Income Tax

Income Tax Effects of 1031 Exchange Failure after QI FailureThe Chief Counsel for the IRS responded to a request for information regarding the taxation for a 1031 exchange transaction that had failed because the 1031 exchange Qualified Intermediary had embezzled funds, filed for bankruptcy and failed.  The real estate investor was not able to complete their 1031 exchange transaction, lost the

For all those who are looking for income tax forms for India, for filing returns i am giving a link to the official website of the Income tax department of India from where you can download the forms. Remember there are separate forms for separate types of income, so be careful for filing income tax returns fill in the right form. IT Department Website

There are around four websites in India to file your IT (income tax) returns Online. Here are the list of sites that lets you file your returns online. The last date of filing your returns is July 31st. Websites to File IT Returns Tax Smile - Charges from Rs 250 to Rs 750 Tax Spanner - Charges from [...]

The local bar was so sure that its bartender was the strongest man around that they offered a standing $1,000.00 bet. The bartender would squeeze a lemon until all the juice ran into a glass, and hand the lemon to a patron. Anyone who could squeeze one more drop of juice out would win the money. Many people had tried over time (weightlifters, longshoremen, etc.) but nobody coul

www.myitreturn.com allows to file your income tax returns and facilitates generation and digital signing of Form-16. Skordov Systems a Software solutions provider is the one behind this new portal for the e-filing of IT returns. Skorydov has now introduced software for Digitally Signing of Form 16. The generation of Form16 is as per the Department format, [...]

The Gift Tax Before moving significant amounts of wealth among your friends and family, it would be wise to understand the federal gift tax law. If you give people a lot of money or property, you might have to pay...

The income tax which is charged to you is based on the tax slabs declared by the Government in its annual budget every year. The following table encapsulates the tax slabs applicable this year. (Financial Year 2008-2009 ) Taxable Income Slab Tax Slab Upto Rs. 1,50,000 Up to Rs. 1,80,000 (for women) Up to Rs. 2,25,000 (for residents, 65 years or above) N

1031 Exchange Investors Have Difficulty Locating Suitable Investment PropertyWe often hear our 1031 exchangors express frustration when working with their tax-deferred exchanges that they are having difficulty in locating, identifing and ultimately acquiring good suitable replacement real estate within the challenging 1031 exchange deadlines.  This has always been a challenge for 1031exc

The powers of Congress, and limits on those powers are contained in Article I of the United States. Section 8 specifies both the power to collect "taxes, duties, levies and duties," and the requirement that, "Tasks, and excise taxes, the entire United States."One of the main focuses of the constitutional treaty is to limit the powers of the federal government. Until the powers to limit the power o

This tax calculator instantly estimates your US federal income tax and finds your tax brackets. Tax brackets show percentage of tax that you pay on additional income. Income Tax Calculator shows current and past tax brackets and estimates federal tax for tax years 2000-2007. It includes an option of different filing status and shows average [...]

Download free e book on Income tax rules 2008 up to date .just fill the simple form and you will be guided to download page.so start downloading now.this book is complte and u can use them after down load ,total download is only 2.5 mb ,once downloading is complete no need for internet connection more .books are updated upto new Finance act .You can also get it printed and can save notes in them

 Last week the New Hampshire Democrat party had their state convention, and according to this article they tried to hide their true platform. While voting to amend the state party platform they failed to add language to oppose the death penalty, but only because they were reminded by party leaders that it might not be [...]

Income Tax and FBT Returns For Asst Yr 2008-09ITR1- For Individuals having Income from Salary/ Pension/ family pension & InterestITR2- For Individuals and HUFs not having Income from Business or ProfessionITR 3- For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship .ITR-4 For individuals & HUFs having income from a proprietary business or profession .ITR-5 For firms, AOPs and BOIsITR-6For Companies other than companies claiming exemption under section 11ITR-7 For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)ITR-8 Return for Fringe Benefits .ITR-V- Where the data of the Return of Income/Fringe Benefits in Form ITR-1, ITR-2, ITR-3, ITR-4

It’s that time of the year again when responsible Malaysians file their personal tax returns. The e-filing system is another method employed by the Income Tax Department to smoothen the hassles of filing tax returns. Prior to this, tax returns are usually done via hand delivery or by post or through tax agents. The e-filing [...]

