Need advice
iam not experienced just asking out of curiosity.Assume , i have 2 property which I want give it for rent. If combined rent amount is 50k . Do I need pay income tax or I can just accept the money directly without any tax . Assume I made all legal agreement . And if my combine rent amount is more than 1.5lakhs per month in that case do I need to pay tax .
I heard that if a person earn more than 12 lakh per year as salary he have to file incometax . And how we will file this income tax .? do we need to consult a CA for that .?
tax for salary and rent same ? do we need to submit income tax report for that ?.
my uncle said me yesterday that he is going to meet the CA to submit incometax? can anyone please explain all in simple way?
our family income is so low that we never had to pay such incometax ( report submition and all ) or my parents are not aware about incometax and just spend all money they earned 😁