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TDS has not been considered which means the income would be more than what is stated here

If you have let out the house for a minimum period three hundred days  in the previous year, then you need not include the same in the net wealth [section 2(ea)(i)(4)]. You can also claim exemption for the self occupied house.

Interest u/s. 234B will be charged on the assessed tax as per order u/s. 143(3) less tax portion included in the self assessment tax as per section 140-A from 1st April of the Assessment Year to the date of completion of assessment.

Interest u/s. 234C is chargeable only on the returned income.

B Natarajan

My client has invested Rs. 25000/- in SBI Infrastructure Fund Series - 1 in the FY 2007-08 and he has redeemed the same in FY 2010-11after 3 years. Please let me know if the benefit of indexation is available for these bonds.
Thanks
B Natarajan

One of my clients made payments in cash exceeding the limits to co-operative sugar mills. The stock has been duly brought to account and sale and profit have been properly accounted. The Assessing Officer on reassessment proceedings has made disallowance u/s. 40A(3) and also levied penalty u/s. 271(1)(c). Is the levy of penalty u/s. 271(1)(c) valid? If there are any case law please provide the same.