Income Tax

Income Tax amendments related to Business are discussed here. I have covered 8 general points. The points specifically applicable to certain industries are not written here. Point # 1 Payment by an employer of employee contribution to a fund on or before the due date Example – MK Steels Private …

Too much information is available on the Budget now. When I see a series of graphs, it reminds me of an ECG report! So, I don’t wish to repeat or burden you with such detailing. Maybe we will look at some important points and a few interesting data, only Points….. …

I have covered 6 points under Income Tax proposals which will impact the salaried employees and other individual taxpayers. Point # 1 Relaxation for a certain category of senior citizens from filing return of income-tax It would have been a sincere Pranam to Senior citizens had the Government proposed that …

Governments lie; bankers lie; even auditors sometimes lie. Gold tells the truth. Borrowers will default. Markets will collapse. Gold prices (the ultimate form of safe money) will skyrocket. I suppose this is why people buy Gold. Of late, many of you would have noticed that Financial Advisors have developed a …

Those who have filed their Income Tax Return for AY 2020-21 would have got a mail from the IT Department with the above image mentioning “Honoring the Honest-Use/Share the Proud Filer Badge” Hope you remember, a few months back, the Central Government launched a Scheme called Honoring the Honest. The …

“A chain is only as strong as its weakest link” – Someone must have reminded the Government of this proverb and from thereon, the Government has relentlessly engaged in linking business’. They don’t want to leave any weak links in any financial transactions. They have done straight links, cross links …

Meaning: Buy-back of shares, in simple terms, means the purchase by a Company of its own shares in accordance with the provisions of law. There are two modes of buy-back: Direct buy-back- i.e. directly from the shareholders (Off-Market deals) Buyback through stock exchange (On-Market deals) Let us understand the various …

If you are an individual, taken a house / flat on a monthly rent of Rs.50000, you have to deduct tax (TDS) at the rate of 5% and pay it to the government. Are you aware of this TDS provision on Rent? If not, here you go- A new Section …

Hello My NRI friends, Do you own a property, say House, plot or a flat in India? In case you hold one and decide to sell such property, you are subject to Capital Gain Tax. How much taxes are to be paid? It depends on the period of holding of …

Here is a query from one of our clients. His father-in-law sold a flat and reinvested the money in another flat in December 2017 and claimed tax exemption u/s 54 of the IT Act. He wants to know will the tax exemption claimed u/s 54 be withdrawn if he decides …