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Residents With Foreign Income / Non Resident (NRI) Having Indian Income has to Compulsory file the Income Tax. Residents With Foreign Income Plan is Created Specifically for them to Save from the Burden of Double taxation by claiming DTAA or any relief. If a Person Stays in India For Period More than 182 days during the period starting from 1st April to 31st March every year.
Every Salaried person Has to file income tax return who has income more than Below taxable limit i.e Rs 250000 in Financial Year. Salaried Person, Retired Pensioner, Women Who earns only from the Interest, Army Person, The person who does the job and earns more the Basics exemption limit U/s 250000. Salaried people get Form 16 which gives information of salary earned and advance taxes paid. Besides the basic salary there are other components being benefits which are wholly or partially taxable. Further, there are tax saving options like eligible investments under SEC 80C , donations made etc. You are required to upload these documents within of plan purchase to help us assign a CA and file your returns on time.
Tax Filing For
- Salaried individuals with single or multiple Form 16 including Residents With Foreign Income salary
- Individuals with house property or Salaried Persons or both
- Tax filing for salaried individuals with Other Sources like interest Income Casual income etc
- Includes foreign & domestic income and resulting tax liabilities
- Handling complexities of taxation in multiple countries, availing double taxation avoidance agreements (DTAA)
- Declaration of foreign assets for Indian residents (Schedules FA, FSI and TR in the Income Tax Return)
- Residents With Foreign Income / NRI having Indian Income
- CA Assisted Filing of your Income Tax returns
- Email/Skype/Calling Support
- Form 16 from your company
- Additional Form 16
- Form 26AS Tax Credit Statement
- Aadhar card
- Bank statement
- Bank a/c -NRE/NRO A/C statement(if any)
- Details of House Property
- Other Documents
Note: If you receive HRA and don’t live on rent your HRA shall be fully taxable.
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.
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