S No | Stn Code | Stn Name | Arrival Time | Dep. Time | Halt Time | Distance | Day |
---|---|---|---|---|---|---|---|
1 | LTT | LOKMANYATILAK T | Source | 00:15 | --- | 0 | 1 |
2 | KYN | KALYAN JN | 00:55 | 01:00 | 05:00 | 38 | 1 |
3 | NK | NASIK ROAD | 03:45 | 03:50 | 05:00 | 172 | 1 |
4 | MMR | MANMAD JN | 04:47 | 04:50 | 03:00 | 245 | 1 |
5 | BSL | BHUSAVAL JN | 06:55 | 07:05 | 10:00 | 429 | 1 |
6 | AK | AKOLA JN | 08:55 | 09:00 | 05:00 | 569 | 1 |
7 | BD | BADNERA JN | 10:30 | 10:35 | 05:00 | 648 | 1 |
8 | WR | WARDHA JN | 12:05 | 12:08 | 03:00 | 743 | 1 |
9 | NGP | NAGPUR | 13:40 | 14:00 | 20:00 | 822 | 1 |
10 | G | GONDIA JN | 15:45 | 15:47 | 02:00 | 952 | 1 |
11 | DURG | DURG | 17:45 | 17:50 | 05:00 | 1086 | 1 |
12 | R | RAIPUR JN | 18:25 | 18:35 | 10:00 | 1122 | 1 |
13 | BSP | BILASPUR JN | 20:20 | 20:35 | 15:00 | 1233 | 1 |
14 | RIG | RAIGARH | 22:16 | 22:18 | 02:00 | 1365 | 1 |
15 | JSG | JHARSUGUDA JN | 23:30 | 23:32 | 02:00 | 1438 | 1 |
16 | ROU | ROURKELA | 00:52 | 01:02 | 10:00 | 1540 | 2 |
17 | HTE | HATIA | 03:45 | Destination | --- | 1706 | 2 |
11043 - MADURAI EXPRESS
S No | Stn Code | Stn Name | Arrival Time | Dep. Time | Halt Time | Distance | Day |
---|---|---|---|---|---|---|---|
1 | LTT | LOKMANYATILAK T | Source | 00:15 | --- | 0 | 1 |
2 | TNA | THANE | 00:33 | 00:35 | 02:00 | 18 | 1 |
3 | KYN | KALYAN JN | 00:58 | 01:00 | 02:00 | 38 | 1 |
4 | KJT | KARJAT | 01:58 | 02:00 | 02:00 | 84 | 1 |
5 | LNL | LONAVALA | 02:43 | 02:45 | 02:00 | 112 | 1 |
6 | PUNE | PUNE JN | 03:53 | 03:58 | 05:00 | 176 | 1 |
7 | DD | DAUND JN | 05:25 | 05:30 | 05:00 | 252 | 1 |
8 | SUR | SOLAPUR JN | 08:35 | 08:45 | 10:00 | 440 | 1 |
9 | GR | GULBARGA | 10:53 | 10:55 | 02:00 | 553 | 1 |
10 | SDB | SHAHABAD | 11:36 | 11:38 | 02:00 | 579 | 1 |
11 | WADI | WADI | 12:10 | 12:15 | 05:00 | 589 | 1 |
12 | RC | RAICHUR | 13:33 | 13:35 | 02:00 | 697 | 1 |
13 | MALM | MANTHRALAYAM RD | 14:18 | 14:20 | 02:00 | 725 | 1 |
14 | AD | ADONI | 14:50 | 14:52 | 02:00 | 766 | 1 |
15 | GTL | GUNTAKAL JN | 16:15 | 16:30 | 15:00 | 818 | 1 |
16 | GY | GOOTY | 17:00 | 17:02 | 02:00 | 846 | 1 |
17 | HX | CUDDAPAH | 19:23 | 19:25 | 02:00 | 1001 | 1 |
18 | RJP | RAZAMPETA | 20:18 | 20:20 | 02:00 | 1052 | 1 |
19 | RU | RENIGUNTA JN | 22:15 | 22:30 | 15:00 | 1126 | 1 |
20 | AJJ | ARAKKONAM | 23:40 | 23:45 | 05:00 | 1198 | 1 |
21 | CJ | KANCHIPURAM | 00:13 | 00:15 | 02:00 | 1225 | 2 |
22 | CGL | CHENGALPATTU | 01:00 | 01:05 | 05:00 | 1261 | 2 |
23 | VM | VILLUPURAM JN | 05:55 | 06:05 | 10:00 | 1364 | 2 |
24 | VRI | VRIDHACHALAM JN | 06:45 | 06:47 | 02:00 | 1418 | 2 |
25 | TPJ | TIRUCHCHIRAPALI | 08:45 | 08:50 | 05:00 | 1541 | 2 |
26 | DG | DINDIGUL JN | 10:40 | 10:45 | 05:00 | 1636 | 2 |
27 | MDU | MADURAI JN | 12:30 | Destination | --- | 1702 | 2 |
TRAINS FROM LOKMANYA TILAK TERMINUS
