Wednesday, March 17, 2010
Tuesday, March 9, 2010
Friday, February 26, 2010
Tuesday, February 23, 2010
HRA Related Query
Que - Our one employee has submitted the HRA receipt duly signed by his wife on revenue stamp. He has also submiited the PAN of his wife & He has paid the House rent vide cheque amount i.e. Rs. 54000/- for 4 Months. Houseproperty is the name of his wife. Can employee claim the HRA exemption?
Ans - If you are a salaried person receiving house rent allowance (HRA) from your employer, you are entitled for a tax deduction under the Income Tax Act. The tax implications of the house rent allowance (HRA) seem to be a confusing factor for almost every person.
House rent allowance (HRA) is a grant given by the employer to the employee to meet the cost of renting a house. It is basically a part of the taxable salary of an individual and one receives it irrespective of the type of property he resides in. Whether one stays in the rented accommodation or resides in his own house, he will get the HRA if his employer chooses to offer the allowance.
HRA Deduction
The deductions on HRA are eligible under Section 10(13A) of the Income Tax Act and will depend on certain laws. An individual can claim an HRA exemption only if the following three conditions are satisfied:
An HRA allowance is received as part of the salary package.
If one is staying in a rented accommodation and paying rent for it.
The rent exceeds 10% of the salary.
As the property is in the name of his spouse, it would be allowed
Ans - If you are a salaried person receiving house rent allowance (HRA) from your employer, you are entitled for a tax deduction under the Income Tax Act. The tax implications of the house rent allowance (HRA) seem to be a confusing factor for almost every person.
House rent allowance (HRA) is a grant given by the employer to the employee to meet the cost of renting a house. It is basically a part of the taxable salary of an individual and one receives it irrespective of the type of property he resides in. Whether one stays in the rented accommodation or resides in his own house, he will get the HRA if his employer chooses to offer the allowance.
HRA Deduction
The deductions on HRA are eligible under Section 10(13A) of the Income Tax Act and will depend on certain laws. An individual can claim an HRA exemption only if the following three conditions are satisfied:
An HRA allowance is received as part of the salary package.
If one is staying in a rented accommodation and paying rent for it.
The rent exceeds 10% of the salary.
As the property is in the name of his spouse, it would be allowed
Friday, February 19, 2010
Tuesday, February 16, 2010
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Here is the Info. Tech. Note for PCC/IPCC students.
Monday, February 15, 2010
Sunday, February 14, 2010
Eliminate Fear and Succeed in CA Exam!
Dear All,
Many students lose out in the battle called CA due to FEAR.
Many give excuses, many narrate stories of woe and many ascribe it to luck. But I tell you like the child who saw the Emperor wearing no clothes and shouting in glee, “The Emperor is naked” that it is fear which makes or breaks a CA student’s success in this exam.
If you carefully analyze the multifarious reasons with a psychological angle, there lies beneath the student, a gossamer of fear.
A CA student (for that matter anyone) must write in bold letters
“NIHIL TIMENDUM EST”
This is an ancient Latin quote and it means “Fear Nothing”.
It pains to read news that some CA student died or committed suicide. These are extreme cases of panic/fear reactions.
There are so many things much more valuable and priceless in this world, than a mere pass in CA.
CA is a man-made thing. Look around you and behold the whole magnanimous world we have which God created.
Someone commented that I should not write the words “I” and express as if I’m doing a big favour to students.
I have to use “I” because I’m talking to the beautiful budding souls here not some walls or doling out notifications in the ICAI walls. Lot of these students have within them a deep-seated fear…lot of insecurity. And this needs a strident and confident voice and it may at times sound like trumpeter but nevertheless it is used as a prod. If this Mythreya can succeed in life, so can I!
I have to however, use sometimes words like “I do not have much time” due to my personal constraints. I do not expect any gratitude or the like for anything that I do here. Nor am I doing anything great or sympathizing with anyone.
However, I deem my day greatly satisfying if I have removed the fear in at least one student... Given hope to one soul at least…Touchwood!
And yes, if you have noticed, I used the word “I” FEARLESSLY without seeking umbrage under mock humility.
The demon called “CA Exam” will cower before you. The walls of ICAI will invite you to the portals of membership and salute you; you who are brave on the exam front. Great power lies within you. Realize this. The moment you let go of this fact, trouble starts in your life. You give your freedom to someone else or some other entity.
