Income tax laws in India treat taxpayers differently based on their residency status. Laws are different for non-resident Indians (NRIs) and resident Indians. The income tax also specifies what will be the implication in … READ FULL STORY
Many people are under the misconception that income generated by freelancing activities are not taxable. Similarly, plenty of individuals are unaware that professionals, consultants, and freelancers can pay income tax on half of their … READ FULL STORY
Income tax is calculated for salaried individuals based on different tax slabs. Salary refers to the remuneration an employee receives from a company for the work done during a specified period. It is essential … READ FULL STORY
Scheduled tribes (ST) are exempt from paying income tax under Section 10 (26) of Income Tax (I-T) Act 1961. Section 10 (26) provides an exemption from income tax for members of scheduled tribes, as … READ FULL STORY
Under the income tax act rules, a taxpayer is a person or a corporation that pays taxes on its income each year. Your income only becomes lawful after you file income tax filings and … READ FULL STORY
July 17, 2023: Union finance minister Nirmala Sitharaman has said that the government has provided several tax benefits to middle-class people, including income tax exemption for those earning up to Rs 7.27 lakh per … READ FULL STORY
Form 10E is a tax form used in India used to claim relief under Section 89(1) of the Income Tax Act, 1961. This form is used to claim relief for arrears of salary, wages, … READ FULL STORY
Taxpayers must ensure that they file their income tax returns (ITR) before the deadline, which will enable them to get a tax refund if they have paid excess tax. The tax refund is deposited … READ FULL STORY
The North Delhi Municipal Corporation (NDMC) was formed after the Municipal Corporation of Delhi (MCD) was trifurcated in 2012. On May 22, 2022, the NDMC, the South Delhi Municipal Corporation (SDMC) and the East … READ FULL STORY
May 19, 2023: Income earned through the Mahila Samman Savings Certificates will not attract TDS (tax deducted at source), the Central Board of Direct Taxes (CBDT) has notified. This interest income, however, will be … READ FULL STORY
Under the Indian Income Tax Act, income from house property can either be profitable or unprofitable. When you declare your income, you have the option to report a loss from house property. If the … READ FULL STORY
Property owners in India have to pay capital gains tax on sale of property. The logic behind the capital gains tax on sale of residential property — the sale of property typically results in … READ FULL STORY
Property deals may sometimes be abandoned halfway after certain advance payments, like token money, have been made. The deal may be cancelled by either the seller or the buyer for a variety of reason. … READ FULL STORY