TRAINS FROM LOKMANYA TILAK TERMINUS (LTT) MUMBAI
For detailed timetable please click on train number
Departure Source | Train No. | Train Name | Destination | Arrival Destintion | Runs on |
---|---|---|---|---|---|
00:15 | 11043 | MADURAI EXPRESS | MADURAI JN | 12:30 | Fri |
00:15 | 12811 | HATIA EXPRESS | HATIA | 03:45 | Mon, Sun |
00:15 | 12879 | LTT BBS SUP EXP | BHUBANESWAR | 07:15 | Wed, Sat |
00:35 | 12167 | LTT BSB SUP EXP | VARANASI JN | 03:50 | Daily |
05:20 | 11067 | SAKET EXPRESS | FAIZABAD JN | 09:25 | Wed, Sat |
05:20 | 11069 | TULSI EXPRESS | ALLAHABAD JN | 08:50 | Tue, Sun |
05:20 | 12165 | LTT BSB SUP EXP | VARANASI JN | 07:05 | Mon, Thu, Fri |
06:35 | 15017 | GORAKHPUR EXP | GORAKHPUR JN | 19:10 | Daily |
08:05 | 12336 | BHAGALPUR EXP | BHAGALPUR | 18:30 | Tue, Thu, Sun |
08:05 | 14313 | BAREILLY EXP | BAREILLY | 15:40 | Mon |
08:05 | 15645 | GUWAHATI EXPRES | GUWAHATI | 11:30 | Wed, Sat |
08:05 | 15647 | GUWAHATI EXPRES | GUWAHATI | 13:00 | Fri |
10:55 | 11055 | GODAN EXPRESS | GORAKHPUR JN | 20:15 | Mon, Wed, Fri, Sun |
10:55 | 11059 | CHHAPRA EXPRESS | CHHAPRA | 20:55 | Tue, Thu, Sat |
11:10 | 12542 | LTT GKP SUP EXP | GORAKHPUR JN | 17:10 | Daily |
12:15 | 11061 | MUZAFFARPUR EXP | MUZAFFARPUR JN | 22:30 | Mon, Wed, Fri, Sat |
12:15 | 11065 | DARBHANGA EXP | DARBHANGA JN | 01:20 | Tue, Thu, Sun |
12:40 | 11071 | KAMAYANI EXPRES | VARANASI JN | 19:25 | Daily |
15:00 | 12117 | LTT MANMAD EXP | MANMAD JN | 19:25 | Daily |
15:50 | 18610 | RANCHI EXPRESS | RANCHI | 07:25 | Sat |
16:25 | 12107 | LUCKNOW SUP EXP | LUCKNOW NE | 15:10 | Mon, Wed, Sat |
16:25 | 12153 | HABIBGANJ EXP | HABIBGANJ | 05:30 | Thu |
16:25 | 12161 | LASHKAR EXPRESS | AGRA CANTT | 12:55 | Fri |
16:25 | 12173 | UDYOG NAGRI EXP | PARTAPGARH JN | 18:55 | Tue, Sun |
17:25 | 12293 | ALD DURONTO EXP | ALLAHABAD JN | 12:25 | Mon, Fri |
19:00 | 22101 | RAJYA RANI EXP | MANMAD JN | 23:25 | Daily |
20:35 | 12101 | JNANESWARI DELX | HOWRAH JN | 03:35 | Mon, Tue, Fri, Sat |
20:35 | 12145 | LTT PURI SUP EX | PURI | 07:45 | Sun |
20:35 | 12151 | SAMARSATA EXP | HOWRAH JN | 08:25 | Wed, Thu |
21:55 | 18029 | LTT SHALIMAR EX | SHALIMAR | 12:15 | Daily |
22:15 | 13202 | LTT RJPB EXP | RJNDR NGR BIHAR | 09:55 | Daily |
22:35 | 11013 | COIMBATORE EXP | COIMBATORE JN | 07:00 | Daily |
22:45 | 11015 | KUSHINAGAR EXP | GORAKHPUR JN | 07:10 | Daily |
12132 - SAINAGAR DADAR EXPRESS
SNo | Stn Code | Stn Name | Arrival Time | Dep. Time | Halt Time | Distance | Day |
---|---|---|---|---|---|---|---|
1 | SNSI | SAINAGAR SHIRDI | Source | 22:25 | --- | 0 | 1 |
2 | KPG | KOPARGAON | 22:59 | 23:00 | 01:00 | 41 | 1 |
3 | MMR | MANMAD JN | 23:55 | 23:58 | 03:00 | 85 | 1 |
4 | NK | NASIK ROAD | 00:57 | 01:00 | 03:00 | 158 | 2 |
5 | IGP | IGATPURI | 01:50 | 01:55 | 05:00 | 208 | 2 |
