Bhuvana greens--Sarjapur Road available with 2BHK and 3BHK Villas

Bhuvana greens an inspiring project from Prisha Properties located in Sarjapur Road available with 2BHK and 3BHK Villas

Description:

Bhuvana Greens has created homes that respect your values. Homes to foster dreams and build memories in. Homes that are both eco-friendly and beautiful, that respect the environment and your budget. Homes that sustain your life and give back to the Earth, so you can rest assured, knowing you are living responsibly.

Bhuvana Greens is strategically located close to Bangalore s IT Corridor of Sarjapur road. It is also a very short drive away from the finest shopping and dining avenues of Koramangala and Marathahalli. So you get to save on commuting time and energies, not just to work but also whenever you step out for food , fun and frolic.

The time you save, gets better spent as you unwind and rejuvenate yourself in the stimulating environs of your home and the numerous life enriching amenities.

Amenities:

In door facilities

 Swimming pool & water body

 GYM

 Billiards/ Snooker

 Table tennis

 Kids club

 Table games

 Library

 Lounge/Home theatre

 Office

 Multipurpose hall

 Roof garden

ASSESSMENT YEAR, PREVIOUS YEAR, PERSON, TYPES OF INCOME

Sction 2(9) of the Income Tax Act 1961 refers to the assessment year.

ASSESMENT YEAR:

This is a period of 12 months commencing from 1 st April and ending on 31 st March 2003. Thus it is spread over to calendar years. The assessment year 2003-2004 means and covers the period from 1 st April 2003 to 31 st March 2004. The importance of the assessment year is that which law is to be applied for computation of Income; allied procedural matters and the rates to be applied will be as per laws in force as on first day of the relevant assessment year. During the assessment year the income returns filed for the previous year will be assessed by the department.

PREVIOUS YEAR:

Section 2(34) of the Income tax act 1961 defines the previous year. It is a financial year immediately preceding the assessment year. This covers 12 months spread over two calendar years commencing from 1 st April and ending on 31 st March.

The previous year for the assessment year 2003-2004 is 2002- 2003, starting from 1 st April 2002 and ending on 31 st March 2003. But it need not necessarily cover 12 months in case income earned for the first time from any source; but always ends as on 31 st March. If one get a salaried job from 1 st Oct 2002, the previous year for salary income starts from 1 st October 2002 and ends on 31st March 2003.

Often, the assessment year and previous years are confusing. Simply note that your income of this financial year (2003-04) will be assessed and taxed by the department during next financial year (2004-2005), which is called assessment year.

PERSON:

The word person has a wide meaning under income tax act which is defined under section 2(31) it includes:

1.       An individual

2.       A Hindu undivided family

3.       A company

4.       A firm

5.       An association of person or a body of individuals

6.       A local authority

7.       Every other artificial judicial person (Trust, deity)

RESIDENTIAL STATUS:

Residential Status determines the scope of taxable income. The status has to be determined as per the procedure prescribed in section 6 of the income tax act. Residential Status are broadly of three types:

1.       Resident and Ordinarily resident

2.       Resident but not Ordinarily Resident

3.       Non-resident.

HEADS OF INCOME:

Income of any kind will be included under anyone of following categories;

1.       Salaries

2.       Income from House Property

3.       Profits and gains from business or profession.

4.       Capital gains

5.       Income from other sources.

This classification is very important, since an income to be included under a particular head cannot be included under another head. Rents received from house should be included under income from house property but not under income from other sources.

Income from house and capital gains are relevant in case of house property. Section 22-27 deal with income house property and section 45-55A deal with capital gains.

Bhuvana greens an inspiring project from Prisha Properties located in Sarjapur Road available with 2BHK and 3BHK Villas