Table of Contents
Is TDS applicable on maintenance charges paid to society?
TDS on maintenance charges is required to be deducted under Section 194C of Income Tax Act 1961 at the rate of 1\% or 2\% (as the case may be) for payments to residents.
Can apartment maintenance be claimed on taxes?
Yes, always monthly maintenance charges become part of rent and you can use the same for income tax purposes. section 10(13A) of Income tax act maintenance is not forming part of the rent so you cannot seek deduction or HRA exemption on the maintenance part.
Which of the following types of interest expense are not deductible as an itemized deduction?
Types of interest not deductible include personal interest, such as: Interest paid on a loan to purchase a car for personal use. Credit card and installment interest incurred for personal expenses.
Is TDS applicable on Cam charges?
It was observed by the Assessing Officer that the group i.e. mall owners have recovered/collected expenses in the form of CAM (Common Area Maintenance) Charges. It is seen that the deductors/tenants have been deducting TDS at 2\% being considering the same to be covered under the provisions of Section 194C.
Can we claim society maintenance in HRA?
Is HRA inclusive of maintenance charges? No, HRA is paid towards rent only. You won’t be able to claim the maintenance fee as HRA. The maintenance charges are not considered as the landlord’s earnings to be calculated for his/her income tax.
Can maintenance be claimed as part of HRA?
No. HRA deductions are allowed only for rent payment. Maintenance charges, electricity charges, utility payments, etc. are not included.
What kind of interest is tax deductible?
Types of interest that are tax deductible include mortgage interest for both first and second (home equity) mortgages, mortgage interest for investment properties, student loan interest, and the interest on some business loans, including business credit cards.
What expenses can be used for taxes?
Here are some of the most common deductions that taxpayers itemize every year.
- Property Taxes.
- Mortgage Interest.
- State Taxes Paid.
- Real Estate Expenses.
- Charitable Contributions.
- Medical Expenses.
- Lifetime Learning Credit Education Credits.
- American Opportunity Tax Education Credit.
What is tax exemption Philippines?
Updated March 2018 Page 2 2 Starting January 1, 2018, compensation income earners, self-employed and professional taxpayers (SEPs) whose annual taxable incomes are P250,000 or less are exempt from the personal income tax (PIT). The 13th month pay and other benefits amounting to P90,000 are likewise tax-exempt.