6 | KYN | KALYAN JN | 03:27 | 03:30 | 03:00 | 292 | 2 |
7 | TNA | THANE | 03:48 | 03:50 | 02:00 | 312 | 2 |
8 | DR | DADAR | 04:30 | Destination | --- | 336 | 2 |
12131 - DADAR SAINAGAR EXPRESS
SNo | Stn Code | Stn Name | Arrival Time | Dep. Time | Halt Time | Distance | Day |
---|---|---|---|---|---|---|---|
1 | DR | DADAR | Source | 21:45 | --- | 0 | 1 |
2 | TNA | THANE | 22:03 | 22:05 | 02:00 | 25 | 1 |
3 | KYN | KALYAN JN | 22:22 | 22:25 | 03:00 | 45 | 1 |
4 | IGP | IGATPURI | 00:05 | 00:10 | 05:00 | 128 | 2 |
5 | NK | NASIK ROAD | 00:52 | 00:55 | 03:00 | 179 | 2 |
6 | MMR | MANMAD JN | 01:50 | 01:55 | 05:00 | 252 | 2 |
7 | KPG | KOPARGAON | 02:59 | 03:00 | 01:00 | 295 | 2 |
8 | SNSI | SAINAGAR SHIRDI | 03:51 | Destination | --- | 336 | 2 |
11036 - SHARAVATI EXPRESS
SNo | Stn Code | Stn Name | Arrival Time | Dep. Time | Halt Time | Distance | Day |
---|---|---|---|---|---|---|---|
1 | MYS | MYSORE JN | Source | 06:30 | --- | 0 | 1 |
2 | KRNR | KRISHNARAJNAGAR | 07:02 | 07:03 | 01:00 | 35 | 1 |
3 | HLN | HOLE NARSIPUR | 07:49 | 07:50 | 01:00 | 89 | 1 |
4 | HAS | HASSAN | 08:23 | 08:25 | 02:00 | 121 | 1 |
5 | ASK | ARSIKERE JN | 09:30 | 09:35 | 05:00 | 168 | 1 |
6 | DRU | KADUR | 10:11 | 10:12 | 01:00 | 207 | 1 |
7 | RRB | BIRUR JN | 10:20 | 10:22 | 02:00 | 213 | 1 |
8 | DVG | DAVANGERE | 12:07 | 12:10 | 03:00 | 328 | 1 |
9 | HRR | HARIHAR | 12:23 | 12:25 | 02:00 | 341 | 1 |
10 | RNR | RANIBENNUR | 12:49 | 12:50 | 01:00 | 364 | 1 |
11 | HVR | HAVERI | 13:24 | 13:25 | 01:00 | 396 | 1 |
12 | UBL | HUBLI JN | 15:05 | 15:15 | 10:00 | 471 | 1 |
13 | DWR | DHARWAR | 15:34 | 15:35 | 01:00 | 491 | 1 |
14 | LWR | ALNAVAR JN | 16:19 | 16:20 | 01:00 | 528 | 1 |
15 | LD | LONDA JN | 16:58 | 17:00 | 02:00 | 562 | 1 |
16 | BGM | BELGAUM | 18:03 | 18:05 | 02:00 | 613 | 1 |
17 | GPB | GHATPRABHA | 18:54 | 18:55 | 01:00 | 671 | 1 |
18 | KUD | KUDACHI | 19:39 | 19:40 | 01:00 | 717 | 1 |
19 | MRJ | MIRAJ JN | 20:45 | 20:50 | 05:00 | 750 | 1 |
20 | SLI | SANGLI | 21:02 | 21:05 | 03:00 | 757 | 1 |
21 | KRD | KARAD | 22:07 | 22:08 | 01:00 | 825 | 1 |
22 | STR | SATARA | 23:05 | 23:08 | 03:00 | 884 | 1 |
23 | PUNE | PUNE JN | 02:10 | 02:20 | 10:00 | 1029 | 2 |
24 | LNL | LONAVALA | 03:24 | 03:25 | 01:00 | 1093 | 2 |
25 | KYN | KALYAN JN | 04:54 | 04:55 | 01:00 | 1167 | 2 |
26 | DR | DADAR | 05:50 | Destination | --- | 1212 | 2 |
11035 - SHARAVATHI EXPRESS
SNo | Stn Code | Stn Name | Arrival Time | Dep. Time | Halt Time | Distance | Day |
---|---|---|---|---|---|---|---|
1 | DR | DADAR | Source | 21:30 | --- | 0 | 1 |
2 | KYN | KALYAN JN | 22:08 | 22:10 | 02:00 | 45 | 1 |
3 | KJT | KARJAT | 22:53 | 22:55 | 02:00 | 91 | 1 |
4 | LNL | LONAVALA | 23:53 | 23:55 | 02:00 | 119 | 1 |
5 | PUNE | PUNE JN | 01:00 | 01:10 | 10:00 | 183 | 2 |
6 | STR | SATARA | 03:57 | 04:00 | 03:00 | 328 | 2 |
