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How Common area maintenance CAM charges to be treated in tds?
Common Area Maintenance (CAM) charges are typically treated as part of the rent for tax deduction purposes under the Income Tax Act in India. When making payments for CAM charges, Tax Deducted at Source (TDS) is applicable if the total payment exceeds the prescribed threshold. The applicable TDS rate for CAM charges generally aligns with the rate for rent, which is currently 10% for residents. It's essential for landlords to issue TDS certificates to tenants for the deducted amount for their tax records.
Where to send for Federal tax return and 1099?
You file return, at the address listed in the instructions for your area. They are available many places, including most libraries and post offices. A 1099, and all forms reporting the income or business transactions you had throuh the year (1099s and others), are sent to you (and the IRS by the same one sending it to you). The information on a 1099 must be accounted for on the return, but the 1099 itself does not need to accompany it. Income tax isn't recieved, it is paid. If you over pay, and a you file a return properly, you will get the overpayment refunded....but you will still have paid an amount. Returns aren't payments. They are forms reporting the financial affairs for the entire year of the person filing. The payment of the money - the tax - has already been done by payroll withholding or estimated quarterly payments in the year being reported...in this case in 2008, while the return is filed in 2009. If the amount paid in through 2008 was too high a refund is sent (which may also include types of benefit payments for the poor). If not enough was paid in, the extra is paid with the return. When any of that happens depends a lot on your actions, your payments vs actual tax due, your filing of a return and refund request (and how accurate it is, complex it is, supported it is, if electronic or not, etc., etc). Sometimes I wonder what people could possibly be thinking.
What is CAM and tax?
CAM, or Common Area Maintenance, refers to fees charged to tenants in commercial real estate for the upkeep of shared spaces, such as lobbies, parking lots, and landscaping. These costs are typically allocated based on the tenant's proportionate share of the property. Tax, in this context, may refer to property taxes assessed on the real estate, which can also be passed on to tenants as part of their lease agreements. Together, CAM and taxes are important considerations for tenants when evaluating the total cost of occupancy in a commercial property.
Do you have to be legally married to file taxes jointly?
Yes, your marriage has to be legally recognized, but some states have common law marriage where you're recognized as legally married without a marriage license. If you became legally married in a common law state, your marriage is recognized federally. It is also recognized by other states that don't have common law marriage if you move to another state after establishing a common law marriage. As long as your common law marriage remains valid and you haven't separated, you can file jointly for federal and state tax purposes. It appears that the following states have common law marriage laws: Alabama, Colorado, Kansas, Rhode Island, South Carolina, Iowa, Montana, Utah, and Texas (and the District of Columbia). If you established a relationship in one of these jurisdictions, you'll want to see if you have a legal marriage under the area's common laws.
What is the last day you can receive income tax forms like W2s or 1099 from sources of income?
AnswerThere is a common mis-conception that the notices of the type you ask, generally in the 1099 series (there are lots of different ones) as well as a W-2, (showing withholding by employers), must be received by January 31 for any period in the just ended calendar year. THAT IS INCORRECT: Actually, there really isn't requirement for a received by date. The information must be SENT/PROVIDED (that is given to the USPS or approved service) by that date, 1/31 (+ for weekends/holidays, etc). Hence, if you have a slow mail service in your area, and a reporter that got it to the USPS late on 1/31, it may be several days or more until you actually receive it, and there would be no foul. Same true for lost ones that you never receive: as long as they have proof of mailing it on time, they're okay. And there are simple procedures that allow most filers of these returns an additional 30 days.The law prescribes penalties for late filings. However, it is normally viewed from the IRS side, meaning when the copy they get was electronically transmitted, or certified mailed. The penalty is assessable and payable by/to the IRS - not to you. In fact, if a form is late (or not sent) to you, you can't use it as any particular excuse and must try to report what it was going to say anyway - as best you can and note it.
Is common area maintenance 1099 reportable?
All payments over $600 to one person needs to be reported on Form 1099.
Common Area Maintenance letter to tenants?
keep common area clean
Is painting part of common area maintenance?
Yes, painting is part of common area maintenance. This is done in cases of people moving out of apartments and such.
What does Cam stand for in a Commercial Lease field?
Common Area Maintenance
Is mortgage included in common area maintenance?
The mortgage is not included in the Common Area Maintenance. Common Area Maintenance (CAM) expense is considered the expense for taxes, insurance and maintenance and operation of the Common Areas of a property including but not limited to, shared utilities, community lighting, parking lot repairs, landscaping, etc. A mortgage is not considered an operations expense. Leases will usually specify what constitutes CAM charges reimbursable by the tenant (lessee) to the owner (lessor).
What is the procedure to calculate Common Area Maintenance charges?
Add all expenses and divide by the GLA.
Is an Administrative fee a common area maintenance cost?
An administrative fee is typically not classified as a common area maintenance cost. Common area maintenance (CAM) costs generally cover expenses related to the upkeep and management of shared spaces, such as landscaping, cleaning, and repairs. Administrative fees, on the other hand, often pertain to the costs associated with managing the property or overseeing the operations, which are separate from direct maintenance expenses. However, these fees may be included in overall property management costs, depending on the lease agreements.
What fees count as common area maintenance fees?
Amounts charged to tenants for expenses to maintain hallways, restrooms, parking lots, and other http://www.answers.com/topic/common-areas.Example: In a regional mall, the cost of utilities needed to heat, cool, light, and clean the common areas was allocated to each tenant as common area maintenance, charged back to tenants.
What are the difference between room maintenance and maintenance of public area?
what are the different between room maintenance and maintenance of public area
What are Differences between room maintenance and maintenance of public area?
what are the different between room maintenance and maintenance of public area
What does cam mean in real estate terms?
CAM - Common Area Maintenance or CAM - Certified Administrative Manager
What is the Formula for common area maintenance?
Gross Leasable Area (GLA) divided by Tenant Square Footage = CAM Make sure you multiply by 100 to get the actual percantage
