Taxability in special cases under House Property
Case 1 – Computation of Income of a house property which is self occupied for residential purposes Case 2 – Computation of Income of a house property which could not actually be self occupied owing to employment at other place Case 3 – Where assessee has more than one house for self occupation Case 4 – Computation of income […]
Computation of Income under House Property
A) Fair Rent XXX B) Municipal Value XXX C) Higher of A or B XXX D) Standard Rent XXX E) Expected Rent (Lower of C or D) XXX F) Actual Rent XXX G) Gross Annual Value (higher of E or F ) XXX H) Less: Municipal Tax XXX I) Annual Value (G – H) XXX J) Standard Deduction (30% of […]
Deduction of municipal tax paid in computing annual value from House Property
Any taxes levied by any local authority in respect of the house property is to be deducted from the gross annual value, if the following conditions are fulfilled:- a) Municipal taxes have been borne by the owner, and b) These have been actually paid during the previous year. Notes:- a) Deduction is allowed only when […]
Gross Annual Value of House Property
Section 23 – Income from house property is taxable on the basis of annual value. Even if the property is not let out during the year or let out only for a part of the year, notional rent receivable is taxable as its annual value. Annual value of the house property is based on the following […]
National Pension Scheme – Section 80CCD
National Pension Scheme (NPS) is launched with the objective of providing retirement income to the government employees on 01st January 2004. It is a government sponsored pension scheme initially launched for Government employee but from 01st May 2009 the scheme was opened for all the citizens of India. NPS aims to generate habit of savings […]
Privacy Policy
Introduction This privacy policy will help you understand what information we collect and use at TaxAdda Solutions, and the choices you have associated with that information. If you have any questions about this privacy policy or our practices, please contact us at support@taxadda.com. Information We Collect and Receive We collect several different types of information […]
Equity Linked Saving Scheme (ELSS)
Equity Linked Savings Scheme, commonly known as ELSS, is a diversified, open-ended, equity-oriented mutual fund scheme. In ELSS, 80% of the portfolio amount is required to be invested in equity funds with a minimum lock-in period of 3 years from the date of allotment of units. In the recent time, ELSS has become one of […]
Calculators
GST Calculators GST Return Late Fees Calculator GSTIN Search and Validator GST Return Status Tool GST Late Payment Interest Calculator GST Input Reversal Interest Calculator GST Input Tax Credit Calculator GST Calculator Income Tax Calculators HRA Calculator TDS Late Payment Interest Calculator TDS Return Due Date & Penalty Calculator Depreciation as per Income Tax Act […]
Terms of use
Quotations TaxAdda Solution will provide quotation upon request and these quotation will remain valid for a period of 7 days from the date of quotation, unless stated otherwise. Payment Terms Payment for the service as agreed between TaxAdda Solutions and client will be invoiced to clients in 2 stages which are as follows:- Stage 1 […]
About us
TaxAdda, as the name suggests, it’s an adda for all the tax needs of small and medium businesses. I started TaxAdda as a blog in 2011. After a couple of years and with a lot of user engagement, started selling services to customers all over India. Currently, our team size is 6, and all of […]