Maintaining proper books of accounts is a fundamental requirement for businesses and professionals in India. It is not only crucial for financial transparency but also a legal obligation. Section 44AA of the Income Tax Act lays down the rules and regulations governing the maintenance of books of accounts for different categories of taxpayers. In this comprehensive guide, we will delve into the key provisions of Section 44AA and the importance of maintaining accurate financial records in India.… Read more

Real estate is a cornerstone of investment for many in India. However, it’s essential for property buyers and owners to have a comprehensive understanding of the direct tax implications associated with real estate transactions. This blog delves into the current tax rates and explores tax-saving mechanisms to help property owners and investors make informed financial decisions.… Read more

Section 54 and Section 54F of the Income Tax Act, 1961 (the Act) provide for exemption from tax on long-term capital gains (LTCG) arising from the sale of certain assets, subject to certain conditions. Section 54 provides for exemption on LTCG arising from the sale of a residential house property, if the taxpayer invests the sale proceeds in a new residential house property within a specified time frame. Section 54F provides for exemption on LTCG arising from the sale of any asset other than a residential house property, if the taxpayer invests the sale proceeds in a new residential house property within a specified time frame.… Read more

The penalty for not deducting TDS on rent is as follows:… Read more

The Kolkata Municipal Corporation (KMC) has introduced a new property tax waiver scheme to encourage citizens to pay their tax dues and earn incentives. Under the new scheme, property tax defaulters will be eligible for a 50% interest waiver and a 99% penalty waiver on the due amount if they pay their entire dues within two years.… Read more

The Mira-Bhayandar Municipal Corporation (MBMC) has recently decided to hike property taxes on rented commercial properties. The new tax rate will be 20% of the annual rental value, or Rs. 10 per square foot, whichever is higher.… Read more

Income from other sources is a residuary head of income under the Income Tax Act, 1961. It includes any income that is not covered under the other four heads of income, which are:… Read more

Surcharge on income tax in India is an additional tax that is levied on top of the regular income tax. It is a percentage of the income tax payable, and is calculated based on the taxpayer’s income.… Read more

Inheriting a property in India can be a momentous event in your life, often carrying sentimental value and potential financial benefits. However, it’s crucial to understand that inheriting a property also comes with certain tax implications that can impact your financial planning. In this blog, we’ll delve into the tax implications of inheriting property in India, helping you navigate this complex aspect of property ownership.… Read more

The Goods and Services Tax (GST) is a value-added tax (VAT) introduced in India on July 1, 2017. It is a single tax that is levied on most goods and services sold in India. The GST rate for real estate in India is 5% for under-construction properties and 1% for affordable housing.… Read more