Effective April 1, 2020, the Finance Act, 2019 added the Seventh Proviso to Section 139(1) of Income Tax (I-T) Act, 1961. Under this act, some certain individuals have to necessarily file the Income Tax … READ FULL STORY
Buying a property is a preferred investment option in India. A property can be owned solely by an individual or co-owned by two or more individuals. People often prefer to purchase a property with … READ FULL STORY
This time, several Budget announcements may impact the realty market, including developers and property buyers. Many investors choose realty investment for attractive rental income. There’s an announcement related to the rental income that may … READ FULL STORY
The rent that the owner generates is considered as income under the existing laws in India. Consequently, one earning such income, the landlord is liable to pay tax on rental income in India. All … READ FULL STORY
When it comes to managing rental income, property owners in India must navigate the complexities of tax regulations, particularly the Tax Deducted at Source (TDS) under Section 194I of the Income Tax Act. This … READ FULL STORY
Under Section 194-IA of the income tax law, property buyers in India are obliged to deduct tax at source (TDS) if the property value is more than Rs 50 lakh. On property deals worth … READ FULL STORY
Urban Agriculture Land in India has been a topic of interest for many, especially with the recent changes in the Income Tax Rules. This article aims to shed light on the topic, helping the … READ FULL STORY
Acquiring property stands as a significant milestone in a person’s life. However, it also entails various tax obligations during the buying and selling processes. To avoid potential legal complications, charges and penalties, it’s crucial … READ FULL STORY
In India, agriculture plays a pivotal role in the economy, and recognising its significance, the Indian constitution incorporates various provisions aimed at facilitating tax savings on the sale of agricultural land. The Income Tax … READ FULL STORY
The Income Tax Act (ITA) of 1961 is a comprehensive legislation in India that imposes taxes on the income of individuals, encompassing not only high-earning professionals and businesses but also individuals in various roles, … READ FULL STORY
In India, income tax is a direct tax levied by the government on the income earned by individuals or entities in a particular financial year. The tax is calculated based on the income tax … READ FULL STORY
The proceeds derived from the sale of agricultural land in India generally benefit from tax exemptions. Nevertheless, specific conditions govern these exemptions, taking into account factors such as the land’s location, current usage, ownership … READ FULL STORY
The introduction of Section 234F of the Income Tax Act (ITA) on April 1, 2018, marked a significant shift in the taxation landscape, emphasising the importance of timely tax filing. This section underscores the … READ FULL STORY
