Mamtora & Associates
Chartered Accountants

Buying a house is a dream for each one of us. It is one of the costliest asset in our portfolio too. Hence most of us cannot afford to buy it without opting for a Housing Loan. Even governments encourage taxpayers to buy a house by providing multiple tax benefits. In this article we will study some of the important tax benefits of a home loan that you should not forget to claim while filing your ITR. CONCENT OF SOP-LOP : Before we deep dive into the intricacies, we need to understand two concepts regarding House Property taxation viz. Self-Occupied Property & Let-Out Property SOP (Self-Occupied Property) means  a property used for owner’s own residential purpose or a property that cannot be occupied owing to employment/business at other place and the owner has to reside at that other place in a rented premise. LOP (Let-Out Property) simply means a rented property. An assessee can claim maximum two house properties as his SOP for any financial year. TAX BENEFIT / DEDUCTION : A maxim

What is advance tax ?   Advance Tax means income tax paid in advance instead of lump sum payment after year end. It is also known as pay as you earn tax. Advance tax is calculated by estimating the current year’s annual income and finding tax liability on such estimated annual income. These payments have to be made in installments as per its due dates.  Particulars Amount Estimated Annual Tax Liability XXX Less: TDS / TCS / MAT Credit (XXX) Annual Advance Tax Liabilty XXX Who is liable to pay advance tax ? If an assessee’s tax liability is Rs. 10000/- or more in a financial year than they have to pay their whole income tax liability in advance. Exemption from Advance Tax :  Resident Senior citizens (i.e. age 60 years or more) who do not have any income from  business/profession. Due Dates for payment of Advance Tax :

Digital Rupee is India's first official Central Bank Digital Currency (CBDC) issued & regulated by RBI. CBDC is a digital form of sovereign currency notes issued by a country's central bank.  There will be two categories of Indian Digital Rupee viz. e-Rupee Wholesale (e₹-W) & e-Rupee Retail (e₹-R).  Retail Rupee would be available for use by all viz. private sector, non-financial consumers and businesses while Wholesale Rupee would have restricted access for select financial institutions only. e-Rupee differs from cryptocurrency for the following reasons : Cryptocurrency is a decentralized currency while e-Rupee is highly centralized form of digital currency. It will be controlled & regulated by RBI, the sovereign central bank of India. There will be no fluctuations in the value of e-Rupee unlike a cryptocurrency.  e-Rupee will be a legal tender in India while cryptocurrencies are not. Initial launch phase of e₹-Wholesale has already been started w.e.f 01 November,