So I was listening to Jesse Ventura talk this morning on the Adam Carolla show, he mentioned that he’s all in favor of abolishing the current tax implementation and introducing a standard “National Sales Tax”. At first I thought it sounded like a pretty bad idea, but then I got to thinking, and googling; which [...]

For all of you procrastinators (I’ve been guilty of this myself), the last day to file you income tax forms is TODAY! If you are one of the many people that waited until the last minute to file your income taxes, the United States postal service will have several offices open until 11:59pm today so you [...]

The Great Tax Wars: Lincoln–Teddy Roosevelt–Wilson How the Income Tax Transformed America (Paperback)By Steven R. Weisman Buy new: $16.00$12.0028 used and new from $6.56 Customer Rating: First tagged “taxes” by Valiant S. Vetter [...]

With the tax deadline looming Tuesday, the Internal Revenue Service has some tips for last-minute filers.Mailed returns need to be postmarked no later than April 15. The Kirksville Post Office will keep its regular hours of 7:45 a.m.-4:30 p.m., however, mail placed in the lobby drop box by 6:15 p.m., will be postmarked the same [...]

 New Hampshire faces a huge budget deficit this year and and even larger one next year under Governor Lynch’s fiscally irresponsible budget passed last year. When asked recently if he would look at tax increases or new taxes to fix the budget deficit he created he responded, “Well, I’m going to be looking at everything.” [...]

Vice President and Mrs. Cheney filed their federal income tax return for 2007 today.The income tax return shows that the Cheneys owe federal taxes for 2007 of $602,651 on taxable income of $2,528,068. During the course of 2007 the Cheneys paid $466,165 in taxes through withholding and estimated tax payments, and will pay the remaining $136,486 upon filing their tax return.The wage and salary income reported on the tax return includes the Vice President's $212,208 government salary. In addition, the tax return reports a pension benefit of $32,500, which the Vice President received as a former director of Union Pacific Corporation. The Vice President became eligible for this benefit in 2006 when he turned 65. The tax return also reports Mrs. Cheney's book royalty income, a salary from her co

April 15 is just around the corner and even if you’ve completed your tax return, if you owe the government money, you may be waiting for the last minute to file. But what if you owe taxes but don’t have the money? There are several things you can do...

It’s that time of the year again and it’s looming large - April 15 - tax day. The day we take our hard earned money and pay our annual emperor’s tribute to Uncle Sam and the United States government. For most working people, April 15 day is the deadline for filing our tax returns to [...]

I was discharged from my bankruptcy in 2004. I have recently refiled my income tax returns from 1997-present because of my daughters disability(did not know that I could claim that). They sent my refund from 1997-2004 to the bankruptcy trustee. I thought that once I was discharged I was all done with [...]

TaxSaya is an application software developed as an alternative for tax payers to fill tax information and calculate their LHDN income tax return. It is downloadable to your local hard drive and runs without the need of internet connection, just like using Excel, Word and so on. TaxSaya is a brainchild of an MSC-status company, EA-Link [...]

