123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Service >> View Article

Facts About Indian Tax Rules

Profile Picture
By Author: pooja kodali
Total Articles: 4
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

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.

Total Views: 440Word Count: 479See All articles From Author

Add Comment

Service Articles

1. Unlocking Auto Workshop Efficiency: The Role Of Car Hoist Vehicle Lifts And Diagnostic Scanners
Author: interequip

2. Why Should You Start Using The Google Review Card? What Is So Special?
Author: Angus Carruthers

3. The Importance Of Tying Up With A Reliable Business Broadband Provider
Author: Julian Serle

4. Pool Chemicals Suppliers In Hyderabad
Author: Johnwick

5. Credit Reporting For Small Businesses: The Key To Better Financing
Author: D&B Egypt

6. Packing Like A Pro: Expert Advice From Adelaide Removalists
Author: Sujeet

7. Expert Women’s Haircut In North Carolina & Premium Men's Haircut Services In Cary
Author: a1salon

8. Discover The Best Hair Salon In North Carolina: Your Ultimate Guide To Luxurious Hair Care
Author: a1salon

9. How To Choose The Right Ecommerce Website Seo Packages For Your Online Store
Author: Subhash Jain

10. Everything You Need To Know About Crypto Wallets And How To Choose One
Author: Neha Jangid

11. Book 100% Verified Call Girls Available In Guwahati
Author: Neha Mehra

12. 5 Benefits Of Sika Ceram 125 Easy Fix Tile Adhesive
Author: satiate

13. Expert Help Anytime From Automotive Locksmith Denver’s Skilled Technicians
Author: Colorado Dependable Locksmith

14. The Relationship Between Brand Trust And Trademark Ownership
Author: Online Trademark Registration

15. Company Registration Madhapur | Finance
Author: FacileCorpServices

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: