The advantages of Filing Income Tax Return in India We had talked about why NRIs should File Income Tax Returns in India and about the advantages of having a PAN Card in India in our previous blogs. In this blog,…
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Permanent Account Number, commonly called as “PAN Card” is 10-digit alphanumeric number issued by Income Tax Authority of India. PAN is now mandatory for majority of high value financial transactions including for opening of Bank Account and buying/selling of property…
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Any sum of money received without consideration—monetary gift may be received in cash or in kind; i.e., cheque, draft, etc.,—by an individual/ HUF will be charged to tax if the aggregate value of such sum of money received during the…
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Repayment of loan between brother and sister does not have any tax implications. However, transfer of money to an individual without any consideration will amount to a gift in the hands of the recipient. There is no gift tax in…
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For individuals and HUFs, ITR 1 to 4 are applicable, depending upon the source/nature of income. Understand the changes in ITR and their impact, so as to prepare better for the tax filing season.
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Although no one can avoid income tax, it is in your own interest to ensure that you are not paying more tax
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If the taxpayer has in his Income-tax (I-T) return declared a particular house property to be self-occupied,
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Rental income from house property situated in India is liable to income-tax in India. The method of computing taxable value of rental income is as follows: Gross annual value less municipal taxes gives the net annual value (NAV). Reduce standard…
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When the thought of paying income tax on our hard-earned money in itself is a detestable exercise,
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If you file the ITR after 31 July but on or before 31 December, the penalty to be paid would be Rs 5,000.
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