7 | KRD | KARAD | 04:53 | 04:55 | 02:00 | 387 | 2 |
8 | SLI | SANGLI | 06:12 | 06:15 | 03:00 | 455 | 2 |
9 | MRJ | MIRAJ JN | 06:50 | 06:55 | 05:00 | 462 | 2 |
10 | KUD | KUDACHI | 07:23 | 07:25 | 02:00 | 495 | 2 |
11 | GPB | GHATPRABHA | 08:00 | 08:02 | 02:00 | 542 | 2 |
12 | BGM | BELGAUM | 09:03 | 09:05 | 02:00 | 600 | 2 |
13 | LD | LONDA JN | 09:48 | 09:50 | 02:00 | 651 | 2 |
14 | LWR | ALNAVAR JN | 10:38 | 10:40 | 02:00 | 684 | 2 |
15 | DWR | DHARWAR | 11:25 | 11:27 | 02:00 | 721 | 2 |
16 | UBL | HUBLI JN | 12:30 | 12:40 | 10:00 | 741 | 2 |
17 | HVR | HAVERI | 13:50 | 13:52 | 02:00 | 816 | 2 |
18 | RNR | RANIBENNUR | 14:22 | 14:24 | 02:00 | 849 | 2 |
19 | HRR | HARIHAR | 14:48 | 14:50 | 02:00 | 871 | 2 |
20 | DVG | DAVANGERE | 15:07 | 15:10 | 03:00 | 885 | 2 |
21 | RRB | BIRUR JN | 16:58 | 17:00 | 02:00 | 999 | 2 |
22 | DRU | KADUR | 17:08 | 17:10 | 02:00 | 1005 | 2 |
23 | ASK | ARSIKERE JN | 17:55 | 18:00 | 05:00 | 1045 | 2 |
24 | HAS | HASSAN | 18:53 | 18:55 | 02:00 | 1091 | 2 |
25 | HLN | HOLE NARSIPUR | 19:28 | 19:30 | 02:00 | 1123 | 2 |
26 | KRNR | KRISHNARAJNAGAR | 20:33 | 20:35 | 02:00 | 1177 | 2 |
27 | MYS | MYSORE JN | 21:40 | Destination | --- | 1212 | 2 |
12164 - CHENNAI EXPRESS
SNo | Stn Code | Stn Name | Arrival Time | Dep. Time | Halt Time | Distance | Day |
---|---|---|---|---|---|---|---|
1 | MS | CHENNAI EGMORE | Source | 06:50 | --- | 0 | 1 |
2 | RU | RENIGUNTA JN | 09:20 | 09:25 | 05:00 | 147 | 1 |
3 | KOU | KODURU | 10:14 | 10:15 | 01:00 | 188 | 1 |
4 | RJP | RAZAMPETA | 10:39 | 10:40 | 01:00 | 221 | 1 |
5 | HX | CUDDAPAH | 11:29 | 11:30 | 01:00 | 272 | 1 |
6 | YA | YERRAGUNTLA | 12:09 | 12:10 | 01:00 | 311 | 1 |
7 | TU | TADIPATRI | 13:14 | 13:15 | 01:00 | 379 | 1 |
8 | GY | GOOTY | 14:14 | 14:15 | 01:00 | 427 | 1 |
9 | GTL | GUNTAKAL JN | 14:45 | 15:00 | 15:00 | 455 | 1 |
10 | AD | ADONI | 15:39 | 15:40 | 01:00 | 507 | 1 |
11 | MALM | MANTHRALAYAM RD | 16:19 | 16:20 | 01:00 | 548 | 1 |
12 | RC | RAICHUR | 16:49 | 16:50 | 01:00 | 576 | 1 |
13 | SADP | SAIDAPUR | 17:29 | 17:30 | 01:00 | 622 | 1 |
14 | NRPD | NARAYANPET ROAD | 17:31 | 17:32 | 01:00 | 622 | 1 |
15 | YG | YADGIR | 17:54 | 17:55 | 01:00 | 645 | 1 |
16 | WADI | WADI | 19:05 | 19:10 | 05:00 | 684 | 1 |
17 | SDB | SHAHABAD | 19:22 | 19:23 | 01:00 | 694 | 1 |
18 | GR | GULBARGA | 19:49 | 19:50 | 01:00 | 720 | 1 |
19 | SUR | SOLAPUR JN | 21:50 | 22:00 | 10:00 | 833 | 1 |
20 | PUNE | PUNE JN | 02:25 | 02:35 | 10:00 | 1097 | 2 |
21 | LNL | LONAVALA | 03:34 | 03:35 | 01:00 | 1161 | 2 |
22 | KYN | KALYAN JN | 05:04 | 05:05 | 01:00 | 1235 | 2 |
23 | DR | DADAR | 06:00 | Destination | -- | 1279 | 2 |
12163 - CHENNAI EXPRESS
SNo | Stn Code | Stn Name | Arrival Time | Dep. Time | Halt Time | Distance | Day |
---|---|---|---|---|---|---|---|
1 | DR | DADAR | Source | 20:30 | --- | 0 | 1 |
