BUSINESS
Five charges that can add up to your home cost advertised by builders
Builders often advertise rates projecting them to be low or heavily discounted. Don't get swayed solely by the base price of an apartment, though. Additional costs and charges associated with the purchase can significantly escalate the final cost of purchase.
BUSINESS
Filing proposed investment declarations in April? Choose your income tax regime wisely
You must declare to your employer this month which tax regime you wish to adopt, and accordingly, TDS will be deducted from your monthly salary. If you do not specify the regime you wish to choose, your employer will compute taxes as per the new regime rates, as it is the default regime 2023-24 onwards.
BUSINESS
TDS nightmare: Homebuyers face tax shock after property purchases, seek relief from Delhi High Court
Many homebuyers who purchased properties between July 1, 2023, and January 10, 2024, have been served with a TDS shortfall notice due to sellers' inoperative PAN. A writ petition has been filed in the Delhi High Court.
BUSINESS
Here's all you need to know of the incentives and government support that women homebuyers currently enjoy
Women homebuyers enjoy several benefits, such as lower stamp duty and registration fees, concessional property tax, and home loan interest.
BUSINESS
Real estate sector expects home loan interest sops, affordable housing expansion from Budget
A key expectation of the real estate sector - and home-buyers - is an increase in the section 24b deduction limit for home loan interest payments, given that it has remained unchanged at Rs 2 lakh annually since 2014
BUSINESS
The TDS tangle for which homebuyers are getting tax notices
According to income tax rules, the home buyer is required to deduct 1 percent TDS if the sale consideration is Rs 50 lakh or more. The TDS rate is 20 percent in the absence of a PAN, or if the PAN is deemed inoperative.
BUSINESS
Explained: Why an OC is vital for the entire building, not just for select flats
The occupancy certificate signifies that the building has been constructed with essential civic amenities in place and adheres to the approved plan. Additionally, it is a crucial requirement for any subsequent transfer of ownership.
BUSINESS
Budget 2024: Higher home loan deduction limit, industry status on real estate sector’s wish list
The surge in property prices over the past few years has prompted stakeholders to expect measures in the February 1 budget that will benefit homebuyers
BUSINESS
ITR Forms FY 2023-24: Here’s what’s new in ITR-1 (Sahaj), ITR-4 (Sugam)
Most changes in the forms are minor, but since the new, minimal exemptions regime is the default one this time, you will have to specifically opt out of it if you wish to avail of tax benefits under section 80C, 80D, 80G, and so on.
BUSINESS
Pay third instalment of advance tax on December 15, if your estimated tax liability is more than Rs 10,000 for the fiscal year
According to Section 208 of the Income-tax Act, any individual with an estimated tax liability of Rs 10,000 or more for the year is required to make advance tax payments in four tranches, with the third part falling due on December 15.
BUSINESS
Avoid fudged or incomplete documents when submitting tax deduction documents
Providing evidence of investments and expenses eligible for tax deductions is a crucial responsibility. However, it is of paramount importance to refrain from submitting false claims or incomplete documentation, as it could lead to potential complications and issues.
BUSINESS
Now, file fresh ITR after discarding erroneous, unverified tax return
From Assessment Year 2023-24, individuals will have the flexibility to submit a fresh ITR after discarding the previous submission, without having to verify the original, discrepancy-ridden return
BUSINESS
Tax assessment notices cannot be issued after three years, if the estimated concealment of income is below Rs 50 lakh
An income-tax notice cannot be issued if three years have passed since the end of the relevant assessment year. However, if there is evidence of concealment of income of at least Rs 50 lakh, a notice can be issued beyond three years but within 10 years of the end of the relevant assessment year.
BUSINESS
Interim Budget 2024: Real estate scores hits on policy, but misses on implementation
Interim Budget 2024: Affordable housing and the introduction of the real-estate regulator were the biggest moves. But a lacklustre approach towards the rental housing market was arguably a big miss.
BUSINESS
When taking home loan, make sure your down payment is high enough
When buying a property, it’s best to pay 30-40 percent or even more of the property cost as a down payment. An increase in interest rate can derail your finances if your EMI is already equivalent to your monthly savings.
BUSINESS
Want to avoid TDS on FD interest, rent? File Form 15G or 15H
Use these forms to eliminate avoidable TDS on income from interest, commission, rent and so on. Although there is no specific deadline for submitting these forms, it is best to do so in advance, preferably in April or May
BUSINESS
Today is the last date to pay second instalment of advance tax on rental income, dividend & commission
Any individual tax assessee with an estimated tax liability exceeding Rs 10,000 for a financial year is required to make four advance tax payments spread across the fiscal
BUSINESS
Your bank can auction your property if you default on EMIs
On August 20, the Bank of Baroda issued a public notice saying Bollywood actor Sunny Deol had unpaid dues on a loan he had taken. The notice was later withdrawn but banks and lending institutions aim to recover their outstanding dues by seizing the defaulter's property and auctioning it as per the SARFAESI Act of 2002
BUSINESS
Missed July 31 deadline? You can still file I-T returns till December 31 but with late fee and penal interest
For FY 2022-23 (AY 2023-24), a belated return can be filed till December 31, 2023, with a late fee and penal interest on due taxes. ITR can be picked up for scrutiny even after that, till 10 years.
BUSINESS
DIY ITR preparation can lead to errors. Here’s where to seek help in tax filing
Filing your return with an incorrect ITR form renders it null and void, as if it was not filed at all. Also, any omission or evasion of taxes, whether intentional or unintentional, can lead to various issues. The assistance of tax experts will help avoid such pitfalls
BUSINESS
Tax filing: What happens if you miss the July 31 return-filing deadline?
I-T returns deadline: July 31 is the due date for filing returns for the financial year 2022-23 (AY 2023-24). If you miss this deadline, you have some extra time until December 31, 2023, but will end up paying late-filing fees of Rs 5,000 (Rs 1,000 if your income is less than Rs 5,00,000).
BUSINESS
Tax filing and Section 44ADA: Why presumptive taxation scheme might work for professionals
Return-filing using ITR-4 (Sugam): Contractual IT professionals, tuition teachers (academic, dance, or drawing), or those providing professional services from home can also opt for filing tax returns under the presumptive taxation scheme (PTS) if they have not maintained proper books of accounts, under Section 44ADA.
BUSINESS
Tax filing: Don’t forget to declare income from ‘other sources’ when filing tax returns
ITR filing: Interest income from bank deposits, dividends from shares and mutual funds, gifts, lottery winnings, and prize money — all need to be disclosed under the head “Income from other sources” while filing your income tax return.
BUSINESS
Income tax returns: How to disclose income from capital gains. Or set off capital losses
Tax filing: Taxpayers who have gains or losses from capital assets are typically required to file ITR-2 unless they have gains or losses that are taxable under the head business income. In such cases, taxpayers should file ITR-3.
