Category Archives: Income

Why do I have tax payable?

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Before filing your return, make sure you have entered all the details correctly. Starting from the basic information like PAN, bank details etc to entering all the income details, if any mistake is committed, it may lead to confusion and huge tax demands. Let us find those error prone areas… Read more »

My Income-tax refund is less than expected?

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Taxpayers receive Income-tax refund and many times it is less than expected. Let us understand why this may have happened. This issue may arise due to several reasons, some of them are explained below- It might happen that Income-tax Department has adjusted your tax refund of current Financial year with any Income-tax payable of… Read more »

What is a Nil return? When should I file it?

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When your taxable income is below the maximum amount not chargeable to tax  i.e Rs.2,50,000, your tax liability comes to zero and therefore you pay no taxes. Therefore, income tax return having tax liability as “Zero or nil” is called a nil return. Here, many a times people get confused… Read more »

Save tax by paying rent to your parents?

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A salaried person can claim HRA exemption by paying rent to parents, if  he is staying with parents. Click here to know about House Rent Allowance (HRA). What is essential to claim HRA exemption? It is not essential to submit any document to the Income-tax department for claiming HRA exemption. However… 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 »

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 »

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 »

Importance of 31st March 2016

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It is mandatory for a taxpayer to file Income-tax return if his total income exceeds the basic exemption limit (i.e. Rs 2,50,000/- for FY 2013-14 & FY 2014-15). Also, if you want to claim refund or carry forward certain losses for FY 2013-14, you are required to file Income-tax return. Moreover,… Read more »

Adding Savings Bank Interest in your Income-tax return

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Generally taxpayers do not evaluate or disclose interest earned from saving bank account while filing Income-tax returns. It is taxable under ‘Income from other sources, however savings bank interest is exempt upto Rs. 10,000/-. It is always better to disclose this and take advantage of deduction available under section 80TTA. Click… Read more »

Make sure you have included these incomes in your Income-tax return

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When we file our Income-tax return, we tend to specifically include our main Sources of Income like Income from salary, Income from business or profession, etc. But many a times, we skip to include some Incomes which come under the head “Income from other sources”. Some of these incomes which… Read more »