What if you own the property, but not the land: To be considered an owner, you need not own the land on which the property is built. For e.g., you can be the owner of a shop in the mall, but may not own the actual land on which the shop is built. Power of Attorney: If you are entitled to exercise all rights in relation to the property, such as selling and letting out of the … [Read more...] about Only one house can be claimed as self-occupied property
Are you a Smart Taxpayer? Check with this Tax To-Do List
Longer working hours, more travelling time, insufficient work force, exhausting deadlines and so on... There are so many things today’s working professionals endure just to ensure more income and the affordability of a good lifestyle. Each individual works smart and hard to achieve a fatter pay check, more profit on investment and greater savings. However as the financial year … [Read more...] about Are you a Smart Taxpayer? Check with this Tax To-Do List
Impact of New Direct Tax code
Ministry of Finance rationalizes the strategy behind the New Direct Tax Code as: “...Any complex tax legislation increases the cost of compliance as well as administration. Given that the cost of compliance is essentially regressive in nature, this undermines the equity of the tax system. Similarly, high cost of administration is wasteful....” “....Any further rationalization … [Read more...] about Impact of New Direct Tax code
Tax Saving not limited to Exemptions, there’s More in store for you
Most taxpayers have the knowledge of the exemptions under the Income Tax Act which help in reducing their taxable income. They are aware that they can claim deduction upto Rs. 1.5 Lakh under section 80C through investment in NSC, PF, PPF, Life insurance policies, repayment of housing loan, tuition fees. However, what they miss on, are the small but important changes that are … [Read more...] about Tax Saving not limited to Exemptions, there’s More in store for you
ITR-V submission date extended till 31st August, 2016
A lot of taxpayers, especially those who have started e-filing in recent years, are not familiar with the complete e-filing process including ITR-V submission and e-verification. An income tax return (ITR) is not considered valid till a signed copy of ITR-V acknowledgement form has been submitted to Central Processing Center (CPC) – Bengaluru within 120 days of e-filing the … [Read more...] about ITR-V submission date extended till 31st August, 2016
