In what can hold out hopes for lakhs of home owners, the urban development ministry is pushing a proposal to double the income tax relief on home loan interest payout to Rs 3 lakh, triple the exemption on payment of the principal amount and reduced interest rates for houses up to Rs 30 lakh.
Urban [...]

1. Dearness allowance or dearness pay unless it enters into the computation of superannuation or retirement benefits of the employee concerned;
2. employer’s contribution to the provident fund account of the employee;
3. allowances which are exempted from payment of tax;
4. the value of perquisites specified in sub-section (2) of section 17 of the Income-tax Act;
It [...]

The Income Tax Act provides for charging of interest for non- payment/short payment/deferment in payment of advance tax which is calculated as below:

INTEREST U/S 234A:

For late or non furnishing of return, simple interest @ 1.25% (substituted in place of 1.5% w.e.f. 1.6.2001) for every month or part there of from the due date of [...]