For Self-occupied, Income can’t go negative as Annual Value is Nil (so municipal tax is not allowed as deduction). Interest is allowed deduction for both self occupied and let out For let out, Income can go negative both due to Municipal Tax and Interest which are allowed.

It is calculated on accrual basis If loan was for construction/acquisition, borrowed after 1999 and completed in 5 years of taking loan, then interest upto 2 lacs  a year IF loan for repair/renovation, then interest upto 30k a year But Interest allowed deduction under Old Regime only. Interest story 3: Suppose you took a loan

If property is used for own business/profession Two properties allowed as Self Occupied property (but they should not be actually let out). This is up from One allowed earlier. If property acquired as stock in trade, exclude such property for first 2 years

Step 1. Expected Rent/Fair Rental Value where is higher, but subject to Standard Rent (we will come to terms later). Step 2. If Actual Rent (you got) > Step 1, then Actual Rent. Step 3. Where 2 applies (Actual Rent> Step 1) and If let out for part of the year or vacant, then actual

Gross Annual Value Less Municipal Taxes =Net Annual Value Less Standard Deduction 30% Less Interest on Borrowed Capital = Income from House Property

So you heard a modified : Fill it, File it, Sign it, Forget it Fill it. You are ready with all your ingredients for the Filing. The Get Ready pack. Wait, you can’t file straightaway. You need to fill the tax return form suited to you. Manual form filling allowed for super senior citizens (80

Remember we need to be good in maths and do some multiplication So tax rates for new way are announced each year, generally more beneficial to me from the last year. So when I am doing my taxes for tax year or financial year 2024-25, lets do following maths on my Regular Income (keep aside

My name is Form 3-Lets do some business or profession I am elder bro/sis of Form 2 (if my younger says complex, I am in same boat) I apply to : I have any business income (that’s why elder). You know I may run into many pages while filling. But don’t despair, hard work pays

My name is Form 2- I will not write a long story, I call myself two levels up to Simple Form 1 (just like in English we have simple compound and then complex) I apply to : I don’t have any business income My Incomes : Just told you, any kind of income except business

My name is Form 4- also called Sugam. I am the form for persons in simple business or profession- filing presumptive income Who I am: I am ordinary resident (means mostly in India in current/last 7-10 years not going into technicalities). My income < 50 lac My Incomes : Salaries -I may have My Incomes: