Section 139(9) of the Income Tax Act, 1961, plays a crucial role in ensuring the accuracy and completeness of the information provided by taxpayers in their income tax returns. This section empowers the Income … READ FULL STORY
Income in India is divided into different parts for simplification of taxation. Section 14 of the Income Tax Act clarifies the types of income in India. Types of income under Section 14 of … READ FULL STORY
A bonus is a monetary compensation that employers pay to their employees over and above their annual salary. This incentive is often linked to employees’ performance. However, like any other monetary compensation, a bonus … READ FULL STORY
Have you let your house on rent and earned an income from it? According to the Income Tax Act, 1961, income earned from a house is taxable. This article explains the method for tax … READ FULL STORY
Home ownership in India is incentivised through various tax benefits. These include income tax deduction to borrowers who purchase a house with the help of a home loan. Borrowers can claim tax deductions for … READ FULL STORY
Annual property tax payments are mandatory for property owners within the jurisdiction of the Nizampet Municipal Corporation. Situated in the Bachupally mandal of Medchal-Malkajgiri district in Telangana, Nizampet is a city located in the … READ FULL STORY
Income tax is a pivotal component in the economic landscape of any nation, acting as a primary source of revenue for the government. In India, understanding the intricacies of income tax exemptions is crucial … READ FULL STORY
The income tax laws tax all your incomes under various heads. Any income with respect to a house property owned by you, is taxed under the head ‘income from house property’, whether the property … READ FULL STORY
Exempted income refers to the amount a person earns in a financial year and is non-taxable. According to the Income-Tax Act (I-T Act), certain income sources, if adhere to the rules mentioned in the … READ FULL STORY
There are many jargons that you will encounter while dealing in real estate. One such is the Tax Deducted at Source (TDS) on sale of property. Listed under section 194-IA of Income Tax Act, … READ FULL STORY
An anticipatory income tax statement is a crucial financial document that provides a comprehensive overview of an individual or business entity’s expected income and tax liabilities for a specific period, typically in advance of … READ FULL STORY
In case you earn a taxable income under Income from Other Sources, the income tax law in India provides you with an option to claim deductions against certain expenses. Section 57 of the I-T … READ FULL STORY
One of the common issues faced by most of the people living abroad is double taxation. In case of dual income, people have to pay taxes in the country they reside and native country, … READ FULL STORY
