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Advance tax is payable by any person, salaried or non-salaried, whose estimated tax liability after adjusting for TDS is Rs 10,000 or more
In order for you to have your own HUF, there need to be minimum of `two coparceners in your family. So you can have your own HUF provided you have at least one child in your family.
In the case of redevelopment of a flat by an individual or an HUF, the “transfer” is deemed to occur in the year in which the completion certificate for the redeveloped property is issued by the local authority.
If the rent payable by each tenant does not exceed the threshold of Rs 50,000, the tenants are not required to deduct TDS at the time of credit or payment of rent to the landlord
You cannot claim exemption under Section 54EC by investing Rs 50 lakh twice in a financial year but the timing of investment could offer some relief, read on
The Income Tax Department has introduced a separate Schedule VDA in ITR forms, and this is where all crypto-related income must be disclosed, a tax analyst said.
You can claim a deduction under Section 80C for contributions made to your own Public Provident Fund (PPF) account, or to the PPF accounts of your spouse or children.
Though the gifts received from maternal and paternal uncle and aunts are not to be treated as income of the niece and nephew but gift received from niece and nephew by the uncle and aunts are treated like any other gifts.
A widow is not a coparcener in her husband’s HUF; she is only a member of the HUF. She is entitled to be maintained from the HUF corpus but cannot demand a partition.
Under income tax rules, when you buy a motor vehicle worth more than Rs 10 lakh, the seller is required to collect TCS at 1% of the sales value from you and deposit it with the government.
For calculating the cost of the redeveloped flat, the original cost is not relevant. What matters is the market value of the redeveloped flat on the date one took possession
Both Sections 54 and 54F are powerful tools for tax-efficient wealth planning but they work very differently and misunderstanding the conditions can lead to costly mistakes
Gifts received from “specified relatives” are exempt. Apart from parents, siblings, and children, this definition also includes the spouse of one’s brother or sister.
Tax transparency must be seen as more than a compliance measure, the finance minister has said, describing it as 'foundation of sustainable development and fiscal resilience'
Under Section 54F, individuals and Hindu Undivided Families can claim an LTCG exemption on the sale/transfer of a capital asset other than a residential house, provided the proceeds are invested in a residential property within prescribed time period
For determining eligibility for Section 87A under the new regime, only normal income is considered and income taxed at special rates is excluded, regardless of the amount
There is a time limit of nine months for processing the ITR but no time limit for issue of refund.
Moneycontrol's Ask Wallet Wise initiative offers expert advice on matters of personal finance and money
CBDT will be sending SMSs and emails to taxpayers who’ve been identified as not disclosing foreign income and assets in the ITR filed for AY 2025-26.
Assuming that the combined holding period for you and your mother exceeds 24 months, the jewellery will be treated as a long-term capital asset
India’s cost of capital is the highest among large economies, which acts as structural drag on economic growth. Ways to lower capital cost are realisable and their introduction is a matter of urgency
Since India does not have an inheritance tax, the money received after a parent's death is treated as inheritance and is fully tax-free, without any limit
If the assessee books an under-construction property or opts for self-construction, the construction must be completed within three years from the date of sale of the capital asset to be eligible for the exemption
In case the taxpayer goes for self-construction or books an under construction property, the law requires that the construction of the house needs to get completed within three years from the date of sale of the existing house property.
An individual aged 60 or above (a senior citizen for income tax purposes) is exempt from paying advance tax as long as he has no income taxable under “profits and gains of business or profession.”
