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INCOME TAX

Sale Of Property By NRI – How To Save Huge Amounts Getting Blocked As TDS

For Indians, Investing in a house property is common and popular. Many NRIs having own house properties in India and they also sell them. In such cases besides finding a buyer, it is also essential to understand the tax implications in case of sale of property by an NRI, particularly TDS (Tax deduction at source) provisions. If you don’t then a huge portion of sales consideration may get blocked in… Read More »Sale Of Property By NRI – How To Save Huge Amounts Getting Blocked As TDS

Section 234F Late Fees Payable For Default In Furnishing Of Income Tax Return

It is mandatory to note that the payment of income tax and filing of the ITR is two distinct and separate legal obligations under Income Tax. The duty of the taxpayer does not end up just by timely payment of the income tax. In fact, the law of income tax also mandates the taxpayer to file their IT return within the prescribed time limit. To make sure timely return filing… Read More »Section 234F Late Fees Payable For Default In Furnishing Of Income Tax Return

Significant Economic Presence (SEP)

In todays’ world technology plays a vital role in making our daily life simpler. Everything seems impossible without technology whether it is medical diagnose or business operation, communication or education. This COVID 19 pandemic has evidenced the same. During the complete lockdown things has been paused but nothing stopped. Technology has changed every facet of our lives, changing the way we work, learn and shop. There has been an ongoing… Read More »Significant Economic Presence (SEP)

Income Tax Benefits Available on Home loan

Taking a home loan can help you save tax according to the provisions of the Income Tax Act, 1961. In this article we will discuss the tax benefits available under the act. The repayment of Home Loan comprises of two components: 1. Repayment of Principal and 2. Repayment of Interest As the repayment consist of two various components, the tax benefit on home loan is taking care by various sections… Read More »Income Tax Benefits Available on Home loan

What Is Presumptive Scheme For Taxation For Professionals And Can Every Professional Opt For It?

The laws of taxation offer a presumptive scheme of taxation for few professionals. In this article we will discuss about presumptive scheme for taxation for professionals and clear all the doubts. For professionals what is the presumptive scheme for taxation? According to the Section 44ADA of the Income Tax Act, specified professionals have the option to choose for a scheme under which they can offer 50% of your gross professional… Read More »What Is Presumptive Scheme For Taxation For Professionals And Can Every Professional Opt For It?

Taxation of Dividend Income – Complete Guide

Finance Act 2020 has made important amendments to the taxation of dividends. With these amendments the general concept that dividends are exempt is no longer the same. First, we will understand the two types of dividends: Interim Dividend – It refers to the amount paid by the company to their shareholders as dividend during the year. Final Dividend – It refers that for the give financial year the amount paid… Read More »Taxation of Dividend Income – Complete Guide

Income Tax on Share Trading

We all know that an individual’s income from salary, rental income & business income is subject to tax. But what about an individual who get income from sale or buy of shares? Many people spend their lot of time in share market to purchase and sell shares but are not sure of how this income is taxed? Income/Loss from sale of equity shares is comes under the head ‘Capital Gains’.… Read More »Income Tax on Share Trading

Section 206AA Mandatory Requirement of Furnishing PAN-TDS

Section 206AA has been introduced to endow that any person whose receipts are subject to deduction of tax at source i.e. the deductee, shall essentially furnish his/her PAN to the deductor failing which the deductor shall deduct tax at source at higher of the these rates – Applicable rate of TDS or At the rate of Twenty Percent Additional Points Related To Section 206AA No certificate u/s 197 will be… Read More »Section 206AA Mandatory Requirement of Furnishing PAN-TDS