Rules for Filing Tax are Similar for Residents and Non-residents

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Rules for Filing Tax are Similar for Residents
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For the year 2015-16, the scheduled date to file
income tax returns for the individual taxpayers
was July 31st, 2016 which was further extended to
August 5th, 2016. If individuals discover any
omission or any wrong statements in the income
tax return after filing it, one may file a
revised return is any given point in time before
March 31st, 2018 or before completion of the
assessment, whichever may be earlier. Revised
return for the year 2015-16 may be filed if the
unique income-tax return was filed before or on
the date which basically was August 5th, 2016.
The revised return for the year 2015-16 cannot be
filed if the original return has been filed after
August 5th, 2016. For 2016-17, the last scheduled
date for filing income tax return for individual
taxpayers was July 31st, 2017 which was extended
to August 5th, 2017. The revised return for
financial year 20166-17 may be filed at any
specific time before March 31st, 2019 or before
closure of assessment (whichever is
earlier). With the effect of the financial year
2016-17, income tax return may basically be
revised at any particular given time before March
31st, 2019 even if original returns are filed
after the due date. The provisions for revision
are similar for income-tax return for resident
and non-resident Indians. Rental income for the
property in any state of the country is
considered as the income accrued in India as well
as taxable in India. The taxable value of the
rental income will easily be calculated once the
following considering is deducted Standard
deduction at over 30 of net yearly value, i.e.,
rental income less than municipal taxes
Municipal taxes paid during year to local
authorities
2
Pre-construction period interest deduction
which is available as the deduction in 5
installments from the year in which construction
is completed. The interest paid on loan
taken for repairs, constructions, renewal or
acquisition of the property Also, any repayment
of the principal amount of the housing loan that
is taken for the property is eligible for
deduction under section 80C (maximum deduction of
Rs 1.5 lakh). If, however, the total taxable
income in India which includes rental income or
any other income source doesnt necessarily
exceed maximum amount not chargeable to tax, one
is not required to file an income-tax return in
India. In the case of double taxation, the
applicable advantage may actually explore as per
the provisions of the Double Taxation Avoidance
Agreement between Singapore and India.
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