All types of income are taxable in all states of India. The amount of tax viable on different kinds of gains are, however, different. The income source, the total revenue made on an annual basis, and few other factors are taken into account before calculating the tax. The amount of tax that is returned is also dependant on all these factors. The income from rent is considered a payment generated within the country and hence, eligible for taxation. This condition is the same for all, irrespective of the residential status. However, if the income that you earn from rent is less than 2.5 lacs, then you will not be charged any tax. One thing to keep in mind is that the government notices the total amount of money entering a particular bank account and not the source of income (until some activities trigger the tax department and auditing committee). So, if you have a bank account that you exclusively use for the income from rent and the transaction is within 2.5 lacs in that account, you are far from paying tax on that income.
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How to put tax and rent money in a bank
Varsha
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4 Year
2020-12-17T18:57:08+00:00 2020-12-17T18:57:08+00:00Comment
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