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
Under the Indian tax law, the profit earned through sale of a property is considered an income. On this income, the seller must pay taxes. However, sellers can lower their tax liability by claiming … READ FULL STORY
The income earned by individuals from renting a property is subject to taxation if it exceeds a specified amount. The provisions of Section 194-1 of the Income Tax Act, 1961, mention the tax deducted … READ FULL STORY
The income tax law in India mandates collection of tax at source (TCS) on sale of specific goods. Section 206CR elaborates on this subject. What does the section 206CR mean? Section 206CR of the … READ FULL STORY
Bangalore is a well-established IT hub and attracts several working professionals. Hence, the city is also a coveted property destination. The Bangalore Development Authority (BDA) is responsible for developing the city and creating quality … READ FULL STORY
