Income Tax

The phrase money trail is scary! It is often associated with investigations into financial crimes. However, I am using the same phrase but not related to investigation or crime. It has to do with our financial transaction management. So, what exactly is a money trail in our context? It involves …

Those reading this note may consider it as the final opportunity to rectify the errors or disclose the missing income or information in the Income Tax Return (ITR) for the Financial Year 2022-23 (i.e., financial year ending 31st March 2023). Try to put your house in order if messed up …

Effective from 1st October, 2023 the Guidance Value of properties in Karnataka is increased by 10% to 30%.   But what is Guidance Value (GV) and how does it affect property transactions? It is the minimum price at which a property is to be registered at the sub-registrar’s office in …

Mr Ramakrishna is someone I have known since my birth. Last seen in 1987, he is now a healthy 92-year-old chain smoker, consuming a pack of cigarettes daily. (I often wonder had he invested in ITC shares instead of cigarettes, he would have been owning a luxurious car and a …

We all enjoy the comfort of home and the flexibility of working from it. However, there is one thing that we universally dislike – Homework! We were annoyed with those teachers from our school days, who were giving Homework, particularly assigned over the weekend. Here is an opportunity for all …

Mr Akasha purchased a Life Insurance policy for Rs.5 Crores with an annual premium of Rs.50 Lakhs. After ten years, in 2033, he will get a maturity value of Rs.11 Crores. What is the taxation on the gain of Rs.6 Crore in the hands of Akasha? If the Insurance policy …

The transfer (or sale) of residential property is subject to taxes in India. The profit (Sale price less purchase cost) is called as Capital Gain. If the residential property such as a house, villa or flat is owned/held for more than 24 months by the owner, it is called as …

All Individual taxpayers invariably know the terms Old Tax Regime (OTR) and New Tax Regime (NTR). A lot of discussions have been done on this topic. If you ask me, the matter is not worth the hype. “Which Regime is more beneficial to me?” is a natural question that comes …

Ramesh and his family are planning for an Australian tour in August 2023, costing Rs.20,00,000 for the entire family. The latest budget proposal requires him to arrange an additional Rs.2,40,000 (20% of the package cost) towards TCS. What is TCS? TCS (Tax Collected at Source) is a sibling of TDS …

Windfall is a fairly known term among finance professionals. As I read, windfall originally referred to fruit that the wind blew from the trees. There was no need to put effort into picking it from tall trees. It is unexpected and easily gained. Suppose, you win a lottery; it is …