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Without actual income also, Income tax is payable:Tax Talk

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Professionals excluded from maintaining accounts if offers 50% of receipt as income

The taxability of receipt depends upon the relationship between the payer and payee. If the employer / employee relationship exists then income would be taxable as “Salary Income”. If not, the income would be taxable as professional income under the head “Income from Business/Profession”.

Professionals excluded from maintaining accounts if offers 50% of receipt as income
Query 1] I am a salaried employee. I have taken home loan from a recognized financial institution. Until last year I am filing ITR-1 for my return. For the current assessment year 2017-18, I want to take benefits of housing loan principal and interest deduction u/s 80C as well as u/s 24(b). So, which ITR form should I fill? There is no separate deduction U/s 24(b) is given in ITR-1. Please guide me. [Gajanan S. Dharmale, Amravati- gajanansdharmale@gmail.com] Opinion:
Today, it takes more brains and effort to make out the income-tax form than it does to make the income”- Alfred E. Neuman

Individual can file return of inco…

Optimise the tax saving through small measures: Tax Talk

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Payment to tenant is eligible for deduction. Documentation is important: Tax Talk

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