2 | KYN | KALYAN JN | 21:10 | 21:15 | 05:00 | 45 | 1 |
3 | LNL | LONAVALA | 22:48 | 22:50 | 02:00 | 119 | 1 |
4 | PUNE | PUNE JN | 00:05 | 00:10 | 05:00 | 183 | 2 |
5 | SUR | SOLAPUR JN | 03:55 | 04:05 | 10:00 | 447 | 2 |
6 | GR | GULBARGA | 06:08 | 06:10 | 02:00 | 560 | 2 |
7 | SDB | SHAHABAD | 06:33 | 06:35 | 02:00 | 586 | 2 |
8 | WADI | WADI | 07:15 | 07:20 | 05:00 | 596 | 2 |
9 | YG | YADGIR | 07:50 | 07:52 | 02:00 | 635 | 2 |
10 | SADP | SAIDAPUR | 08:08 | 08:10 | 02:00 | 658 | 2 |
11 | NRPD | NARAYANPET ROAD | 08:11 | 08:12 | 01:00 | 658 | 2 |
12 | RC | RAICHUR | 08:48 | 08:50 | 02:00 | 704 | 2 |
13 | MALM | MANTHRALAYAM RD | 09:23 | 09:25 | 02:00 | 732 | 2 |
14 | AD | ADONI | 09:58 | 10:00 | 02:00 | 773 | 2 |
15 | GTL | GUNTAKAL JN | 11:00 | 11:15 | 15:00 | 825 | 2 |
16 | GY | GOOTY | 11:40 | 11:42 | 02:00 | 853 | 2 |
17 | TU | TADIPATRI | 12:23 | 12:25 | 02:00 | 901 | 2 |
18 | YA | YERRAGUNTLA | 13:23 | 13:25 | 02:00 | 969 | 2 |
19 | HX | CUDDAPAH | 14:08 | 14:10 | 02:00 | 1008 | 2 |
20 | RJP | RAZAMPETA | 15:08 | 15:10 | 02:00 | 1059 | 2 |
21 | KOU | KODURU | 15:38 | 15:40 | 02:00 | 1092 | 2 |
22 | RU | RENIGUNTA JN | 16:45 | 17:00 | 15:00 | 1133 | 2 |
23 | AJJ | ARAKKONAM | 18:03 | 18:05 | 02:00 | 1205 | 2 |
24 | PER | PERAMBUR | 18:53 | 18:55 | 02:00 | 1268 | 2 |
25 | MS | CHENNAI EGMORE | 19:45 | Destination | --- | 1279 | 2 |
TRAINS FROM & TO DADAR TERMINUS
# | No. | Train Name | Schedule | Origin | Dep. | Destination | Arr. |
---|---|---|---|---|---|---|---|
1 | 12163 | Mumbai Dadar - Chennai Egmore SuperFast Express | Daily | Dadar (Central) | 20:30 | Chennai Egmore | 19:45 |
2 | 12164 | Chennai Egmore - Dadar Central SF Express | Daily | Chennai Egmore | 06:50 | Dadar (Central) | 06:00 |
3 | 11035 | Sharavati Express | Thu | Dadar (Central) | 21:30 | Mysore Jn. | 21:40 |
4 | 11036 | Sharavati Express | Sun | Mysore Jn. | 06:30 | Dadar (Central) | 05:50 |
5 | 12131 | Dadar-Sainagar Shirdi Express(Via Manmad) | Mon, Wed, Sat | Dadar (Central) | 21:45 | Sainagar Shirdi | 03:51 |
6 | 12132 | Sainagar Shirdi-Dadar Express(Via Manmad) | Sun. Tue, Thu | Sainagar Shirdi | 22:25 | Dadar (Central) | 04:30 |
PAYMENT OF ADVANCE TAX
• | No Advance Tax need to be paid, if the total tax payable for the year is less than Rs.10000/-. |
• | When employer deducts tax from Salary, an employee need not pay Advance Tax. |
• | A Senior Citizen (above 60 years), not having any income under business or profession need not pay Advance Tax. |
• | Non payment or short payment of Advance Tax will attract interest. |
Payment of Advance Tax on the estimated Taxable Income by all Assessees (Other than companies)
Installment | Percentage | Due Date |
First | 30% | 15th September |
Second | 30% | 15th December |
Final | 40% | 15th March |
Example :