As I have earlier written that income tax payment online would be mandatory from January 1,2008BUT THE DATE HAS BEEN NOW 1/04/08PRESS RELEASE HAS BEEN ISSUED BY CBDT READ THIS.So one should also interested in how to make e payment of taxes through internet.in my view internet payment is easier than manual payment(deposit in bank branch).The basic advantages are given below.In e payment of taxes ,there is no need to issue a cheque or deposit cash for taxes.No need to download software or purchase income tax challan form.Your Pan /Tan will be verified from income tax database .so less risk for wrong deposit of taxesNo Q,instant receipt of challanchances of uploading wrong data by Bank Employees will reducedand there are other benefit also. Now lets know how to make e payment of tax.you can

Again it's about time to submit our income tax. Ya ya, probably not so early, still got a month's time, I always do it last minute, the very last week before the due date. hehe, but i think a lot of ppl submit on the last day, so i guess i consider very good already.Anyway, some ppl told me, they are happy when they need to pay tax. Why? Becos it means they earn more that is why they need to pay tax lor. As for me, I DO NOT think this way, as long as I need to pay, i'm not happy. When you earn more means you spend more mar, right or not? So how to reduce our income tax? I also not very sure, but i know buy books and magazines can reduce lar, so last year, i 'pok meng' buy books and magazines. hahahaha, dun play play, i really bought a lot leh! hehe...Hmm, what else? If i'm not mistaken, bu

Every year, taxpayers have to pay the appropriate dues to the IRS. This is so that the government has money to spend various services that are beneficial for the citizens. But citizens are not the only ones required to do it because business also have to do the same thing. The ones in charge of the [...]

Law abiding citizens are required annually to file the income tax returns with the IRS. For years, this was done manually by reviewing old receipts and using a calculator or with the help of a tax specialist. This usually takes hours but there is an easier and faster way to do this, which can [...]

Aaron Russo’s ‘America: Freedom to Fascism’ is a shocking documentary, informing viewers that there is no legal basis for personal income taxes in the US. In fact the US Constitution forbids any federal income taxes. Russo asks many officials to cite the law which permits a tax on labour, but none can show him and [...]

Small and big wigs of Tollywood are now making rounds in Income Tax office followed by a few raids in recent times. So far the faces of Akkineni Nagarjuna, Pawan Kalyan, megastar's son Ram Charan, Mohan Babu, Sumanth, Tarun, Maharshi, Chinna and Ashwini Datt are seen in Aayakar Bhavan.It is interesting to know that Ram Charan too paid the Income Tax expecting an IT raid.Many in the Tollywood are planning to pay the income tax quickly before the IT raids on their houses. Nagarjuna paid hugest sum of all and he earned a lot through Real Estate in the present financial year.Hot sexy babe Ileana is also filing her tax in Hyderabad itself as per sources. She is busy with her auditors now. Courtesy:greatandhra

i declared bankruptcy in june 2006 the trustee filed our tax returns for that year and the refund went to them.will the 2007 return go to them as well and who will be filing the return.does it matter if one is discharged or not. i thought the trustee only filed for the year someone declares [...]

NEW DELHI: Sounds strange, but India’s top billionaires don’t even figure among the top 20 crorepati income tax payers in the country. A ranking of top tax payers on the basis of advance tax collections up to December, 2007, suggests that none of the industrialists in the country are among the top-20 list though Bollywood super star Shahrukh Khan (8th) and UP chief minister Ms Mayawati (19th) have figured on the list. SundayET has procured the list of 134 individual tax payers in the country who have paid Rs 1.5 cr or above as advance taxes up to December 2007.Significantly, Punjab, which is among the prosperous states in India, has no individuals who paid an advance tax of Rs 1.5 cr and above this fiscal, whereas Gujarat has only three crorepati taxpayers. Relatively poorer states suc

Nothing much seems to have come out in the surprise income tax raid on the houses of director VV Vinayak, Mahesh Babu, Dil Raju and Charmy.The IT sleuths are not saying anything but some sources in the department say that not much was found in the raids conducted on VV Vinayak's house. All that the tax authorities could stumble upon is some film scripts, dust bins filled with waste papers and Rs. 2000 cash. Nothing incriminating is reported to have been found.But people are keen to know about Mahesh Babu and Dil Raju. Both of them have earned in crores in the past few years. The tax authorities are however very tight lipped about the raids.Charmy on the other hand is surprised that her house was searched by the tax authorities. By no accounts is Charmy in the top league. But the tax raid h

You may need tax preparation help – online and off. For example, if your income tax preparation is going to be more complex this year, if you have to itemize deductions, you may want to pay a professional to prepare your taxes. Having someone that is in the know do your tax preparation can be [...]

