Amarpal Chadha

TDS and GST on rent: Tax deducted at source of 5 pct to be cut on rent of over Rs 5

Kindly clarify my doubts regarding TDS and GST on rent received from commercial buildings. My mother who is a senior citizen and my two sisters jointly own commercial buildings (ancestral).

Kindly clarify my doubts regarding TDS and GST on rent received from commercial buildings. My mother who is a senior citizen and my two sisters jointly own commercial buildings (ancestral). News

Income Tax returns: Is rental income from property taxable in hands of homeowners?

As per the Income Tax Law the rental income would be taxable in the hands of owner of the house property.

fe queries, faq on income tax, income tax queries, queries about investments News

Income tax: Gratuity for employees raised to Rs 20 lakh; here is how you will benefit

The Centre has recently approved an amendment that seeks to increase the maximum limit of gratuity for private and public sector employees fromRs 10 lakh to Rs 20 lakh. Here’s how you will benefit

Income tax, Gratuity, employees News

Provident fund balance withdrawal is taxable for this reason

Withdrawal of the accumulated balance from a recognized PF is taxable if the employee has not rendered continuous service for five years or more to the employer, subject to certain exceptions.

Provident fund, PF, tax, SMS News

Tenant has to give landlord’s PAN to employer if rent is more than Rs 1 lakh per year

Your tenant is not required to quote your PAN in his income tax return.

India News

You can set-off short-term capital loss only against short-or long-term capital gains

Short-term capital loss can be set off only against short-term capital gain or long-term capital gains.

gst, gst news, gst latest news, gst india, GST receipts, area based tax sops, what is area based tax sops, all about area based tax sops, ccea News

How to stay safe from phishing emails from fake income tax department IDs

Akshay got an e-mail to complete his return of income by authenticating his bank account details so that a refund of `19,870 could be credited to him in a week’s time.

How to stay safe from phishing emails from fake income tax department IDs

Income tax filing: Claim benefit on interest payment on second house loan of up to Rs 2 lakh

Assuming your total taxable income for FY 2016-17 is below Rs 2.5 lakh, as per income tax provisions it is not mandatory to file return of income.

Economy News

Your queries: Tax exemption on gratuity continues to be Rs 10 lakh in absence of amendment

Current income tax law provides maximum tax exemption limit of Rs 10 lakh on gratuity. Accordingly, till any amendment this limit will be applicable.

Money News

Are non-income tax payers required to link Aadhaar with PAN? Find out here

The CBDT has clarified that mandatory quoting of Aadhaar or enrolment ID shall apply only to a person who is eligible to obtain Aadhaar number.

Aadhaar, PAN, PAN news, Aadhaar latest news, income tax payers, non-income tax payers News

Foreign assignments: Here’s how to avoid double social security liability

Social security cost has been an important consideration when evaluating an overseas assignment. For example, Indian employees travelling to overseas countries on an assignment would be required to contribute towards Indian s

Foreign assignments: Here’s how to avoid double social security liability

Income tax return: Do super senior citizens have to file returns?

Super senior citizen with income below Rs 5 lakh and no refund claim need not file I-T return

Income tax return, Income tax return for senior citizens, Do super senior citizens have to file income tax returns, tds, all about income tax returns News

Income tax returns: Here’s why you must link PAN with Aadhaar

You have to link PAN with Aadhaar even if you are not liable to pay tax or file income tax returns.

Economy News

Deduct 1% tax on purchase price of property exceeding Rs 50 lakh

My wife runs a business with a turnover of Rs 35 lakh with business income of Rs 1,25,000 and commission income of Rs 7,50,000 per annum.

Money News

Income tax: How to calculate capital gains tax on sale of old jewellery

Calculate capital gains tax on sale of old jewellery based on fair market value at time of purchase.

capital gains tax, old jewellery sale, stock market, income tax, return of income tax, IRIS News

Income tax: As new fiscal starts, here’s what you should be aware of about cash transactions

Promoting digital economy and demotivating cash transactions was one of the key agendas in the Union Budget 2017.

Economy News

You can link your Aadhaar with PAN by logging in to I-T dept’s e-filing portal

There is no requirement to visit the income tax department to link Aadhaar with PAN. It can be done by logging-in to the income tax department’s e-filing portal (https://incometax indiaefiling.gov.in/).

Money News

Income Tax and Budget 2017: Here’s all you need to know about tax maths for let-out property

Under the existing provisions, the loss arising (due to interest deduction) from income from house property was allowed to be set off fully against income from any other source.

Income Tax and Budget 2017: Here’s all you need to know about tax maths for let-out property

Income Tax saving investments: Top 5 options available for high-income individuals

The Finance Bill 2017 has proposed a surcharge of 10% of total taxes for taxpayers having income between R50 lakh to R1 crore.

Money News

Income tax: All you want to know about changes in personal tax over last 5 budgets

Traditionally, increase in tax slab has been one of the most popular ways of granting relief to the individual taxpayers.

Budget 2018 News

Demonetisation: What a salaried individual needs to keep in mind

THE effect of demonetisation is comparatively less on the salaried class as they receive salary after tax.

Enforcement Directorate, Maharaja Tailor, ED, demonetisation, Inderpal Mahajan News

Income tax deductions: Get home loan tax sop via housing society certificate

IT’S that time of the year when your employer asks you to submit proofs against investments to claim income tax deductions.

Income tax deductions: Get home loan tax sop via housing society certificate

Income tax: Declare dividend income in tax returns

Dividend from foreign companies are taxable and there is no exemption available as per the Indian tax laws.

Income tax: Declare dividend income in tax returns

From disclosing LTCG in I-T returns to Income tax, here are answers to your queries

Deduction on interest earned from savings bank accounts in banks, co-operative society (engaged in banking), post office is allowed against taxable income up to Rs 10,000 per annum.

I-T returns: July 31 deadline nears, here are risks and penalties if you skip the deadline or avoid filing News

Pay your advance tax on time to avoid penalty

Advance tax is the income tax required to be paid in advance on estimated income of a tax year. The onus of estimating the taxable income and discharging the due tax liability on such income in advance, is on an individual ta

Banking & Finance News

Tax Talk: New disclosure norms as per ITR forms for FY16

The clock is ticking towards the tax filing due date of July 31, for financial year 2015-16. Release of the tax return forms by the revenue authorities triggers the tax return filing process. We have discussed a few of them a

Tax Talk: New disclosure norms as per  ITR forms for FY16

Tax Talk: Taxability of EPF, NPS & annuity purchased

The Budget has been the hot topic of discussion considering the proposed taxes on the Employee Provident Fund (EPF). Uncertainty created by the language of the provisions and the proposal to tax EPF at withdrawal has not been

tax, epfo News
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