financial services · Income Tax · Taxation

The Amendments in Income Tax Filing in 2017 Back

To simplify tax filing process and to reduce the burden of taxation on the taxpayer, the Central Board of Direct Taxes (CBDT) has made several changes in the tax filing process of the year 2017. The changes which will be applicable from Financial Year 2016-17 are as follows: Change in the Tax Rate The Government… Continue reading The Amendments in Income Tax Filing in 2017 Back

financial services · Income Tax · Taxation

What happens if you miss the deadline for filing Income Tax Returns? Back

Every year, individual taxpayers are required to file their income tax returns by July 31st. This date is known as the due date of filing of income tax return. The government of India may also extend this due date as they deem fit. For the FY 2016-17, the deadline to file the income tax return… Continue reading What happens if you miss the deadline for filing Income Tax Returns? Back

financial services · Income Tax · Taxation

Calculate Income Tax Liability on Income from House Property

Income tax act in India allows citizens to declare only one house property to be self-occupied which will be exempted from the house tax liability. All the other property will be declared as rented property which will be taxable.  The let out properties will be considered with the concept of deemed annual value. To calculate… Continue reading Calculate Income Tax Liability on Income from House Property