Figyan

Income Tax

Value of perquisite where accommodation is provided in a hotel

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In our last article, we discussed how to calculate the taxable value of perquisite where accommodation is provided by the employer. In this article, we will be discussing how to calculate the value of perquisite where accommodation is provided in a hotel by the employer.For this purpose hotel includes licensed accommodation in the nature of motel, service apartment or guest … [Read more...] about Value of perquisite where accommodation is provided in a hotel

Essential Documents You Need to File Your Income Tax Return

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Filing your income tax return (ITR) can seem complicated, but it’s easier when you gather the right documents ahead of time. Whether you are filing your taxes yourself or working with a tax professional, having these documents organized will ensure that you file accurately and on time.This guide will walk you through the essential documents needed to file your income tax … [Read more...] about Essential Documents You Need to File Your Income Tax Return

How to get tax benefits on loss from house property

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Asssessee can have income from different sources under the same head of income. Similarly, he may have income from different heads. Loss from any source under the same head or from any head can be set off against other sources or heads as specified under the income tax act, 1961. Our tax laws allow you to take tax benefits of loss from house property while calculating your … [Read more...] about How to get tax benefits on loss from house property

How use of house property matters in taxation

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House property can be let for residential or commercial purpose. Annual value from building or land appurtenant thereto is always taxable under the head income from house property. However based on different circumstances, taxation may change. Below in this article, we will be discussing how use of house property can change the way income is taxed in India.To get it taxable … [Read more...] about How use of house property matters in taxation

When assessee is deemed to be the owner of house property

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Deemed owner has been defined in section 27 of the income tax act, 1961. This section is an exception to the basic conditions of charging tax under the head house property. To get taxed under the head house property, following basic conditions are to be satisfied;The property must consist of building and land appurtenant thereto; andIt must be owned by the assessee; andThe … [Read more...] about When assessee is deemed to be the owner of house property