Accountantjee

House- everyone dreams of this, save there part of income for this and hopes to achieve it one day. Owing a house property comes with some amount of responsibilities. Paying house property taxes is one of them.  There are mainly two reason to calculate taxable income from house property  1. If you have given your property on rent, you may have to pay tax.   2. If you have not given it for rent & taken a home loan, you can save tax.   Now let understand some of the basic terminologies. 1. House Property - Building or land appurtenant*thereto (connected with the building like garden, garage etc.) 2. Building Includes -  Residential Building, Office Building, Shops, Factory, etc 3. Self-Occupied house property- Your property. You are the owner of that property. 3. Let out- It means giving your property on rent to other person. 4. Sub-Let out- Means you give your rented property on rent to somebody else. (rent on rent) Now to arrive at the figures which show th...

1. Presently, taxpayers are required to furnish their Income-tax returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is applicable or not. This increases the time taken to file the ITRs and in turn may create avoidable difficulties for taxpayers. 2. The proposed draft ITR takes a relook at the return filing system in tandem with international best practices. It proposes to introduce a common ITR by merging all the existing returns of income except ITR-7. However, the current ITR-1 and ITR-4 will continue. This will give an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4) or the proposed common ITR, at their convenience 3. The draft ITR aims to bring ease of filing returns and reduce the time for filing the ITR by individuals and no...