordered by Tribunal after a delay of 7 days and applied for restoration, can the Tribunal grant an Extension of time for pre deposit ? Answer – Denial of extension of mere 7 days in complying with pre deposit and consequent denial of hearing on merits, was grossly inequitable… Read More »