I can give you all a thousand tips and suggestions and yet if you lack this basic substance called “bravery” within you, then nothing would work.
Doubt is a sibling of this fear.
Doubting Thomas checks whether Jesus really resurrected from crucifixtion
Analyze this emotion too. Jesus ascribed the name Doubting Thomas to St.Thomas because He doubted His (Christ’s) potency. (I'm not a Christian yet I love all religions and try to learn as much as possible.)
Many students are Doubting Thomas
and do not recognize the God within themselves.
And for those who do not believe in God, I tell you scientifically that the brain’s glial cells function the best when one is brave. Glial cells are responsible for intelligence, connections, memory and creativity.
· If the fear is for Texts or reference materials --> OBLITERATE that fear by consulting a few friends who have cleared and what they have used. (Do not blindly follow them just because they cleared. Analyze vis-à-vis your situation and intellectual capacity).It is not the book (any standard reference book is fine for this exam) but your confidence level which is important.
· If the fear is regarding the current exam pass trend--> DECIMATE it by working extra hard. Don’t resign to fate and think that the whole world is conspiring against you.
· If the fear is to write both the groups; take it easy and write one Group.
· If the fear is for lack of time for studies; start studying from day 1 or wait till next attempt and study. Heavens are not going to fall!
Tackle each fear logically. For too much logic the anti-dote is emotionality but for too much emotion (fear being basically a biologically dictated emotional response emanating from the amygdale portion of our reptilian brain)---> Logic is the anti-dote.
Logically train your mind to analyze various scenarios mentally to tackle fear for any subject or exam.
Chalk out a written plan.
Immerse yourself in studies and may be deprive your senses of its usual soft pleasures a bit.
Create a time-table, Weekly and monthly deadlines that you should accomplish.
Nuke procrastination—be strict with yourself, never postpone things till the last minute.
Talk with your kith and kin about the stresses and strains of this course. If they are understanding then they will surely help you emotionally.( Substitute “Kith and kin” with friends or your beloved).However, do not over-do here. They can only listen and offer a shoulder to cry but you need to fight this battle alone and you can do it, I’m sure.
Calm your mind and do self-talk. What you talk to yourself is most important determinant for success in your life than anything else. Don’t feed the cheap talk of fear/negative words/defeatist thought to your mind. Give it the super vitamin called Bravery. NIHIL TIMENDUM EST! ALWAYS BE ON VIGIL HERE.(24 Hours)
Don’t interact with people with a negative attitude, don’t see or discuss failure cases (yours or someone else’s) too much. All this will feed in the poison called Fear.
Finally there are some biological ways to solve this too:
Ø Take vitamins and minerals. Deficiencies in this cause the brain to work on the reptilian brain of “flight or fight” more than cohesive thinking.
Ø Take small meals through out the day and remain energized.
Ø Have 8 hours of sleep per day. People who say they can get-by this number with fewer hours of sleep are losing out on health (Even sleep debt recompense theory has been disproved recently by scientists and on an average a human needs minimum 8 hours of sleep if not more).With these days of internet usage, lot of sleep depravity cases come about in this modern society. So get the forty winks you need preferably in the night when your human biological clock aches to sleep.
Ø Eat healthy food
Ø Exercise at least 3 times per week to remain energized. Exercise need not mean ripping muscles from a gym workout. It might mean even a small walk in the nearby park.
(Meditation and relaxation/visualizations also help)
Ø Keep health habits regularized.
When you follow what has been said by me above, you will find that your fear vanishes and slowly you gain courage to take up this challenge.
Fear is death, Courage is life.
---Swami Vivekananda
Students! Three cheers to Bravery!! AYE!AYE!
Mythreya
Many students lose out in the battle called CA due to FEAR.
Many give excuses, many narrate stories of woe and many ascribe it to luck. But I tell you like the child who saw the Emperor wearing no clothes and shouting in glee, “The Emperor is naked” that it is fear which makes or breaks a CA student’s success in this exam.
If you carefully analyze the multifarious reasons with a psychological angle, there lies beneath the student, a gossamer of fear.
A CA student (for that matter anyone) must write in bold letters
“NIHIL TIMENDUM EST”
This is an ancient Latin quote and it means “Fear Nothing”.
