Author Archives: myITreturn Team - PA

What you should know about FATCA?

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What is FATCA? FATCA stands for Foreign Account Tax Compliance Act, a new Act enacted by US government. The only purpose for introduction of this Act is to curb the tax evasion practices by US persons. FATCA requires sharing of earnings related information by the foreign financial institutions to the… Read more »

No TDS on Rent for Nil Taxpayers

The provisions of TDS on Rent, state that, if amount of rentals paid during a financial year exceed Rs. 1,80,000/-,  then the lessee is required to deduct TDS while paying Rent to the owner of the asset. The rate of TDS is 10% for Land, Building or Furniture whereas 2%… Read more »

Gold Monetization Scheme, 2015

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We Indians are crazy about gold and golden ornaments. Most of us have ancestral gold jewellery; however it is mainly used in traditional functions such as marriages, poojas, etc. A research of Government states that we have over 20,000 tonnes of gold but this is neither traded not monetized. This… Read more »

Submission of Tax saving declarations to Employer

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New Financial year has just begun and April is the month of tax planning for the whole year. Employers ask all their staff to submit Tax saving declarations in this month. However some taxpayers might not be conversant about what exactly is to be shown in such declarations and what… Read more »

Eligible deductions from House property Income

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Rental income received by taxpayer is taxable under ” Income from House Property”. However Income Tax Act, 1961 has provided some expenditures under Section 24 which can be claimed as deduction. Click here to know about “Income from house property”. There are 2 deductions eligible to be deducted from Net Annual… Read more »

Income from House Property

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What is house property? House property as per the Income-tax Act, 1961 means any building (or land adjacent to such building) owned by assessee himself. House property includes flats, shops, office space, factory sheds, commercial building, agricultural land and farm houses etc. When is house property income  taxable? House property… Read more »

FAQs on Income from house property

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Q. What if fair value of a property cannot be determined? Ans. :-  Fair value means market value of the property. So if the fair value is not available or cannot be ascertained, fair market value of  similar property in the same location shall be taken as the fair value… Read more »

Loss of Income from House Property

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House property loss can be possible in following 2 cases- Self occupied property:- Gross Annual Value of self occupied property is always NIL. If the taxpayer has borrowed a housing loan against his self occupied property, then the interest paid on such loan is deducted from his Net Annual Value… Read more »

Loss from “Income from other sources”

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Loss, in simple terms, means excess of expense over income. Loss arises when income earned during the financial year by the taxpayer is less than the expenditures incurred by him during the year. There might be house property loss or capital loss or loss from business/profession/other income. Losses under “Income… Read more »

Loss from Business/Profession

myITreturn

Loss, in simple terms, means excess of expenses over incomes. Loss arises when income earned during the financial year by the taxpayer is less than the expenditures incurred by him during the same year. There might be house property loss or capital loss or loss from business/profession/other income. Losses under… Read more »