BUSINESS
How new tax rules are chipping away at real estate's investment appeal
From capping the exemption limit under Section 54F to limiting exemptions on reinvestment in real estate for tax savings, the government’s moves over the years appear to have made real estate less speculative and more favourable to genuine homebuyers
BUSINESS
ITR Filing 2024: What you need to do when your employer does not deposit TDS with I-T Dept
ITR Filing: An employer is required to deduct TDS from an employee’s salary and deposit it with the department by the 7th of the following month. Failure to do so will attract penalties. But it can also create troubles for the employee.
BUSINESS
ITR filing 2024: Why you must disclose 'income from other sources' in your tax returns
Income tax return: make sure you disclose interest income from bank deposits, dividends, family pension, gifts, and similar earnings under the tax head `income from other sources'. Otherwise one can land in a lot of trouble.
BUSINESS
Now report rental income as 'Income from house property,' not ‘Business income’: Budget 2024-25
Income from letting out house property shall not be charged under ‘profits and gains of business or profession’ but will be taxed under ‘income from house property’ only. However, this could hit those operating genuine renting businesses hard.
BUSINESS
Holding Period for REITs Reduced to 12 Months from 36 Months to Qualify as Long-Term Assets: Budget 2024
Finance Minister proposed that listed financial assets held for more than a year will be classified as long term
BUSINESS
Lower LTCG Rate and Abolition of Indexation: A Benefit or a Disadvantage?
The finance minister has proposed changes in LTCG taxation rates and rules for assets such as real estate and gold. LTCG from these assets will now be taxed at a lower rate of 12.5% instead of 20%, but there will be no indexation of the acquisition value allowed while calculating LTCGs.
BUSINESS
Raise home loan deduction limit to Rs 5 lakh in Budget 2024, say homebuyers, realtors
The deduction against home loan interest has remained unchanged at Rs 2 lakh for several years, while property prices and the average home loan amount have increased significantly.
BUSINESS
Union Budget 2024: Financial planners wish for more tax benefits in NPS
Union Budget 2024 expectations: Under current rules, investing up to Rs 50,000 in their NPS Tier I accounts gives taxpayers another head under which to decrease their liability. But financial planners believe that this amount is too low to contribute significantly to a retirement corpus, and want the limit on this deductible component raised to incentivise savings.
BUSINESS
Union Budget 2024: Standard deduction for salaried individuals may increase to Rs 1 lakh
Union Budget 2024: The standard deduction of Rs 50,000 is a flat deduction available under both the old and new tax regimes, to individuals earning salary and pension.
BUSINESS
Budget 2024-25 expectations: Increase health insurance benefits under Section 80D
The deduction under Section 80D for health insurance was last increased from Rs 15,000 to Rs 25,000 in Budget 2015. Over the past nine years, there has been no further change in this limit, even as health insurance premiums have risen significantly during this period.
BUSINESS
Budget 2024-25 should increase health insurance benefits under Section 80D, say experts
The deduction under Section 80D for health insurance was last increased from Rs 15,000 to Rs 25,000 in Budget 2015. Over the past nine years, there has been no further change in this limit, even as health insurance premiums have risen significantly during this period.
BUSINESS
Budget 2024 expectations: Financial planners wish for more tax benefits in NPS
Union Budget 2024: Under current rules, investing up to Rs 50,000 in their NPS Tier I accounts gives taxpayers another head under which to decrease their liability. But financial planners believe that this amount is too low to contribute significantly to a retirement corpus, and want the limit on this deductible component raised to incentivise savings.
BUSINESS
Budget 2024-25: Standard deduction for salaried individuals may increase to Rs 1 lakh
Union Budget 2024: The standard deduction of Rs 50,000 is a flat deduction available under both the old and new tax regimes, to individuals earning salary and pension.
BUSINESS
ITR Filing 2024 last date: File tax returns before July 31 or face penalties, delay in refunds
ITR Filing Deadline: The due date to file income tax returns for 2023-24 is July 31. Missing this deadline can result in late fees, interest, penalties and delay in refund processing.
BUSINESS
ITR filing for FY 2023-24: Taxing gains from real estate investments
ITR Filing: Rental income, dividends, and capital gains from real estate investments are all taxed differently. A look at how the tax laws look at the different types of investments.
BUSINESS
ITR filing 2023-24: Filing income tax returns has many benefits
ITR Filing 2024: You may need to file your ITR to claim tax refunds, carry forward losses, secure a visa, and avail of loans, among other things.
BUSINESS
ITR filing 2023-24 | Not filing income tax return: Know the fines, penalties and other consequences
ITR filing 2023-24: The due date to file your return is July 31. There are several outcomes of not filing a return, ranging from penal interest and late fees to potential imprisonment of up to 7 years, especially if you are mandatorily required to file a return.
BUSINESS
Will UP RERA's model format for possession letters enhance transparency or add to complexity?
Some experts say homebuyers will be in a better position to take possession of their homes, but many feel it would put buyers at a disadvantage.
BUSINESS
Why you should file your income tax returns before July 31
For salaried individuals and other taxpayers without audit constraints, the ITR filing due date for the financial year 2023-24 is July 31, 2024.
BUSINESS
How to claim pre- and post-hospitalisation expenses under health covers
Health insurance policies commonly cover costs for medical tests, consultations, and treatments incurred before hospital admission, as well as on follow-up care and medications after discharge. Typically, this coverage is for a period ranging from 30 to 90 days before and after hospitalisation.
BUSINESS
Home buying: Why you should check RERA registration of developers and agents
Homebuyers may have to deal with various legal and financial consequences if they engage with an unregistered agent or purchase property in a project without a valid RERA registration.
BUSINESS
Going abroad for studies? Spends over Rs 7 lakh could attract TCS, but education loans eligible for concessions
Education loans taken to fund overseas studies are subject to a lower TCS of 0.5 percent, and only if the amount exceeds Rs 7 lakh. However, in the case the money is sent abroad through other sources, TCS of 5 percent will be applicable if the remitted amount exceeds Rs 7 lakh. Also, if parents send money to their children studying abroad for purposes other than education, the amount will attract TCS at a higher rate.
BUSINESS
Overseas education: Is the RBI remittance limit of $250,000 per fiscal year enough?
Under the Liberalised Remittance Scheme, all resident individuals, including minors, can remit up to $250,000 (around Rs 2 crore) per financial year for various purposes such as personal visits, gifts, donations, emigration, maintenance of relatives, business trips, conferences, medical expenses, and studies abroad.
BUSINESS
Homebuyers get respite from tax notice against deducting less tax from sellers with inoperative PANs
Over the past year, close to 16,500 homebuyers across the country received a rude shock in the form of notices asking them to cough up additional tax deducted at source on properties they had purchased. The tax department notices said they had deducted less tax despite the sellers’ PANs being inoperative.
