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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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Decision Taken in 23rd GST Council Meet

The GST Council in its 23rd meeting held in Guwahati came up with a range of new decisions which will lead to easing tax rates and compliance issues. Here are the key points which have emerged so far: In the last three meetings, we have been looking at the 28 per cent tax rate to […]

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GST: What it means for the Common Man?

With the Rajya Sabha passing all the four GST bills in the parliament a week back, the nation’s biggest and revolutionary tax regime GST (Goods and Services Tax) is all set to become a reality soon. Boasted as the most subversive tax reform in the country after independence, GST is expected to curb transactional costs by introducing […]

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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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How and When to Register in Different States under GST?

Have you completed your GST registration but still wondering if you need to register in other states? It’s true, you may have to get your business registered in other states as well. If your operations are limited to a single state, then you need to register in that one particular state. But if you have […]

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