Gifting of a house property in India has certain income tax and stamp duty implications. Stamp duty on gift deeds in India varies from state to state. Stamp duty on gift deeds can vary … READ FULL STORY
From classifying income to figuring out the applicable tax rate, the process of calculating tax can be a complicated and time-consuming task. If your income falls under one of the higher tax brackets, a … READ FULL STORY
Income tax is a direct tax people and businesses have to pay in a financial year. The income tax is calculated based on the tax slab an individual falls. Here are some other interesting … READ FULL STORY
The Income Tax Act 1961 includes Section 27 that mentions deemed ownership in case of property transfer to a spouse and the tax obligations. The section aims to assess an individual’s tax obligation even … READ FULL STORY
When one buys a property, the sale consideration is generally paid for, by way of money. However it is not necessary that the consideration for the transfer of a property, should always involve money. … READ FULL STORY
The concept of fair market value is quite important under the income tax law in India. The buyer as well as the seller of a property will be impacted if the sale/purchase consideration as … READ FULL STORY
The Income Tax (I-T) Department on March 4, 2024, said it was in process of sending notices to some taxpayers for income tax returns (ITRs) filed for assessment year (AY) 2021-22 (FY2020-21). Communication will … READ FULL STORY
Are you looking for ways to save taxes for the capital gains? Reinvestment of the capital gains from the sale of a property is one way. Alternatively, you can also invest in the capital … READ FULL STORY
Leave encashment is a workplace benefit that allows employees to convert their accumulated unused leave into monetary compensation. This practice provides a flexible approach to employee benefits and serves as a financial support system … READ FULL STORY
The amount that is left from your salary after fulfilling your income tax responsibilities is known as disposable income. A person may save, spend or invest this income. It is also known as the … 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
Section 194I of Income Tax Act is applicable on a landlord earning a rental income from land, building, plant & machinery, furniture and fittings, etc. The responsibility to deduct the TDS (tax deducted at … READ FULL STORY