Bill C-12, which I understand is not yet in force, says that if an insolvent person has income tax debt of over $200,000.00 representing over 75% of his debts he cannot be discharged from this debt without a court order; whereas the old Act treats income tax as an ordinary unsecured debt. If he makes [...]

The Income Tax Department has put on its website the list of income tax refunds of all salary tax payers which could not be sent to the concerned persons for want of correct address. Salary taxpayers who have not received refunds for assessment years 2003-04 to 2006-07 can click on the link below and query using the PAN number and assessment year whether any refund due to them has been returned undelivered from the menu ‘Undelivered Salary Refund Management System'. If any refund has been returned undelivered due to change in address, then the taxpayer can enter the present address and the refund will be sent to the taxpayer at the new address. The link to the website is as under: Pass this to your friends - this could be of great help / use to them.

Hey everyone,Fiscal year or Financial year in India starts from 1-April to 31-March unlike many other countries in the world who has their fiscal year from January to December. It has been like this since India got independence in 1947.Since, the new financial year is going to begin in April, India's current finance minister Mr.P.Chidambaram announced the budget today for the fiscal year from 1-April-2008 to 31-March-2009.In this post my focus is completely on Income Tax slabs for financial year 2008-09.India Income Tax Slabs 2008-2009Surcharge remains unchanged at 10%, so there is no relief for higher income level people. Definitely, relief can be seen for people with lower and middle level income.Hope this post helps you clearly understand the income slabs for 2008-09 and submit your re

Want to know how you can calculate your Federal income tax refund or return for free?Maybe you're wondering how much your tax refund will be, or you might want to know if you're going to owe money at tax time. If you would like to find out, then I suggest using an online Federal income tax refund - return calculator.To calculate your tax refund or return, you must first find a website with tax calculating software such as TurboTax Online. Start by creating a user account at the website you have selected. Now you'll be able to use their Free Federal Tax Preparation program to calculate your taxes. Depending on your situation, this should take about 30 minutes or less to complete.You will be asked to enter information as you go, such as marital status, income, and deductions. Soon you will s

Many deductions can easily be missed if you don’t plan ahead and look out for your own tax interests long before tax season. Too often, people turn to the standard deduction when in fact, they have many expenses that are valid deductions that should be itemized and can save them hundreds or more in tax [...]

I claimed bankruptcy in February 2006. I was discharged in January 2007. In April 2007, an accountant did my 2006 taxes. I owed $2700, which I have paid. In May 2007, my trustee contacted me to advise that they should have done my 2006 taxes (pre and post bankruptcy for that year). I submitted all [...]

Have you heard of a refund loan on your tax return? This scam is heavily pushed by tax-preparation chains like H&R Block and Jackson Hewitt. Millions of Americans go for this every year. This is a bad idea it's nothing more than a high percentage rate loan for your own money, don't do it. I reccomend doing your own taxes and filing electronicly using direct deposit you should get a return in 10 to 12 days if you are do one visit www.irs.gov for more info

For all those people who have started to worry about their Income tax, about how much to pay, how to calculate and the likes i am herewith attaching a IT calculation sheet that i found, it is usefull and works in Excel so even more beneficial. Here's the Link.... So now Calculate your income tax and start to buy all those ELSS, LIC, FD's and the likes to save your money.