If an Assessee’s estimated tax payable for the full year is Rs.30000/-, he has to pay an Advance Tax of Rs.9000/- each in 1st and 2nd installment and Rs.12000/- in final installment.
Income from House Property
The annual value of a house property is taxable as income in the hands of the owner of the property.
Following incomes are excluded from the charge of tax under “Income from House Property”:
However, the following incomes are taxable under Income from House Property:
For tax purpose, properties are classified as “Self Occupied Property” & “Let-out Property”.
SELF OCCUPIED PROPERTY: Interest upto a maximum of Rs.30,000/- will be allowed as deduction. However, if the house acquired or constructed with capital borrowed on or after 1.4.1999, interest upto a maximum of Rs.1,50,000/- is allowed as deduction provided construction is completed within 3 years.
Principal amount of loan installment is allowed as deduction from total income to the maximum extent of Rs.1,00,000/- p.a. u/s. 80C.
• The acquisition / construction should be completed within 3 years from the end of F.Y. in which the capital was borrowed.
• Interest on loan during the period of construction is allowed in equal installments over a period of 5 years commencing from year of completion.
► To calculate income from house property, the first thing required is to compute Ratable / Taxable Value of the Property. This is required to assess the reasonable value at which the property could yield if let-out from year to year. The base for this is higher of the following:
► From the ratable value, the municipal taxes actually paid by the owner towards general tax, water, sewerage tax etc., will be deducted. The amount so arrived at is known as “Annual Value of the House Property”.
When the property is in the occupation of the owner and not let-out during any part of the previous year, the annual value will be taken as NIL.
When more than one house is held by the owner and is in the occupation of the owner for his residential purpose, then only one residence value, at the owner’s choice, will be taken as NIL. For other house/s, the tax is computed as though the Property is Let-Out.
When the annual value is taken as NIL, no deduction u/s. 24 is allowed except in respect of interest paid on capital borrowed for acquisition or construction and the same is completed within 3 years from the end of the financial year in which the loan was borrowed subject to a maximum of Rs.1, 50,000/- per annum. The deduction in respect of interest on housing loan during the period of construction is allowed in equal installments over a period of 5 years commencing from the year of completion. However, this will be within the overall limit u/s. 24(b) of the act. There is no limit for the interest on borrowed loan in respect of letting-out property.
