Forum di prova - When travelling to remote regions or for longer zhouyueyue - Gio Ott 31, 02:23:50 Oggetto: When travelling to remote regions or for longer
Here are some details of proposed changes in taxation of income from house property
The proposed Direct Tax Code contains many provisions that aim to change the mode of taxation of 'income from house property'. In order to
simplify the determination of taxable income and eliminate any scope for litigation
, the code will have a new scheme for computation of 'income from house property'.
According to the code, 'income from house property' will be computed in the hands of the owner. Even if the property is let out for business etc, it will be taxable only under the same head. Under the present provisions of the Income Tax Act, letting out an inseparable building along with plant and machinery is taxable under 'business income' or 'other sources'.
However, according to the new code, it will be taxable under the head 'income from house property' In case the property is owned by more than one owner and if the share of each company owner is definite and ascertainable
, it will be computed separately for each co-owner. The property will not be taxable under this head of income if it is used for own business or profession, or if it is not ready for use.
The gross rent minus deductions specified in Section 26 will be the 'income from house property'. The computation of gross rent is outlined in Section 25 of the code. Gross rent is the higher of contractual rent and presumptive rent. If the property is acquired during the financial year, the presumptive rent will be also calculated on a proportionate basis.
Either contractual rent or presumptive rent for the financial year, whichever is higher, will represent the gross rent. The concept of 'annual letting value' under the Income Tax Act has been given up. Contractual rent is the rent receivable under a contract. It can even be an oral contract. Presumptive rent will be six percent of the rateable value fixed by the municipality or the cost of constructionacquisition of the property, if the municipality does not fix the rateable value.
Section 26 provides for deduction from the gross rent. These include property taxes paid during the previous year
, service tax on rent paid during the previous year, 20% of gross rent towards repair and maintenance, interest on capital borrowed for purchase construction repairs. In case of a self-occupied property, the gross rent will be taken as nil. The aggregate of deductions specified in Section 26 will be nil for such houses.
The deduction of interest on capital borrowed which is currently available for a self-occupied property will not be available under the new code. In case an assessee has more than one house for self-occupation , the benefit of nil gross rent will apply only for one self-occupied house at the option of the assessee. The computation of remaining houses will be made as if the properties are let out.
Courtesy:- ET Realty dt:- 02-April-2010
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Car Rental Deals in Australia Travel Articles | March 20, 2012
The sixth largest country on the planet, Australia is a favoured tourist destination for people who like adventure and like exploring new places.Whether it is visiting the red sunsets of the Uluru deserts or the white sandy beaches of Western Australia
, the most favoured way to do it all is by renting a car.
The sixth largest country on the planet, Australia is a favoured tourist destination for people who like adventure and like exploring new places. From its gorges in the national parks, to the stretches of rainforests with the Aboriginal inhabitants, to the serene white sails of the Sydney Opera House, Australia is a land of wonder. You discover something new in this country every day. With a multicultural section of society and plethora of places to visit, you can never run out of options in Australia.
Whether it is visiting the red sunsets of the Uluru deserts or the white sandy beaches of Western Australia
, the most favoured way to do it all is by renting a car. It is cheap, easy and very convenient. You can make random places, go to new destinations or schedule and reschedule if you have a car in hand. Renting a car in Australia is quite easy. There are several car rental companies with a wide variety of cars for you to choose from. These cars can be picked easily from the airports or several other locations. If you are travelling from one city to another, one-way car rental is the solution for you as you save a lot of money. The easiest way to book a car is online where you can find several car rental deals as well. Make sure that you order for all the extras like the GPS system, the music system, air-condition and the infants seats well in advance so that you do not have to pay more money.
When travelling to remote regions or for longer distances
, look for the car rental deals with unlimited mileage. Also make sure that the car is big enough and has extra leg space. When booking the car online, look for the car rental deals that offer discounts and vouchers so that you save more money. Some car rental companies also have promotional offers and give 10%- 30% discount on your booked cars. You can also get some d.
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