How the income from rental of property is taxed in India?
Answers: Full details about house property taxation is in the below web site.
http://sify.com/finance/tax/fullstory.ph...
Example:
1,20,000 Rent for 12 months (a)Rs.10,000 per month
0,20,000 Less municipal taxes paid be the house owner
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1,00,000 Net rent after municipal tax
0,30,000 Less 30% rebate for repairs on net rent *
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0,70,000 Net taxable rental income for tax purpose.
* The amount of deduction (30%) for repairs may not be actual expences. There may be repairs or not- you can claim this amount.
This is done by taking the yearly tax submmissions from the individual. They need to submit the proof of the rentals to the govt either by taking the signature from the residents.
But i see lot of fake stuff are moving these days...but still govt incurrs charge on most of the stuff by some other means.
Prash
I a short time ago switch on collecting SS, is it taxable? Thanks?
my only income is SS of aprox. $20,000Answers: Since your total income is lower than $25,000, your social security is not taxable.
But are you acceptance either annuities, IRA, 401K or any other retirement dollars. All of this will depend how much of that SS money is tax.
IN most cases you will have to pay cheque some income tax.
It also depends upon your age and how much auxiliary money you might earn.
I get W2-form from my employer. i also get 1099-Misc form from other employer since i did a fragment time errand.?
during the week ends for few weeks. how to file the excise. do i need to report 1040A form or only 1040 form is sufficient.please advocate on this?
Answers: You need to database a form 1040.
The 1099-Misc. is for self-employment. Self employment means you should wallet a Schedule C for the business and a form SE for the self-employment tax. Expenses such as mileage, supplies, postage, etc. that you spent for the assignment are deductible. Self employment tax represents your social indemnity & medicare tax PLUS the employer's share - so you pay cheque double = 15.3% instead of 7.65% paid by an hand. Reducing SE tax by claiming eligible expenses is a terribly good move.
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