Blog

2016
  • Let’s start with understanding ‘Rental Income’. When you rent out your house or a commercial property or a land appurtenant and the income earned is known as rental income. This rental income which is not used for business or profession is added under the ‘Income from House Property’ is subject to Income tax.
  • Income tax act requires an assessee to disclose all house properties owned by him in his Income tax return. In case of multiple house properties, only one property can be claimed as self-occupied (if not rented out) and others are to be compulsorily considered as let out (i.e. deemed let out). The deemed let out declaration is a rule even if the said house property is vacant or self/family occupied and no rental income is earned on it.
  • Are you looking for saving tax on such a rental income generated from house property owned in India? This blog shares some insight about rental income, its components and various ways to reduce the tax with the deductions available on such rent received.
  • Let us discuss how to plan and reduce your tax burden on rental income.
    1. Higher rental income consideration : Based on Income tax act, taxpayers can declare a higher rental value property as his self-occupied property if he owns multiple ones in the same city. One can compute notional or deemed rental value on the other properties on declaration and pay the income tax.

Archive


2016

Gujarat VAT Budget - 2016-17

  1. Bamboo materials (except furniture) is now made tax free from 5% VAT.
  2. Cycle rickshaw & paddle rickshaw is now made tax free from 5% VAT.
  3. Mosquito net is now made tax free from 5% VAT.
  4. Sanitary napkin & adult diapers is now made tax free from 5% VAT.

2016
  • Budget is already a few days old and the common man is still curious to know what impact this budget will have on his daily life.
  • Some of the important focus areas in this budget were affordable housing, relief to small taxpayers, simplification of taxes, and creating a pension society.
  • The FM also proposed promotion of tax compliance by simplification of procedures and penalize the non-compliant.
  • With that in mind, he has proposed one time settlement scheme for those who want to come forward and comply by paying 45% tax on undisclosed income.

2016

Taxes

  1. Relief under Section 87A proposed to be increased from Rs. 2,000 to Rs. 5,000.
  2. Deduction under Section 80GG for individuals paying rent but not receiving HRA proposed to be increased from Rs. 24,000 to Rs. 60,000.
  3. 44AB limit amended from 1 Crore to Rs. 2 Crore & for Professional from Rs. 25 Lakh to Rs. 50 Lakh with minimum income shown 50%.
  4. Corporate tax reduced to 29% for small business having turnover less than Rs. 5 Crores.

2016

How to Send Messages To All Facebook Friends At Once

Steps To Send Messages To All Facebook Friends At Once :

  1. First of all you must have the latest version of Google chrome as the extension we are going to discuss right here might not work perfectly with the older version of Google chrome.
  2. Now in your Google chrome add the extension Social Media Toolkit For Facebook there are some features in extension that are actually paid and that is why we have given the tutorial to activate this extension all for free.
  3. After getting this extension in your browser login to your Facebook account where you want to send a single message to each and everyone.

2016

Union Railways Minister Suresh Prabhu on Thursday presented his second Railway Budget in Parliament.

Here are some of the key points:

  • Three pillars of change: New source of revenues, new norms and new structures
  • Operating ratio in 2016-17 92 percent (90 percent in 2015-16)
  • Capital Expenditure in 2016-17 at Rs 1.21 lakh crore
  • Savings through efficient operation in 2015-16 at Rs 8,720 crore

Financial Management