Income details are classified under five heads mentioned under the Income Tax Act. One of these includes the ‘income from other sources’. The other four heads are ‘income from salaries’, ‘income from house property’, … READ FULL STORY
Life insurance policies are one of the most popular choices for tax savings in India. Under Section 80C, taxpayers in India can save up to Rs 1.50 lakh in a year against premiums paid to … READ FULL STORY
Before March 31, 2020, mutual fund houses collected Dividend Distribution Tax (DDT) on mutual funds. Dividends were tax-free in hands of investors. For equity schemes, at least 11.64% DDT was deducted and submitted to … READ FULL STORY
Online payment of income tax is quite beneficial, and it helps to save a lot of time. As digitalisation is spreading rapidly, online income tax payment provides many benefits. Income tax online payment: … READ FULL STORY
Owners whose properties fall under the Mira Road-Bhayander Municipal Corporation (MBMC) can pay their property taxes online thanks to the official MBMC portal. Property owners can pay their taxes online at www.mbmc.gov.in, the official … READ FULL STORY
For certain enterprises, Section 35AD provides an investment-linked tax credit. Capital investments made during the preceding year may be entirely and fully deducted from company income under section 35AD. One of these defined businesses … READ FULL STORY
Electric vehicles (EVs) run on electricity, and as no fuel is required, they are regarded as energy-efficient vehicles. To encourage the use of EVs, the government has introduced a new section, known as Section … READ FULL STORY
July 20, 2023: Non-resident Indians (NRIs) and foreign citizens whose permanent account numbers have been made inoperative because those were not linked with Aadhaar, should submit documentary proof of their residential status with their … READ FULL STORY
Winnings from lotteries, quiz shows, card games, internet gambling, and dancing contests are subject to tax withholding (TDS) under Section 194B of Income Tax Act. Betting winnings must total more than Rs 10,000. In … READ FULL STORY
Rural agricultural property does not qualify as a capital asset and is, therefore, exempt from capital gains taxes. Urban agricultural land is only excluded from capital gains tax when the sale earnings are used … READ FULL STORY
Section 24 of Income Tax (I-T) Act is among many provisions that help taxpayers in India to save taxes. Section 24 is meant specifically to cut down on tax imposed under ‘Income from House … READ FULL STORY
Under India’s income tax law, the holding period is a key determinant of tax liability. For tax calculation purposes, the holding period is categorised into short-term holding period and long-term holding period. In case … READ FULL STORY
Equity trading income is taxed differently based on whether profits were realised over a long or short period of time. According to Section 10(38) of the Income Tax (IT) Act of 1961, Long-Term Capital … READ FULL STORY
