sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
ę From the Courts »
  Oriental Bank Of Commerce Vs. Additional Commissioner Of Income Tax
  Suresh M. Jamkhindikar vs. ACIT (Bombay High Court)
  Union of India vs. Pirthwi Singh (Supreme Court)
 Cromption Greaves Limited vs. CIT (ITAT Mumbai)
 Director Of Income Tax Vs. M/s. Modiluft Ltd.
 Director Of Income Tax Vs. M/s. Royal Airways Ltd.
 Lally Motors India (P.) Ltd vs. PCIT (ITAT Amritsar)
  Mehsana District Co-operative vs. DCIT (Gujarat High Court)
 Suresh M. Jamkhindikar vs. ACIT (Bombay High Court)
 Union of India vs. Pirthwi Singh (Supreme Court)
  In Re Hiten Ramanlal Mahimtura (ITAT Mumbai)

SBIs study loans cheaper
June, 22nd 2008

State Bank of India, the countrys largest public sector bank, has reduced interest rates on educational loans.

New rates for loan amounts less than Rs4 lakh have been reduced from 12.25% to 11.75%. Rates for loan amounts above Rs7.50 lakh have been reduced from 13.25% to 12.25%. Interest rates for amounts between Rs4 lakh and Rs7.50 lakh have remained unchanged at 13.25%.

Other banks may follow suit. Says M.P. Murugan, assistant general manager, Allahabad Bank: We are the leader in the educational loan space. We already have special lower interest rates for IIT and IIM students, at 11.25%. However, if the need arises, we may look into reducing our rates as well.

N.R. Shet, general manager, Corporation Bank, says: We do not have immediate plans to reduce educational loan rates, but
you cannot rule out the possibility of us doing so. Our rates are not that high, so we will wait and watch.

Any cut is, of course, good news for students. Hsoc Matthai, 17, a student from Mumbai, says: Educational loans are necessary. My brother and I are planning to go for professional courses this year. Even a small decrease in interest rates makes a lot of difference. We would rather go to a bank that offers lower rates.

Vacancy gain? Check it out

If, despite your best efforts, you havent been able to rent out your property for a full year, dread not; you may not be asked to pay tax on it. The Income-tax Appellate Tribunal (Itat), Mumbai, has recently ruled that a property that has remained vacant for a year is entitled to vacancy allowance. This implies that the owner will not have to pay tax on the notional rental value of the property.

This ruling was given in the case of Amrit Petroleum for assessment year 2001-02. It had argued that the property remained vacant despite the best efforts of the owner to find a client and, therefore, the owner was entitled to the vacancy allowance for a full year.

As per the income-tax law, tax is levied on the notional rental value of the property if it remains unoccupied for a year. However, a provision for a partial vacancy allowance exists in case the property is rented out only for a part of the year.

The ruling doesnt mean any amendment in income-tax laws. Tax experts say Itat is like an income-tax court where a particular decision is given after considering the circumstances of that case. If there is a similar case with similar facts, the lawyers can plead and cite this judgment to be considered. It cannot be equated to an amendment to the Income-tax Act.

According to real estate lawyer Rishi Awasthi, such a ruling will come into force only in extraordinary circumstances. In ordinary cases, tax would still be levied on the vacant house, he says. Urmila Rao

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions