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
The Goods and Services Tax (GST) tax system began operating on July 1, 2017, and is governed by the GST Council of India. It introduces a significant amount of change to the indirect tax … READ FULL STORY
According to Section 54EC, taxpayers are free from paying taxes on long-term capital gains. Any capital gains produced from the sale of immovable property in possession for 2 years or more are eligible for … READ FULL STORY
In India, tax deductions are available against home loan principal as well as home loan interest payments under different sections of the income tax law. Section 24B is among the multiple provisions in the … READ FULL STORY
Advance tax, also known as “pay-as-you-earn” tax, is a system of staggered payments to the government by taxpayers over the fiscal year. It is a way for individuals and businesses to fulfil their tax … READ FULL STORY
Professional tax, a significant component of India’s taxation system, plays a crucial role in the financial landscape of the country. This levy, imposed by state governments, is designed to collect revenue that supports local … READ FULL STORY
Taxation is a fundamental aspect of any economy, serving as a primary source of revenue for governments. Two broad categories of taxes exist: direct taxes and indirect taxes. These classifications are based on the … READ FULL STORY
The Kochi Municipal Corporation (KMC) is the municipal authority responsible for the administration of Kochi city. The city is a part of Ernakulam, covers an area of 94.88 sqkm, and is divided into 74 … READ FULL STORY
When electricity charges are bundled with rent or maintenance fee imposed by real estate developers, mall operators or airport operators, such a service qualifies as a composite supply under the Goods and Services Tax … READ FULL STORY
The value of a car decreases over time due to age, wear and tear, and other factors. However, the rate at which the value of a car depreciates can vary significantly, depending on factors … READ FULL STORY
