1 / 4

Rules for Filing Tax are Similar for Residents and Non-residents

On account of twofold tax collection, the material favorable position may really investigate according to the arrangements of the Double Taxation Avoidance Agreement amongst Singapore and India. http://www.favista.com/blog/2017/11/22/rules-filing-tax-similar-residents-non-residents/

favista
Download Presentation

Rules for Filing Tax are Similar for Residents and Non-residents

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. O^^€ Q Menu ▼ Rules for Filing Tax are Similar for Residents and Non-residents © November 22, 2017 fr Real Estate # property blog,property website blog, property website blog in india, Real estate blog, real estate property blog, real estate property website blog,real estate website blog £ Srishti Chandola ifc Like 0 For the year 2015-16, the scheduled date to file income tax returns for the individual taxpayers was July 31st, 2016 which was further extended to August 5th, 2016. If individuals discover any omission or any wrong statements in the income tax return after filing it, one may file a revised return is any given point in time before March 31st, 2018 or before completion of the assessment, whichever may be earlier. Revised return for the year 2015-16 may be filed if the unique income-tax return was filed before or on the date which basically was August 5th, 2016. The revised return for the year 2015-16 cannot be filed if the original return has been filed after August 5th, 2016. For 2016-17, the last scheduled date for filing income tax return for individual taxpayers was July 31st, 2017 which was extended to August 5th, 2017. The revised return for financial year 20166-17 may be filed at any specific time before March 31st, 2019 or before closure of assessment (whichever is earlier). With the effect of the financial year 2016-17, income tax return may basically be revised at any particular given time before March 31st, 2019 even if original returns are filed after the due date. The provisions for revision are similar for income-tax return for resident and non-resident Indians. Rental income for the property in any state of the country is considered as the income accrued in India as well as taxable in India. The taxable value of the rental income will easily be calculated once the following considering is deducted: ■ Standard deduction at over 30% of net yearly value, i.e., rental income less than municipal taxes ■ Municipal taxes paid during year to local authorities

  2. ■ Pre-construction period interest deduction which is available as the deduction in 5 installments from the year in which construction is completed. ■ The interest paid on loan taken for repairs, constructions, renewal or acquisition of the property Also, any repayment of the principal amount of the housing loan that is taken for the property is eligible for deduction under section 80C (maximum deduction of Rs 1.5 lakh). If, however, the total taxable income in India which includes rental income or any other income source doesn’t necessarily exceed maximum amount not chargeable to tax, one is not required to file an income-tax return in India. In the case of double taxation, the applicable advantage may actually explore as per the provisions of the Double Taxation Avoidance Agreement between Singapore and India. ^ Favorable Property Investment Locations in Mumbai Leave a Reply Your email address will not be published. Required fields are marked * Comment Subscribe to our newsletter Want to be notified when our article is published? Enter your email address and name below to be the first to know. Send Facebook

  3. r t/VHIA ; n Like Page Favista Real Estate Pvt Ltd 18 hours ago Favorable #Property #Investment Locations in #Mumbai Favista Real Estate Pvt Ltd Twitter Timeline Tweets by @FavistaRealty Recent Blogs Rules for Filing Tax are Similar for Residents and Non-residents November 22, 2017 Favorable Property Investment Locations in MumbaiNovember 21,2017 Benefits of Hiring a Real Estate AgentNovember 20, 2017 Myths about Real EstateNovember 18, 2017 Yoga Friendly Society for a Society Calling for YogaNovember 17, 2017 Favista is a Real Estate Advisory Firm based in Gurgaon, India. Favista believes in making every property transaction experience simple and successful. The aim is to bring transparency, professionalism and simplicity to the complex world of real estate. Favista takes pride in keeping the needs and concerns of the customers in highest regards. Favista Real Estate has been founded by IIT + IIM/INSEAD alumni with experience in strategy consulting, internet marketing, venture capital having been part of companies such as McKinsey, Capital One, PartyGaming and SSG Capital. Favista is a full service brokerage helping buyers/investors buy, sell, rent or lease property in India. Favista offers best realty advice for Apartments and Flats for sale in India, land/plots for sale, New Residential & Commercial Projects in India and also assists selling properties at best rates. Favista.com is the only Property Site in India that lists 100% verified properties. Favista currently operates in Gurgaon, Delhi-NCR, Noida, Mumbai and Bangalore.Those intending to sell property in India will also find this website very useful owing to the extensive reach, high brand recall and trustworthiness in the real estate space. In order to make our customers happy and for us to reach our goals, we follow the key tenets of transparency and consistently maintain integrity in everything that we do. With this professional attitude, we are set to become your preferred choice for all real estate services in India. ABOUT About UsOur TeamCareerContact UsTerms Privacy PolicyDisclaimerSite Map QUICK LINKS Post Property FREEEMI CalculatorBlogs Compare ProjectsDownload Mobile APPSale Property

  4. Rent Property CONTACT FAVISTA Toll Free - 1800 2121 000 (ALL INDIA) Gu rgaon - +91-124-3378700 Noida - +91-120-4117463 Mumbai - +91-22-40142051 Email Sales - sales@favista.comEmail Enquiry -info@favista.com Q Unit 235 to 240 2nd Floor, Vipul Trade Center,Sohna Road Sector 48, Gurgaon, Haryana 122002. 1 Square meter = 10.764 Square feet Have More Questions? Do not hesitate to contact us! Read our FAQ's or Leave a feedback for us to contact you shortly. © 2015 Favista Real Estate Pvt. Ltd., All Rights Reserved.

More Related