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Facts About Indian Tax Rules
Total Articles: 4
Most of us leave suddenly from the idea of filing our taxes and often depart it to our government or a professional tax planner to contract gone it. However, as a citizen who is answerable to pay taxes, you must be aware of the interchange tax rules and its implications to ensure that you are all set for your bearing in mind tax planning:
Rental Properties Bear Taxes – All rental properties in India, whether commercial or residential bear taxes out of the rental income that you as a owner receive. Typically, 30 percent of your rental income is eligible for a tax deduction. This is a standard deduction that is made from the net annual value after deducting all municipal taxes and interest paid towards the home loan or a commercial loan (if any). The property that is a residential one will be subject to tax as “Income from house property”. While a commercial property will be considered as income from business.
Interest on Fixed Deposits are taxable – Banks and independent financial institutions have no started deducting tax from the glamor earned in the region of unmovable idea deposits. Known as the Tax Deducted At Source (TDS), it is levied more or less the magnetism you earn concerning FDs as long as the amount is on summit of Rs. 10,000 per year.
Check whether you fall under the income tax bracket – As such not everyone is required to file tax returns. If you are in your first job and your earnings do not fall under the tax bracket, you need not be worried about TDS or other sections of the Income Tax Act. On the other hand, some companies deduct taxes by default, and if you do not fall under the tax bracket, you can certainly claim a tax refund and this is quite a handy way to bank on a loan.
Tax on a second house – If you purchased a second house however it is vacant, you will be required to pay tax on rent not received. A second house is part of your wealth tax and you will not only be paying wealth tax but also property tax as well. Which is why, if you purchase a second house and you do not intend to stay there, rent it out as you will have to pay tax on it anyways.
Gift Tax – Any amount that is above Rs. 50,000 that is received by an individual or a Hindu Undivided Family, is liable to be taxable under the Gift Tax as income from other sources.
Sales Tax & VAT – Sales tax is charged by the Indian government on sale and purchase of products within the Indian market. Every product that you buy has a sales tax included with it whereas the value added tax is now the new norm that makes sales tax uniform across the country.
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