Does the government Owe you money like PF, Income tax returns, Pensions?? No one seems to be able to tell you when and how you will get this money....... Well there seems to be some good news and the good news is in the form of "RIGHT TO INFORMATION ACT". What is RTI? Well in the supreme courts words ""The “right to information” is defined in sec. 2(j) as a right to information accessible

On January 17, 2008, the New York State Division of Human Rights filed a lawsuit against both Jackson Hewitt and Liberty Tax Service over their practices of lending lower-income taxpayers money in anticipation of their tax refunds.  The New York Times ran a story on it in the Friday January 18, 2008 edition which you [...]

During a debate on a bill seeking Parliamentary approval for supplementary demands for grants , Jaya Bachchan alleged the service tax authorities humiliated her family seeking details on expenses on wedding of her son Abhishek with Aishwarya Rai. "I received notices from tax authorities who wanted to know how much amount was spent on beauty parlour and flower decoration on marriage of my son," the Samajwadi Party member told the House.Several members including Janata Dal (United) chief Sharad Yadav and Brij Bhushan Tiwari (SP) supported Bachchan saying the government was following a "pick and choose" policy for ensuring tax compliance."Questions like how much you spent on your gardener and hair stylist as pointed out by my party member is a case of harassment in the name of service tax which has not been clearly defined by government," Tiwari said.

The income tax system works differently in the US compared to the Philippines. Whereas, a nurse's salary in Manila will only be deducted with a single income tax based on his or her salary bracket (or based how much the person earns annually), their US counterparts, on the other hand, may be charged a Federal income tax (US Federal governement), a State income tax (state level) and, possibly, a local income tax (county or city level).The Federal income tax ranges from 15% to 35%. Florida, Texas and Washington charge the maximum 35%, however theses states no not have state income taxes. State income taxes range from 3% to 9.5%. The lowest state income tax is in Illinois, which has a flat rate of 3%. Vermont has the highest as it uses the maximum 9.5%. In California, state income tax ranges from 1% at $6,622 in income and increases to 9.3% over $43,468. Nurses whose basic pay exceeds the minimum for the highest bracket are usually in the 9.3% income tax category. Aside from the income t

Is it compulsory to disclose exempted income in the Indian income tax return? Can NRI ignore the direction given in the tax return to declare exempted incomes such as his foreign income? As there is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Tips over income tax. According to federal laws governing taxation, any person, receiving an income in one form or the other, need to pay income taxes to the government annually. But, the job of preparing tax returns, the calculations and the many tax forms involved, constitute one of the harrowing experiences being an honest tax payer. To make matters worse, the complexity of calculations increases with the income. That is, more the income, more complex will be associated tax calculations and also the number of tax forms involved. This article focuses on the last of the facts mentioned, the tax forms, especially 1040ez, 1040a, and 1040.The first step in the run-up to tax return submission is selecting the right form. The basic of the tax forms is the 1040 ? also 1040ez and 1040a ? which has to be appropriately filled by every person filing tax returns in any case. It is meant for all kinds of income, over $100,000 annually, and also for itemizing deductions when not opting for standa

In my company one of Director has expired on 27.03.07. He was earning income from salary, shares, interest. and he files return as individuals as well as HUF status.Now the query is: In case of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

No need to dread tax time. Instead make it your business to understand tax laws and take as many deductions as you can. "At the end of the day it's not how much money you make, it's how much you keep," says Deborah Owens, author of Nickel & Dime Your Way to Wealth (Unlimited Publishing). Consider these eight deductions and strategies that can lower taxable income and raise your refund. MAKE WELLNESS PAY. Taking good care of yourself may help lower your tax liability, says Julie Miller, spokesperson for professional tax software, If your yearly health and medical expenses exceed 7 1/2 percent of your adjusted gross income (AGI), you may deduct the amount that exceeds that threshold. For example, say your AGI was $20,000: 7 1/2 percent is $1,500. So if you paid out $1,845 in unreimbursed

