There may be circumstances where the allowable deductions are more than the income earned fromproperty. In this case, loss arising from the head income from property can be adjusted against any other head of income except income taxable under final…
If the property is given on rent for the purpose of agriculture, the rent income shall be exempt from tax. This emans that no tax is applicable under this circumstances.
If the owner of the building receives any amount on the form of deposit which is not adjustable against the rent payable, then this amount is treated as chargeable rent. This will be charged to rent in equal proportion during…
There may be circumstances where employeeor his/ her spouse owns an accommodation. But due to the terms of employment, the employer has to provide house rent perquisites. In this case, income tax rate would be as follows: actual rent paid…
Rent income for the tax year is treated on accrual basis of accounting in most of the tax regimes and as such chargeable to tax. Rent comes under the head income from property. Rent can be in the form of…
AOP (Association of person) includes a hindu undivided family, a partnership firm and any body of persons developed under a foreign law. However, AOP does not include company. AOP has to pay tax on its profit @ 35 {1bb28fb76c3d282be6cfd0391ccf1d9529baae691cd895e2d45215811b51644c}. However,…
If the taxable income of an individual is less than 1.5 million, then such individual can claim deductable allowance. Deductable educational allowance shall be lower of the following: 25 {1bb28fb76c3d282be6cfd0391ccf1d9529baae691cd895e2d45215811b51644c} of the taxable incomeo of the individual, 5 {1bb28fb76c3d282be6cfd0391ccf1d9529baae691cd895e2d45215811b51644c} of…
If any individual obtains a loan from a bank approved by the regulatory authoity of the country, then such individual can claim allowance for tax credit of the amount of profit or markup paid. However, loan obtained for the purpose…
Under income tax laws of various countries, income is taxable uner any of the following five heads of income: income from salary, income from property, income from business, capital gains, income from other sources. Total income = salary income +…
A resident person other than a company who is deriving income from salary or business is allowed to claim tax credit or tax rebate on health insurance premium paid to an approved insurance company under the insurance law. Tax credit…