It pains to read news that some CA student died or committed suicide. These are extreme cases of panic/fear reactions.
There are so many things much more valuable and priceless in this world, than a mere pass in CA.
CA is a man-made thing. Look around you and behold the whole magnanimous world we have which God created.
Someone commented that I should not write the words “I” and express as if I’m doing a big favour to students.
I have to use “I” because I’m talking to the beautiful budding souls here not some walls or doling out notifications in the ICAI walls. Lot of these students have within them a deep-seated fear…lot of insecurity. And this needs a strident and confident voice and it may at times sound like trumpeter but nevertheless it is used as a prod. If this Mythreya can succeed in life, so can I!
I have to however, use sometimes words like “I do not have much time” due to my personal constraints. I do not expect any gratitude or the like for anything that I do here. Nor am I doing anything great or sympathizing with anyone.
However, I deem my day greatly satisfying if I have removed the fear in at least one student... Given hope to one soul at least…Touchwood!
And yes, if you have noticed, I used the word “I” FEARLESSLY without seeking umbrage under mock humility.
The demon called “CA Exam” will cower before you. The walls of ICAI will invite you to the portals of membership and salute you; you who are brave on the exam front. Great power lies within you. Realize this. The moment you let go of this fact, trouble starts in your life. You give your freedom to someone else or some other entity.
I can give you all a thousand tips and suggestions and yet if you lack this basic substance called “bravery” within you, then nothing would work.
Doubt is a sibling of this fear.
Doubting Thomas checks whether Jesus really resurrected from crucifixtion
Analyze this emotion too. Jesus ascribed the name Doubting Thomas to St.Thomas because He doubted His (Christ’s) potency. (I'm not a Christian yet I love all religions and try to learn as much as possible.)
Many students are Doubting Thomas
and do not recognize the God within themselves.
And for those who do not believe in God, I tell you scientifically that the brain’s glial cells function the best when one is brave. Glial cells are responsible for intelligence, connections, memory and creativity.
· If the fear is for Texts or reference materials --> OBLITERATE that fear by consulting a few friends who have cleared and what they have used. (Do not blindly follow them just because they cleared. Analyze vis-à-vis your situation and intellectual capacity).It is not the book (any standard reference book is fine for this exam) but your confidence level which is important.
· If the fear is regarding the current exam pass trend--> DECIMATE it by working extra hard. Don’t resign to fate and think that the whole world is conspiring against you.
· If the fear is to write both the groups; take it easy and write one Group.
· If the fear is for lack of time for studies; start studying from day 1 or wait till next attempt and study. Heavens are not going to fall!
Tackle each fear logically. For too much logic the anti-dote is emotionality but for too much emotion (fear being basically a biologically dictated emotional response emanating from the amygdale portion of our reptilian brain)---> Logic is the anti-dote.
Logically train your mind to analyze various scenarios mentally to tackle fear for any subject or exam.
Chalk out a written plan.
Immerse yourself in studies and may be deprive your senses of its usual soft pleasures a bit.
Create a time-table, Weekly and monthly deadlines that you should accomplish.
Nuke procrastination—be strict with yourself, never postpone things till the last minute.
Talk with your kith and kin about the stresses and strains of this course. If they are understanding then they will surely help you emotionally.( Substitute “Kith and kin” with friends or your beloved).However, do not over-do here. They can only listen and offer a shoulder to cry but you need to fight this battle alone and you can do it, I’m sure.
Calm your mind and do self-talk. What you talk to yourself is most important determinant for success in your life than anything else. Don’t feed the cheap talk of fear/negative words/defeatist thought to your mind. Give it the super vitamin called Bravery. NIHIL TIMENDUM EST! ALWAYS BE ON VIGIL HERE.(24 Hours)
Don’t interact with people with a negative attitude, don’t see or discuss failure cases (yours or someone else’s) too much. All this will feed in the poison called Fear.
Finally there are some biological ways to solve this too:
Ø Take vitamins and minerals. Deficiencies in this cause the brain to work on the reptilian brain of “flight or fight” more than cohesive thinking.
Ø Take small meals through out the day and remain energized.
