the extension of limits are only to take care of inflation.so there should be automatic correction of limits. today home loan payments eduction cost are so high even after high salary there is a shortfall. for salaried class the rate should be fixed max 20%
Thanks for very good article.Under earlier draft proposal,it was proposed that Income Tax provisions over-ride the DTAA provisions;but in the revised proposal this proposed change has been kept at abeyance.I want to know as to whether presently DTAA provisions over ride the provisions under section 206AA of Income tax Act or section 206AA over ride DTAA provisions?
"X" guy has taken one house on home loan. He leased the property to his own company. His company is taken it on lease and awarded again himself (to X) as company accomodation.
In this case, X is satisfying the condition that he is staying in the property, will he be applicable for Tax deductions??
It is not clear to me if after retirement from a PSU pension earned from an IRDA approved Self Contributory Pension Fund will be taxed or not. Can somebody highlight on it?
