Tax Tips

If you are buying property (such as site or house or flat) from a NRI, you have to do TDS (Tax Deducted at Source) @ 20% on the sale value of the property. The seller or the buyer can apply to Income Tax department (International Tax Ward) for determination of the ...

At least in my family, no one at home has subscribed to the idea of buying gold through Gold Exchange Traded Fund (ETF). People prefer physical gold over demat gold! Gold is there to touch and feel, not to see through internet in demat account, is what I have been ...

There are many cases initiated by government departments pending at various Courts. Most of those litigations are not based on merit. It is based on too much interpretation of the law, too less application of common sense and too high arrogance. This has led to multi fold increase in the ...

Everyone would have heard about Gratuity. It is a lump sum payment made by the employer to an employee in appreciation of the past services rendered by the employee. Payment of gratuity is governed by the Payment of Gratuity Act, 1972. This Act provides for a scheme for the payment of  ...

There is no rocket science involved in filing your tax returns.  However, filing returns that is an annual activity coupled with frequent changes in the law, tax returns and formats may make the job bit complex. That’s it. In this article I wish to write about certain points which you ...

Filing income tax return is fairly a simple topic to write. The topic becomes complicated when we discuss about the due date for filing the return, basic exemption limit, whether a  non-resident has to file the return etc. Let me try to make the topic as simple as possible. If ...

Yes. A minor can apply for PAN Card (Permanent Account Number) represented by either parent.  Is PAN card required for a minor? In our practice, we have come across many people who seeks our services to obtain PAN card for their ‘just born’ or ‘just started walking’ kids! When such ...

Karnataka Commercial tax department has issued Notification No. CCW/CR44/2013-14 dated 29-04-2014 with regard to furnishing of details in respect of purchases, sales, and stock transfer electronically Electronic upload [E-Upass] implies submission of Purchases and Sales statements online at the department’s portal. How it helps the trader community? It will minimize disputes ...

This is in continuation of my previous article ‘Invest in FD but still save income tax on Interest’.   TDS on Interest When bankers pays the interest on FD, they have to deduct tax at 10% (called TDS) u/s 194A if the interest is over Rs.10,000/- per year. TDS Exemption ...

Agricultural Income is exempt from income tax as per Section 10 of Income Tax Act, 1961. However, for those people who have non-agricultural income (such as business or salary, etc.) the agricultural income is included for the purpose of computing the tax. Suppose, by including agricultural income, the aggregate income ...