New tax rules in Indian property market may have persuaded most property buyers to work out the ways to escape paying the tax.  However, the Income Tax Department will now keep a close scrutiny on those who are trying to evade the tax net despite high levels of income. Under the scanner, especially will be commodity brokers and those buying property at the cost exceeding their annual income. The latest rules and regulations, discussed with chief commissioners of I-T department, have been designed taking property deals into special consideration. All deals worth more than five times a buyer’s gross income face scrutiny. Individuals who will deliberately show the losses or try to escape paying the capital gains will also be found guilty. The gross income will constitute the gross total income which could be earned as a salary and perk, agricultural income, and income claimed to be not liable to income tax. Since, there has been a sharp increase in property prices over the period they

I know my daddy loves me but he seems much happier with me during income tax time … , we can make investments, put more money in our 401K’s, pay extra on our mortgages, and take care Posted in Mortgages,Taxes,Debt,PayDay,Student Loans ( 22 links from 3 sites) Source: [Link]

This is the "Director's Final Cut" authorized version of Aaron Russo's documentary, America: Freedom To Fascism (AFTF). Aaron has listened to everyone's feedback - volunteers, students, lovers of freedom & liberty, young and old alike - and, true to his word, he is putting this up "for free". Knowing that the hour has come for Americans to either be awakened to restore the Republic or be swept aside by the dark global forces of fascism that seeks to enslave mankind.

Last year I got my PAN Card and now I am thinking to submit the Income Tax Return, both are silly mistakes. I am looking for a advocate who will make a fake Income certificate because I am working from home and I don't have enough proof to prove my annual salary. Perhaps my account details will work. but from next year I will submit it regularly on original salary till then lets find some jugaad.

WWW.J-LOU.COM  Chancellor Gordon Brown has defended the changes in income tax in the Budget as “about being fair to people”.  In his 11th and almost certainly final package delivered on Wednesday, Mr Brown sprung a surprise by announcing a 2p cut in the headline rate of income tax.  But opposition parties were quick to denounce the centrepiece measure as a “con”, claiming that scrapping the bottom 10p rate would offset the benefits taxpayers received from the cut.  Speaking on GMTV, Mr Brown insisted the Budget would give more money to health, education, families and pensioners.  “I think what we’ve tried to do is make sure health and education have the money, while at the same time be fair to people, and the tax reform is about being fair to people. I think with having the two rates now it is going to be better for the future,” he said.  “The purpose of these changes is to do the best by this country. This was the time to make the

The government keeps pushing investment. Yesterday (03/15), the Finance Minister Sri Mulyani Indrawati has announced the granting of four facilities of Income Tax for new investors of a certain business and/or region.“This is aimed at improving the investment climate,” said Minister Sri Mulyani at the parliamentary complex, Jakarta, after attending a meeting with Special a Committee of the Draft Bill on Taxes and Regional Retribution. However, the Indonesian Textile Association (API) has said that the government's decision will not affect the textile industry more. The incentives will only aim at half of the elements of the overall textile production.Secretary General of API Ernovian G. Ismy said that the textile industry entails all production processes, upstream and downstream: fiber, yarn, cloth, to garment.“So, (tax incentives) seems halfhearted,” he told Tempo.

Ce qu' il y a de marrant ici c'est l'amour palpable entre le fisc et le stars sytem vietnamien, la derniere fois, vu que les vedettes ne se bousculaient pas au portillon du ministère des impôts, on les avait menaces de denoncer a la presse ceux qui n'avaient pas soumit leur déclaration .A voir l'article de VNN il semble que ca ne s'améliore pas, My Tam qui declare 308 patates, hrrrr... Comment vous expliquer: Bon imaginons que vous etes une vedette qui debutte, mais qui a un tube qui marche sans pour autant cartonner, et bien les boites de nuits, expo, spectacles... allongeront au minimum 20 millions pour que vous chantiez en playback 3, 4 chansons seulement. A partir de la imaginez si vous etes un gros calibre avec un gros cursus.Singers don’t hit the high notes at tax timeVietNamNet Bridge - February 28 is the last day to lodge income taxes. Yet, only 20 singers have visited HCM City’s Tax Bureau.Female superstar My Tam’s income is only 308 million dong, which is as m

