02-10-2009, 11:00 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by unseendemon</i>
<br />PTR (or FTR as it is called now) is the full and final discharge of tax liability and furthermore no loss/expense can be adjusted against FTR income.
e.g. Rent falls under FTR. Assume you're earning Rs. 10,000 per month in rentals.
UNDER NORMAL TAX
Rent 10,000
Less expense (xxxx)
--------------------
taxable income
UNDER FTR
Rent 10,000
tax @ x%
i.e. no adjustment, tax paid is full and final discharge of liability.
I would again reiterate that this is very basic stuff, you should have a look at the CBR's website.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
heellloooo!...
o mere bhaiyo RENT is not chargeable under NTR...
there are only 2 possibilities to tax Rent Chargeable to Tax (RCT)
that is
1. as seperate block of income
2. as under FTR...
separate block of income doesnt count to NTR in anyway.
NTR mein to buht kuch available hota hai ap ko during calculation of taxable income and after tax liability of taxable income.
RCT doest not form part of taxable income as it is not chargeable under NTR...
lot of people need to correct this. even this website has an article named abc for income from property. that article also says that property income is taxable under NTR... NOWAY!... even his own examples prove him wrong when he calculates tax liability.
<br />PTR (or FTR as it is called now) is the full and final discharge of tax liability and furthermore no loss/expense can be adjusted against FTR income.
e.g. Rent falls under FTR. Assume you're earning Rs. 10,000 per month in rentals.
UNDER NORMAL TAX
Rent 10,000
Less expense (xxxx)
--------------------
taxable income
UNDER FTR
Rent 10,000
tax @ x%
i.e. no adjustment, tax paid is full and final discharge of liability.
I would again reiterate that this is very basic stuff, you should have a look at the CBR's website.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
heellloooo!...
o mere bhaiyo RENT is not chargeable under NTR...
there are only 2 possibilities to tax Rent Chargeable to Tax (RCT)
that is
1. as seperate block of income
2. as under FTR...
separate block of income doesnt count to NTR in anyway.
NTR mein to buht kuch available hota hai ap ko during calculation of taxable income and after tax liability of taxable income.
RCT doest not form part of taxable income as it is not chargeable under NTR...
lot of people need to correct this. even this website has an article named abc for income from property. that article also says that property income is taxable under NTR... NOWAY!... even his own examples prove him wrong when he calculates tax liability.
