The Budget 2023-24 has increased the rebate offered under Section 87A from the current income level of Rs 5 lakh to Rs 7 lakh under the new tax regime. According to new provision, individuals … READ FULL STORY
Perquisites are extra benefits that employees receive on top of their pay. Depending on their nature, certain perks or perquisites may or may not be taxable. The term fringe benefits or perks refers to … READ FULL STORY
According to Section 92E of the Income Tax Act of 1961, it is mentioned that whoever is connected with any international transaction or specified domestic transactions has to acquire a report from an accountant. … READ FULL STORY
The government’s tax on real estate is known as the property tax. It is also known as a property assessment or land tax. Property tax rates can vary widely depending on the geographic location … READ FULL STORY
In Indian tax law, section 269SS of the Income Tax Act is a provision for accepting loans or deposits by individuals or businesses. It specifies that no person shall take any loan from any … READ FULL STORY
Among salaried tax payers, Section 80C is the most commonly-used provision of the Income-Tax Act, to avail of tax deductions on their income. However, nearly all tax payers in India claim deductions under Section … READ FULL STORY
If you run a small business, it is essential to understand the provisions of Section 44AE of the Income Tax Act 1961. The Presumptive Taxation Scheme was incorporated under the Income Tax Act 1961Â to … READ FULL STORY
Under the Income Tax law, businessmen and professionals are required to maintain regular accounts, which must be audited. However, the Amritsar Bench of the Income Tax Appellate Tribunal (ITAT) in November 2022 ruled that … READ FULL STORY
Land as an investment option has always been popular in India. Its popularity has not receded, despite the availability of various financial products such as mutual funds and equity shares. However, you should be … READ FULL STORY
Those planning to invest in agricultural land often find themselves in the crosshairs of regulatory requirements and personal whims of the sellers. On the one hand, they are obliged to make any payments exceeding … READ FULL STORY
If you have taken a home loan, you can avail of rebates on your income tax liability under various sections of the Income Tax Act in India. An income tax rebate is allowed on … READ FULL STORY
Under India’s income tax law, deductions are allowed on interest payments of education loans under the provisions of Section 80E. This guide will elaborate on the various aspects of this section and its benefits. … READ FULL STORY
A ‘benami’ property is one that is purchased in the name of a person, who is not the real beneficiary. The person, in whose name the property is purchased, is known as a ‘benamidar’. … READ FULL STORY