E-Filling Federal Income Tax Return Online.Filing Federal Tax Returns OnlineObviously, everyone who works is aware that Federal taxes are deducted from their paycheck and that paying taxes is the way we all pay for the services we get from the Federal government. This said, the process is perceived as complex and can be very daunting. Taxpayers are expected to learn about and understand changes in forms and tax laws each year based on what they read in the Federal instruction booklets they get.If those booklets and forms overwhelm you every year, you can get the help you need to make the experience as painless as possible by opting for filing Federal Income Tax Returns online. The government begins accepting tax returns on January 16th, but employers and others are only required to mail or deliver the forms by January 31. In general, most taxpayers are not able to start their taxes until early in February.Federal Tax Return ChoicesAs frightening as filling out tax returns can be, there

Income Tax Return Filling OnlineFiling Tax Returns Online:-If you've never filed your tax returns online, you're in for a positive experience. After all, with much of the work done for you by the online tax filing website, all you have to do is to answer a few questions. You don't even have to add up multiple W2 or interest forms if you have them. You enter the information as requested, and the program does the calculations for you. So do your taxes online to get fast IncomeTax Refund.Does this sound too good to be true? Actually, it's a very real, economical, and secure way of getting your taxes done without most of the hassles you've dealt with in the past. Your biggest part in the process is gathering the tax documents you need in order to enter the information into the program as required. That doesn't mean that you have no responsibility; it just means that you don't have to do the math or pore over the 1040 tax tables or wonder if you've missed any deductions.Filing Tax R

r.maharaj@osram.co.in Asked whether benefits of Interest on Housing loan can be possible if a person have two self occupied house and paying interest on both house?Yea ,the interest can be allowed on both house . But remember ,one of your house shall be charged to Income Tax on Notionl Rent basis.The Income Tax Act provides that if a person has more than one house , only one house , at the option of assessee , shall be taken as SELF occupied while the other house will be charged to tax as if the house is let out.Read the relevant provision under section 23(2) and 23(4) of the I T Act."(2) Where the property consists of a house or part of a house which (a) is in the occupation of the owner for the purposes of his own residence; or(b) cannot actually be occupied by the owner by reason of the fact that owing to his employment, business or profession carried on at any other place, he has to reside at that other place in a building not belonging to him, the annual value of such house or

This is based on CBDT Circular No. 9/2006, dated 10-10-2006 .The Central Board of Direct Taxes have notified following new return forms for assessment year 2006-07:(i) Form No. 2F For resident individual or HUF having no income from business or profession or agricultural income orcapital gains (except long-term capital gains from transactions on which securities transaction tax paid); ornot claiming relief under section 89 in respect of arrears or advance of salary; not owning more than one house property. (ii) Form No. 1, Form No. 2, Form No. 3, and Form No. 3BForm No.1 is a combined form for return of income and return of fringe benefits for companies other than those claiming exemption under section 11;Form No.2 is a combined form for return of income and return of fringe benefits for non-corporate assessees(i) not claiming exemption under section 11, and(ii) having income from business or profession;Form No.3 is a form for return of income for non-corporate assessees not claiming e

Every year, taxpayers have to pay the appropriate dues to the IRS. This is so that the government has money to spend various services that are beneficial for the citizens. But citizens are not the only ones required to do it because business also have to do the same thing. The ones in charge of the [...]

Law abiding citizens are required annually to file the income tax returns with the IRS. For years, this was done manually by reviewing old receipts and using a calculator or with the help of a tax specialist. This usually takes hours but there is an easier and faster way to do this, which can be done with income tax software.

Every year, taxpayers have to pay the appropriate dues to the IRS. This is so that the government has money to spend various services that are beneficial for the citizens. But citizens are not the only ones required to do it because business also have to do the same thing.