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

Income tax is an essential part of every citizen’s financial responsibility in India, and it becomes even more critical for senior citizens and pensioners. As you transition into your retirement years, understanding the tax implications of your income sources, deductions, and exemptions can significantly impact your financial well-being. In this guide, we’ll explore the income tax aspects specific to senior citizens and pensioners in India.… Read more

A perquisite is a benefit or privilege that is given to an employee in addition to their regular salary. Perquisites can be either taxable or non-taxable, depending on the nature of the benefit.… Read more

The Income Tax Department (I-T dept) has notified new rules for valuing rent-free homes provided by employers. The new rules came into effect on September 1, 2023.… Read more

The punishment and penalty for submitting a fake rent receipt to claim HRA (House Rent Allowance) in India can vary depending on the circumstances. However, in general, the offender could face the following:… Read more

The Goods and Services Tax (GST) is a comprehensive indirect tax levied on goods and services throughout India. The GST was introduced in 2017 and replaced a number of other indirect taxes, including the Service Tax, Value Added Tax (VAT), and Central Sales Tax (CST).… Read more

Section 112A of the Income Tax Act, 1961, India, was introduced in the Budget of 2018. It provides for taxation of long-term capital gains on listed securities at 10% for gains exceeding the threshold limit of Rs. 1 lakh.… Read more

In India, the Income Tax Act categorizes various sources of income for taxation purposes. While most people are familiar with income from salaries, business, and investments, there is a category called “Income from Other Sources” that encompasses diverse earnings not covered under the other specific heads. This blog aims to shed light on what constitutes income from other sources and how it is taxed in India.… Read more

Section 115JD of the Income Tax Act, 1961, was introduced to provide relief to certain taxpayers who have accumulated long-term capital gains (LTCG) but wish to convert their capital assets into new assets. Under this section, taxpayers can claim credit for the taxes paid on LTCG, subject to certain conditions. In this blog, we will explore the provisions of Section 115JD, its applicability, and the claiming procedure for the tax credit.… Read more