Suraj Nangia

Budget 2019 needs to introduce provisions to deal with splitting of MF portfolio

Union Budget 2019 India: The Securities and Exchange Board of India (Sebi) allows a mutual fund to segregate the downgraded or bad debt securities from the investment grade securities into a separate scheme with a separate Ne

INDIA BUDGET 2019 News

Govt crackdown on Ponzi schemes aimed at protecting the small depositor

The fate of the existing unregulated schemes is still unclear and the depositor may have to wait for some time to hear some announcements from the government on this new legislation.

ponzi schemes, ponzi News

Budget 2019: Govt makes income tax compliance easy by processing refund in 24 hours

The Interim Budget announced the I-T department's upcoming project wherein ITRs would be processed within 24 hours and refunds, if any, issued simultaneously.

Budget 2019 News

Capital gains tax: Sold house? Now buy a new one in your name

Though I-T Act does not prohibit taxpayers from buying a new house in the name of close relatives, it is better that the owner of the property sold becomes the title holder in the new house property to get LTCG tax exemption.

tax exemption, sold house, house tax exemption News

Bad news for families using HUFs to save tax, this effective tool may be gone soon

Under the Indian Income Tax Act, 1961 also, HUF has been identified distinctly from the family members as a ‘person’ and its income is taxed as a separate legal entity.

HUF, tax planning, tax planning tool, Hindu Undivided Family, Indian law News

Income Tax: No provisions in I-T Act for revision in Form 15H, 15G

The different types of ITR forms released are based on various sources of income earned.

itr, it return News

Income Tax: You have to pay 20% tax on capital gains made from property sale

Whenever a property is sold in India, the seller makes a capital gain.

itr filing, income tax return filing, income tax efiling, itr filing 2018 News

Income Tax return: Know who can opt for presumptive taxation scheme

Besides presumptive business income, ITR4 or Sugam allows declaration of income from salary/ pension, income from one house property and income from other sources.

its, income tax News

Income Tax: Benefit of capital gains not available on commercial property

Benefit of capital gains not available on commercial property

Financial Express/ Form 60 News

Explained: How limited scrutiny approach can avoid pendency of tax litigation cases, arrears and delays

With the Modi government tightening its noose on tax evaders, there has been a tremendous rise in the number of prosecutions initiated by the income tax department. Taxpayers are receiving notices requiring them to furnish de

tax, income tax News

Income Tax: 10% TDS on joint development agreement for property purchase

If one have entered into a joint development agreement with seller, then there is a liability to deduct TDS @10% for the monetary consideration (i.e., other than kind) while making payment.

Income Tax News

Is married daughter considered as member of Hindu Undivided Family (HUF)?

A married daughter is considered as members of the HUF as per the Hindu law.

Money News

Income Tax: Deadline for filing belated ITR of Assessment Year 17-18 is over

Employees need to submit Form 12BB to their employer, mentioning the property owner’s name, address and the PAN.

tax, income tax News

Tax on builder income on transfer of property to buyer – All you need to know

A Bombay High Court order has linked the taxability of builders’ income with the year in which it was earned and not just when the advance payment was received.

property market in India, gurgaon circle rates, Circle rates hiked, property markets in NCR, noida, greater noida, gurgaon, property prices News

Income Tax: You do not have to pay tax on gift received on marriage or by will

You do not have to pay tax on gift received on marriage or by will.

mothers day 2018, happy mothers day wishes, mothers day gifts, investment, tax returns, tax saving gifts, mothers day ideas News

Income Tax: For purchase of property of above Rs 50 lakh, 1% tax has to be deducted on payment

Income tax returns already filed for financial year 2016-17 (i.e., assessment year 2017-18) can be revised till March 31, 2019.

tax, income tax, itr form News

Give landlord’s PAN to employer if year’s rent above Rs 1 lakh

There is no requirement to quote PAN of landlord while filing ITR. Considering you are a salaried assessee, PAN of landlord must be furnished to the employer as aggregate rent paid for the year is above Rs 1 lakh.

pan, pan card, pan details, rent, income, personal finance, money News

Income Tax: Gifts worth more than Rs 50,000 from colleagues liable to tax

As per the Income Tax Act, 1961 if the value of gifts received is more than `50,000 a year, then such amount is taxed as income in the hands of the receiver. These gifts may be in any form—cash, jewellery, movable and immov

As per the Income Tax Act, 1961 if the value of gifts received is more than Rs 50,000 a year, then such amount is taxed as income in the hands of the receiver. News

Income Tax: If income above Rs 50 lakh, you have to disclose cost of assets in ITR form

ax exemption can be claimed by investing the sale proceeds in new residential property jointly as well.

tax, income tax, itr form News

Tax benefits continue to accrue even after PPF a/c is transferred to another bank

As per the PPF scheme of the government, subscribers can transfer their PPF account from one authorised bank or post office to another.

tax benefits, PPF, Public Provident Fund Accounts, income tax News

Income Tax: LTCG tax on the sale of property based on higher of stamp duty value or fair market value

Where the sale consideration received or accruing on transfer of a capital asset, being land or building or both is less than the stamp duty value, then the stamp duty value (SDV) is deemed to be the sale consideration.

Where the sale consideration received or accruing on transfer of a capital asset, being land or building or both is less than the stamp duty value, then the stamp duty value (SDV) is deemed to be the sale consideration. News

Tax talk: Buying property to save LTCG? Check out furnished homes

Purchasing property for investment purposes and selling it later at a higher price has become common practice. If you sell real estate for a profit, you will need to pay capital gains tax on the money.

home buyers, capital gains tax, capital gains, sale of property, LTCG, LTCG tax, house buyers, property buyers, real estate News

Provident Fund: To claim final PF settlement, you have to be out of job for two months

According to the EPF Act, to claim final PF settlement, one has to retire from service after attaining 58 years of age or should have been out of job for straight 60 days

Provident Fund, PF settlement, money, personal finance News

Income Tax: LTCG not invested in bonds u/s 54EC by ITR filing date has to be deposited in CGAS bank

Section 54EC provides that if an assessee invests LTCG within a period of six months from the date of transfer in specified assets (bonds of NHAI/REC) then LTCG so invested shall be exempt from tax.

LTGC, income tax, ITR filing, CGAS, capital gains account scheme News

Income Tax: Indexation benefit on capital gains if property held for more than 2 years

If the plot of land you own has been held by you for a period more than 24 months, then you shall be entitled to the indexation benefit on its sale.

income tax, indexation benefit, capital gains News

Big Income Tax query answered! NRIs are subject to tax in India only in respect of India sourced income

NRIs are subject to tax in India only in respect of India sourced income

Income Tax query, income tax for NRI, Agricultural income, Education Cess, tax liability, non agricultural income, SHEC News
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