Have queries? Talk to an expert
Business Income Tax Return – Lite Plan applies only to resident Businesses or Professionals & Freelancers , Business Having Commission Income. Etc Taxwix experts shall help you assess your tax liability and file your income return with CA-Assistance. Further, there are tax saving options like eligible investments under SEC 80C , donations made etc. You are required to upload Form-16 and Form-26AS (mandatory) to get a CA assigned on your order. We request to upload these documents within 24hours of plan purchase to help us assign a CA and file your returns on time.
- Business Income Tax Return
- Business Hours CA Support – Email and Phone
- Excludes the Tax audit Fees
- Bank statement
- Form 26AS Tax Credit Statement
- Aadhar card
- Bank statement
- Details of House Property
- Profit and Loss , Balance Sheets.
- Auditor reports (if Any)
- Other Documents
5 Simple & Easy steps to work with us.
Fill the Request a Call Back form from the Service Page you want to avail
Talk to Expert
After Filing the form you will get a Free Expert Consultation for your Idea
Purchase the Plan after the Consultation from the TaxWix Experts.
Upload All Basic Documents to Work on the case.
After Processing Our Taxwix Will Complete your Registration Process.
Rental Income on a let out property
Annual Value of a property which is ‘deemed’ to be let out for income tax purposes ( when you own more than one house property)
Annual Value of the property which is self occupied, which is Nil
Under section 24 of the Income Tax Act you are allowed to make certain deduction from the Net Annual Value of your House Property. Net Annual Value is Gross Annual Value less Municipal Taxes Paid. In case the property is let out, its rent received is your Gross Annual Value, whereas in case of a deemed to be let out property, a reasonable rent of a similar place is your Gross Annual Value. For a self occupied house property the Gross Annual Value is Nil.
No capital gains is applicable when an asset is inherited because there is no ‘sale’, only a transfer. However, if this asset is sold by the person who inherits it, capital gains tax will be applicable. The Income Tax Act has specifically exempted assets received as gifts by way of an inheritance or will.
For example, a house property held for more than 3 years is termed as a long-term capital asset, whereas equity funds are considered short-term when held for 12 months or less. Debt Funds are long-term assets when held for more than 36 months.
2. It is important to find out the specific holding period applicable to your asset because it impacts how the capital gains will be calculated.
3. Some assets are considered short-term capital assets when these are held for 12 months or less. This rule is applicable if the date of transfer is after 10th July 2014, irrespective of what the date of purchase is.The assets are:
Equity or preference shares in a company listed on a recognized stock exchange in India
Securities (like debentures, bonds, Govt securities etc) listed on a recognized stock exchange in India
Units of UTI, whether quoted or not
Units of equity oriented mutual fund, whether quoted or not
Zero coupon bonds, whether quoted or not.
When the above listed assets are held for a period of more than 12 months, they are considered long-term capital asset