While filing ITR, it is always better to keep few things readily available with you like - Aadhaar number, PAN Card, Bank details and other investment documents
The Mumbai Income Tax Tribunal, recently delivered a very important decision on the claim for tax exemption on HRA (House Rent Allowance). Let us analyse the decision in details, with its ramification and relevance R
Taxation of rent received The Income Tax Act of India has a specific head of income, titled â€˜Income from house property‘, to tax the rent received by an owner of a property. So, any R
The rental housing market has many options, available at various rates. Consequently, it may be difficult for a prospective tenant to figure out how much to spend as rent. The answer to this, depends R
Significant element of coercion, government's fequent change of stance and lack of trust brought in a confrontationist attitude and led to the failure of Pradhan Mantri Garib Kalyan Yojana.
Existing TDS provisions on rent paid Tax deduction at source (TDS), is a process in which the payer of the income, pays you the income after deducting tax at the prescribed rates. The existing R
Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 25,000 in cash against gold, the Reserve Bank said today.
As per provisions in the Income Tax Act, the amount transferred from recognised PF/superannuation fund to NPS will not be treated as income of the current year and is hence not taxable.
Keeping up the heat, the income tax department will issue statutory notices to all those who have failed to respond to its SMS and e-mail queries seeking explanation on bank deposits made after demonetisation.
As per the income tax laws, any profit on sale or transfer of your house or land becomes taxable, in the year in which you transfer the same. As per the Transfer of Property R
Financial planners and experts seem to be in agreement that Equity Linked Savings Schemes (ELSS) is the best investment avenue under Section 80C of the Income Tax Act since it outscores other options in terms of liquidity and returns.
As a consultant you are required to pay a flat 10 per cent tax on income while an employee is taxed as per applicable slab, the highest being 30 per cent along with surcharge.
Cash purchases of jewellery will attract 1 per cent TCS (tax collected at source) from April 1 if the amount exceeds Rs 2 lakh, as against the current threshold of Rs 5 lakh.
Stating that the tax incentive for second home loan borrowers is being virtually misused, revenue secretary Hasmukh Adhia, on February 4, 2017, citing limited resources, said that it was prudent to subsidise first-time buyers R
Experts feel NPS continues to be a good retiral product for the salaried segment since it is market-linked and professionally managed.
Tax benefit on loan repayment of second house will be restricted to Rs 2 lakh per annum, Finance Bill 2017 has proposed, a move that may hit hard those making big savings so far as there have been no limits on set off from such property.
Minimum Alternate Tax is at present levied as an advance tax.
In its budget proposal to the Finance Ministry, Sebi has recommended reducing the securities transaction tax (STT) on stock trading, sources said.
Health insurance providers feel tax incentives to salaried class on purchase of health insurance should be raised. Also, exemption of service tax on health insurance premiums and preventive health check-ups can prompt more people to buy health cover.
Prominent startup industry bodies including Indian Angel Network, NASSCOM, Indian Venture Capital Association, TiE and Mumbai Angels have jointly appealed to the government to review taxation policies that adversely impact the startup ecosystem.
The current government, in its first budget, had raised the deduction on interest paid to Rs 2 lakh from Rs 1.5 lakh. For first time home buyers, the NDA government had also, in its second budget allowed for an additional deduction of Rs 50,000 on interest on home loan.
To simplify the provisions of the Income-tax Act, 1961, a Committee under the chairmanship of Justice Easwar was constituted on October 27, 2015.
Ketan Dalal, Senior Tax Partner at PwC adds that the incremental taxing of offshore fund investors will cause panic.
"By just depositing it (unaccounted money), you don't avoid the responsibility of paying tax," he said when asked about surge in deposits in banks following withdrawal of high denomination currency notes.
A top source in the government said the amendment to the Income Tax Act had to be passed by the Lok Sabha today without discussion as it was a necessity because of "law and politics".