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Category Archives: Income Tax

Salient Features of Finance Bill, 2018

Salient Features of Finance Bill, 2018 No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax . However Education cess is being increased from 3 to 4 % to be known as Education and Health cess. However for Domestic Companies having total turnover or gross receipts  not exceeding  […]

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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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Advance Tax Payment: Due Dates And Interest on Late Payment

Salaried, freelancers and businesses– If your total tax liability is Rs 10,000 or more in a financial year you have to pay advance tax. Advance tax applies to all tax payers, salaried, freelancers, and businesses. Senior citizens, who are 60 years or older, and do not run a business, are exempt from paying advance tax. Presumptive […]

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