Ø Have 8 hours of sleep per day. People who say they can get-by this number with fewer hours of sleep are losing out on health (Even sleep debt recompense theory has been disproved recently by scientists and on an average a human needs minimum 8 hours of sleep if not more).With these days of internet usage, lot of sleep depravity cases come about in this modern society. So get the forty winks you need preferably in the night when your human biological clock aches to sleep.
Ø Eat healthy food
Ø Exercise at least 3 times per week to remain energized. Exercise need not mean ripping muscles from a gym workout. It might mean even a small walk in the nearby park.
(Meditation and relaxation/visualizations also help)
Ø Keep health habits regularized.
When you follow what has been said by me above, you will find that your fear vanishes and slowly you gain courage to take up this challenge.
Fear is death, Courage is life.
---Swami Vivekananda
Students! Three cheers to Bravery!! AYE!AYE!
Mythreya
My father who is dependant on me and my reimbursement of medical expenditure by the company is Rs.46,000/-. Can i claim the exemption (it is Rs.15,000/- only) upto Rs40,000/- as because my father is found to be now having 76% disability in both the ears.
Ans : Yes only 15,000 can be claimed as exempt in case of Medical Expenses on Private Treatments..
But there is one more benefit available to u - Deduction u/s 80DD - amounting to Rs. 50,000/-......
For claimimg the deduction u/s 80DD, u have to file Form 10 IA as a certificate from a Doctor...For details plz refer Rule 11A
Ans : Yes only 15,000 can be claimed as exempt in case of Medical Expenses on Private Treatments..
But there is one more benefit available to u - Deduction u/s 80DD - amounting to Rs. 50,000/-......
For claimimg the deduction u/s 80DD, u have to file Form 10 IA as a certificate from a Doctor...For details plz refer Rule 11A
Computation of Pension u/s 10(10A) of IT Act, 1961
1. Uncommuted Pension - Fully Taxable for both Govt. Employees & Non-Govt. Employees
2. Commuted Pension - Fully Exempt for Govt. Emploees
Partially Exempt for Non-Govt. employees as follows
A. Emploee Receipt Gratuity - Amount Received
Less : 1/3rd of full value of Pension
B. Employee not receiving
Gratuity - Amount Received
Less : 1/2 of full value of Pension
Note : Full Value of Pension =
Amt. received in Commutation / Percentage of Commutation
2. Commuted Pension - Fully Exempt for Govt. Emploees
Partially Exempt for Non-Govt. employees as follows
A. Emploee Receipt Gratuity - Amount Received
Less : 1/3rd of full value of Pension
B. Employee not receiving
Gratuity - Amount Received
Less : 1/2 of full value of Pension
Note : Full Value of Pension =
Amt. received in Commutation / Percentage of Commutation
Saturday, February 13, 2010
Thursday, February 11, 2010
MPORTANT ANNOUNCEMENT
Since the Elections to the Lok Sabha and Legislative Assemblies of some States are likely to be held in the months April and May, 2009, it has been decided to hold the next Chartered Accountants PE-II, PCE, Final (Old and New course), IRM, MAC (Part I), TMC (Part I), CMC (Part I), ITL & WTO Examinations tentatively from 1st to 15th June, 2009 instead of May, 2009. Similarly, the next Common Proficiency Test (CPT) in paper-pencil mode is likely to be held tentatively on Sunday, the 28th June, 2009. The detailed Examination Notification containing the exact date schedule for the various examinations and the examination Centres will be issued shortly and hosted on the Institute's website.
This is for the advance information of students and all others concerned.
(G. SOMASEKHAR)
SR. JOINT SECRETARY (EXAMS)
Since the Elections to the Lok Sabha and Legislative Assemblies of some States are likely to be held in the months April and May, 2009, it has been decided to hold the next Chartered Accountants PE-II, PCE, Final (Old and New course), IRM, MAC (Part I), TMC (Part I), CMC (Part I), ITL & WTO Examinations tentatively from 1st to 15th June, 2009 instead of May, 2009. Similarly, the next Common Proficiency Test (CPT) in paper-pencil mode is likely to be held tentatively on Sunday, the 28th June, 2009. The detailed Examination Notification containing the exact date schedule for the various examinations and the examination Centres will be issued shortly and hosted on the Institute's website.
This is for the advance information of students and all others concerned.
(G. SOMASEKHAR)
SR. JOINT SECRETARY (EXAMS)
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