Introduction As per the Section 14 Income Tax Act,1961, there are five main income tax heads for an individual. The computation of income tax is an important part and has to be calculated according to the income of a person. For a hassle-free calculation, the income has to be classified properly so that there is no confusion regarding [...]
Introduction House Property Income of the assessee is addressed as Income from house property. Also, amount of money that is received by the landlord from tenant(s) for using the property is called rental income. Here, property refers to any building including house, office building, warehouse etc. And any land attached to the building like compound, garage, [...]
Introduction An allowance that is provided by an employer to the employee to cover the expenses of the accommodation rent which the employee may incur for his housing purpose is known as House Rent Allowance (HRA). The House Rent Allowance which is waged by the employer to the employee is taxable under the head of “Income [...]
Introduction The price of a property is hitting sky in most of the cities. Most people cannot afford to own their dream house. A home loan helps to fulfill the requirements and bridges the gap. However, the repayment of this loan along with the interest imposed and high EMI (monthly installment) does affect the monthly cash flows [...]
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