Tax on House Property in India

What is income from house property?

Income from House Property comprises of the rent received from the House property. This income is chargeable as per tax rules. In case, the property is not on the lease, then the owner may have to pay tax on 'deemed rent’. In order to include the income from house property in the assessor’s aggregate total income, three essential …

A guidebook on income from Capital Gains India

Concept of Capital Gain

The profit earned from the selling of a capital asset is referred to as the capital gain. The profit earned from the transaction is charged to income tax for the specific year when the transmission of the capital asset took place. However, in case of capital gains, which are not acquired by selling of asset, but is inherited, …

Income Tax proposition for NRIs in india

How is Residential Status determined?

The following conditions are followed when residential status is determined for a financial year:When an individual is an Indian citizen, who is working abroad or is an associate of a troop on an Indian ship, from the above-mentioned conditions, only the first condition is applicable to them. This condition is also applicable to a Person of Indian Origin …

Concept of Form 16- Filing of Income Tax Return by uploading Form 16

What is Form 16?

The TDS certificate that an employer hands out when TDS is with held by them is referred as the Form 16. On deduction of TDS from salaries by the employer, the income tax act demands a certificate from the employer. This will contain the details of deducted tax and deposited tax, which is …

Authentication of Cash Deposit by Income Tax Department

After the scenario of demonetization, large cash deposits were done. As a result, income tax department initiated a robust inspection and maintained documents such as bank statements, passbooks, sales and land records. Furthermore, the income tax department shall make the documents available to the taxpayer, so that he or she can claim the large cash deposited by them. This amount can be …