Simplified Guide to Income Tax Verification and House Property Taxation

Income Tax Verification Issues: Understand reasons like non-filing of ITRs or mismatches in provided details triggering verification.

House Property Income Calculation: Learn how annual value determines income from property. Prompt Response Submission: Respond quickly to ITD verification issues through the online compliance portal.

House Property Tax Liability Computation: Breakdown of codes A1-A5 for calculating tax liability on property income. Total Property Receipts (A1): Declare gross property value, including remarks for non-rental situations.

Exemptions and Deductions (A4): List exemptions like tax paid to local authorities or interest on borrowed capital. Self-Computation of Income (A5): Calculate taxable income using the formula and file ITRs if exceeding the threshold.