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Step by Step GST Registration – Part I

Introduction It has been 6 months since we entered the GST era, and there are still many businesses across the country – both old and new, that are yet to figure how to register for GST. While the process is seamless due to its online nature, one needs to ensure that the requisite form, i.e. […]

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How to Save Income Tax

Income tax is the unfortunate reality of income. If given a choice, most of us wouldn’t want to pay tax on the income we earn. But we should, because the income tax we pay is an important source of revenue for the government. As citizens of India, we are also consumers of the country’s public […]

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Exemption For Capital Gains

The Income Tax Act has laid out exemptions under Section 54 and Section 54F to help taxpayers save tax on capital gains. (1)Exemption under Section 54 is available on long-term Capital Gain on sale of a House Property. (2)Exemption under Section 54F is available on long-term Capital Gain on sale of any asset other than […]

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Taxation on Sale of Under Construction Property

Let’s assume i bought an under-construction property and payment plan was linked to the construction. The builder and bank either forced me or i voluntarily registered the under-construction property on 1st April 2012 i.e. immediately after the purchase, by making 20% payment as a booking amount on 1st Jan 2012. For the simplicity purpose, i […]

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Gift Taxes and Exemptions

Your parents deposit some money in your account for buying a house. While it’s a help from your parents, have you ever thought about the tax implication on these kinds of transactions? When someone deposits money in your bank account, it is very important to understand the tax rules and possible issues which can pop up […]

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Analysis of 44AD/ 44ADA/44AE

The option of the presumptive scheme has always been an interesting as well as a confusing issue among the taxpayers. With the Budget 2016 coming into the effect from the FY 2016-17, there have been some significant additions / deletions to the scheme, which you should be aware of! The presumptive taxation scheme has been […]

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Capital Gains on Sale of Agricultural Land & 54B Exemption

Many users write to us to find out how they can save tax on capital gains that arise when their parents sell agricultural land or when they sell agricultural land which they inherited. Let’s take a look at what are the exemptions available on capital gains on sale of agricultural land.In some cases, when you […]

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TDS on the Sale and Purchase of Property

TDS on the Sale and Purchase of Property From June 1st 2013, when a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs 50lakhs, he has to deduct TDS when he pays the seller. This has been laid out in Section 194-IA of the […]

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GST Council’s Recommendations – 23rd Meeting

In the GST Council meeting on 10th November, ’17, various decisions were taken with the view to make compliance easier for small tax payers, make composition scheme more attractive for tax payers and reduce the household expenditure for consumers. Let us understand the GST Council’s recommendations in detail: Return filing 1.GSTR-3B filing to be done till […]

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