Posts Tagged ‘Tax

All those of you who are filing IT returns online for Assessment Year (A.Y.) 2010-11 using the ITR-1 PDF utility available on the IT Department’s website, please use the Excel ITR-1 utility instead! The PDF utility for A.Y. 2010-11 does not generate the correct XML. And the worst part is, most people will not realise the problem until they have uploaded the XML file and received the ITR-V acknowledgement!

This year, the IT Dept. has modified the most common ITR-1 form to include a field for “Income/loss from House Property”, something which was earlier only available in ITR-2. But how do we calculate the income or loss from our house property? Here is the procedure as per the IT Dept.

Calculation of Property Tax has always been a very complicated process for a lot of people, similar to filing one’s IT returns. The maze of numbers and formulas can leave one bewildered! Here’s my small effort to simplify and explain the process of calculating your Property Tax, and also paying it!


About the author

Hi, I'm Vijay Padiyar! I'm a friendly guy with a witty sense of humor. I was born in Baroda, Gujarat and am currently settled in Bangalore. I'm a Leo by birth and certainly by character! So pick up any good book on zodiac signs, flip to the Leo section, and you'll know me rather well!

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  • Vijay Padiyar: As already mentioned in the blog, it is calculated on Built-up Area only. Not on Carpet Area or Supe [...]
  • Prithviraj chitale: I want to know wheather property tax is calculated on builtup area or carpet area. Please reply. [...]
  • Sandeep Shete: I have tried to register at least 4 times,and it has been refused for absolutely illogical reasons.N [...]
  • Deepak Rao: The date for returning on acknowledgement slip refers to 29th august which was a sunday. I'd also li [...]
  • Deepak Rao: Hi Vijay, I'd applied for a new Ration Card on 28th july and the date given to me was a sunday 29th [...]