If there is a “Loss from House Property”, the same can be set-off against income from any other head in the same Assessment Year. If the loss cannot be set-off against income from any other head in the same Assessment Year, the loss is allowed to be carried forward and set-off in 8 subsequent Assessment Years against Income from House Property only.
Following incomes are excluded from the charge of tax under “Income from House Property”:
• | Annual Value of the house property used for business purpose – This is subjected to tax under Income from Business. |
• | Income from rent received from vacant land – This will be treated under “Income from Other Sources”. |
• | Income from House Property situated nearby agricultural land and used as a Store House, Dwelling House etc., by the cultivators – This will be treated under “Agricultural Income”. |
However, the following incomes are taxable under Income from House Property:
• | Any arrears of rent, not taxed u/s 23 received in a subsequent year. |
• | Income earned by letting-out any farm house or agricultural land for any purpose other than agriculture. |
• | Letting of shops, complexes, commercial buildings. |
• | When the property is let-out. |
For tax purpose, properties are classified as “Self Occupied Property” & “Let-out Property”.
There are certain Tax benefits for interest on Housing Loan.
SELF OCCUPIED PROPERTY: Interest upto a maximum of Rs.30,000/- will be allowed as deduction. However, if the house acquired or constructed with capital borrowed on or after 1.4.1999, interest upto a maximum of Rs.1,50,000/- is allowed as deduction provided construction is completed within 3 years.
Principal amount of loan installment is allowed as deduction from total income to the maximum extent of Rs.1,00,000/- p.a. u/s. 80C.
• The acquisition / construction should be completed within 3 years from the end of F.Y. in which the capital was borrowed.
• Interest on loan during the period of construction is allowed in equal installments over a period of 5 years commencing from year of completion.
► To calculate income from house property, the first thing required is to compute Ratable / Taxable Value of the Property. This is required to assess the reasonable value at which the property could yield if let-out from year to year. The base for this is higher of the following:
• Municipal Valuation of property
• Actual annual rent received or receivable
• License Fees
► From the ratable value, the municipal taxes actually paid by the owner towards general tax, water, sewerage tax etc., will be deducted. The amount so arrived at is known as “Annual Value of the House Property”.
► Computation of Income from Self-Occupied Property:
When the property is in the occupation of the owner and not let-out during any part of the previous year, the annual value will be taken as NIL.
When more than one house is held by the owner and is in the occupation of the owner for his residential purpose, then only one residence value, at the owner’s choice, will be taken as NIL. For other house/s, the tax is computed as though the Property is Let-Out.
When the annual value is taken as NIL, no deduction u/s. 24 is allowed except in respect of interest paid on capital borrowed for acquisition or construction and the same is completed within 3 years from the end of the financial year in which the loan was borrowed subject to a maximum of Rs.1, 50,000/- per annum. The deduction in respect of interest on housing loan during the period of construction is allowed in equal installments over a period of 5 years commencing from the year of completion. However, this will be within the overall limit u/s. 24(b) of the act. There is no limit for the interest on borrowed loan in respect of letting-out property.
If there is a “Loss from House Property”, the same can be set-off against income from any other head in the same Assessment Year. If the loss cannot be set-off against income from any other head in the same Assessment Year, the loss is allowed to be carried forward and set-off in 8 subsequent Assessment Years against Income from House Property only.
Taxable & Non Taxable Perquisites
Perquisites may be defined as any casual emolument or benefit attached to an office or position in addition to salary or wages. It also denotes something that benefits a man by going into his own pocket; it does not, however cover mere reimbursement of necessary disbursements.
• Perquisites not taxable
• Perquisites which are taxable only in the hands of specified Employees.
Perquisites can be divided into the following 3 categories:
• Perquisites taxable in all cases• Perquisites not taxable
• Perquisites which are taxable only in the hands of specified Employees.
TAXABLE (Subject to Conditions) |
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• | Rent free accommodation. |
• | Provision of Motor Car or any other Conveyance for personal use. |
• | Provision of free or concessional Educational facilities. |
• | Reimbursement of Medical Expenditure. |
• | Expenditures on Foreign Travel and Stay during medical expenditure. |
• | Supply of Gas, Electricity & Water. |
NON TAXABLE |
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• | Leave Travel Concession subject to conditions and only the actual amount spent. |
• | Computer / Laptop for official use. |
• | Initial fees paid for corporate membership of a club. |
• | Refreshment provided during working hours in office premises. |
• | Payment of annual premium on personal accident policy. |
• | Subscription to periodicals and journals required for discharge of work. |
• | Provision of Medical facilities. |
• | Gift isn't exceeding Rs.5000/- p.a. |
• | Use of health club, sports facility. |
• | Free telephones: fixed or mobiles. |
• | Interest free / concessional loan not exceeding Rs.20,000/- (limit not applicable for medical treatment) |
• | Children Educational Allowance (Rs.100 p.m. per child – max. 2 children) & Hostel Allowance (Rs.300/- p.m. per child – maximum 2 children) is exempt. |
• | Transport Allowance: Rs.800/- p.m. (Rs.1600/- p.m. if handicapped) |
• | Fixed Medical Allowance is taxable in the hands of employees however, Medical facilities in a private clinic is exempt to the extent of Rs.15,000/- and in Government Hospitals to any extent. |
• | Contribution to Medical Insurance Policy by the employer is exempt to tax in the hands of employees to any extent. |
• | Amount spent for providing free educational facilities and training of the employee is not taxable in the hands of employees to any extent. |
• | Gift to employees of Movable Assets (other than computer / laptop, electronic items and car) after using for 10 years. |
• | Contribution to recognized Provident Fund / approved superannuation fund, pension or deferred annuity scheme and staff group insurance scheme. |
• | Free meal provided during working hours or through paid non transferable vouchers not exceeding Rs.50/- per meal or free meal provided during working hours in a remote area. |
• | The value of any benefit provided free or at a concessional rate (including goods sold at concessional rate) by a company to the Employees by way of allotment of shares etc., under the Employees stock option plan as per Central Government Guidelines. |
Leave Travel Concession
Leave Travel Concession is a non-taxable perquisite available for Salaried Class u/s. 10 (5) of the Income Tax Act. An employee with his dependent family members can avail of this facility to travel anywhere within India/Native Place. He can claim the actual amount spent on travel expenses such as air / train / bus tickets or by a vehicle taken on rent. No other expenses are allowed.
The dependent family includes spouse, children as well as dependent parents and siblings. The LTC exemption is limited to 2 children born on or after 01.10.1998 and this restriction is not applicable to children born prior to this date.
The tax benefit of exemption under LTC can be claimed only for 2 journeys performed in a block of pre-defined block of 4 calendar years.
Conditions applicable :
• Travel by Air : Economy Class Air Fare by the shortest route of the actual amount spent.
• Travel by Rail : A/C 1st class fare by the shortest route or actual amount spent, whichever is lower.
• If the place of destination is connected by Rail : A/C 1st class rail fare by the shortest route or the actual amount spent for the journey performed by road, whichever is lower.
• If the place of destination is not connected by Rail : Where:
(a) Recognized Public Transport exists: First Class or Deluxe Class fare by the shortest route or the actual amount spent whichever is lower.
(b) No recognized public transport exists : Air-Conditioned first class rail fare by the shortest route or the actual amount spent, whichever is lower.
The Present block started from January 2010 and will last till December 2013.
The claim amount can be either be billed amount or an amount set by the employer whichever is lower.
To claim the LTC exemption duly filled from along with copies of original tickets and travel bills are to be submitted to the employer. One can also claim exemption at the time of filing returns and claim refund.
The dependent family includes spouse, children as well as dependent parents and siblings. The LTC exemption is limited to 2 children born on or after 01.10.1998 and this restriction is not applicable to children born prior to this date.
The tax benefit of exemption under LTC can be claimed only for 2 journeys performed in a block of pre-defined block of 4 calendar years.
Conditions applicable :
• Travel by Air : Economy Class Air Fare by the shortest route of the actual amount spent.
• Travel by Rail : A/C 1st class fare by the shortest route or actual amount spent, whichever is lower.
• If the place of destination is connected by Rail : A/C 1st class rail fare by the shortest route or the actual amount spent for the journey performed by road, whichever is lower.
• If the place of destination is not connected by Rail : Where:
(a) Recognized Public Transport exists: First Class or Deluxe Class fare by the shortest route or the actual amount spent whichever is lower.
(b) No recognized public transport exists : Air-Conditioned first class rail fare by the shortest route or the actual amount spent, whichever is lower.
The Present block started from January 2010 and will last till December 2013.
The claim amount can be either be billed amount or an amount set by the employer whichever is lower.
To claim the LTC exemption duly filled from along with copies of original tickets and travel bills are to be submitted to the employer. One can also claim exemption at the time of filing returns and claim refund.
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