Section 45 provides that any profits or gains arising from the transfer of a capitalasset effected in the previous year will be chargeable to income-tax under the head ‘Capital Gains’. Such capital gains will be deemed to be the income of theprevious year in which the transfer took place. Capital gains are generally associated with […]
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Capital gain tax on Sale of Residential Property : Section 54 of Income Tax Act gives relief to a taxpayer (Individual or HUF) who sells his residential property and from the sale proceeds he acquires another residential house. An Individual or HUF who sells a residential property should report such income or loss as Capital
How to Save Capital Gain Tax on Sale of Residential Property? Read More »
As per Section 206C of the Income Tax Act, 1961 the seller collects tax from the buyer on behalf of the government at the time of the sale. This tax is applicable to only some of the goods mentioned in the table under Section 206C. Applicability and Rates (i) Sale of certain goods Under section 206C(1),
Guide on Tax Collected at Source TCS under Section 206C of the Income Tax Act, 1961 Read More »
In case an assessee, other than an assessee who declares profits and gains in accordance with the provisions of section 44AD(1) or section 44ADA(1), who is liable to pay advance tax under section 208 has failed to pay such tax or the advance tax paid by such assessee on its current income on or before
Section 234C – How to Calculate Interest payable for deferment of advance tax? Read More »
Introduction (1) Interest under section 234B is attracted for non-payment of advance tax or payment of advance tax of an amount less than 90% of assessed tax. (2) The interest liability would be 1% per month or part of the month from 1st April following the financial year upto the date of determination of income
How to calculate Interest under Section 234B of Income Tax Act, 1961? Read More »
Tax shall be payable in advance during any financial year, in accordance with the provisions of sections 208 to 219, in respect of an assessee’s current income i.e. the total income of the assessee which would be chargeable to tax for the assessment year immediately following that financial year [Section 207]. Provision in the Income Tax Act,
Advance Tax : Practical Guide on Section 207 to Section 219 Read More »
Section 194IB requires any person, being individual or HUF, other than those individual or HUF whose total sales, gross receipts or turnover from the business or profession exceeds Rs. 1 crore in case of business and Rs. 50 lakhs in case of profession in the financial year immediately preceding the financial year in which such
As per Section 194IA Every transferee responsible for paying any sum as consideration for transfer of immovable property (land, other than agricultural land, or building or part of building) to a resident transfer shall deduct tax, at the rate of 1% of such sum or the stamp duty value of such property, whichever is higher.
Section 194IA : TDS on Purchase of Immovable Property with Latest Case Laws Read More »
Section 194I : Applicability and Rate Any person other than individual or HUF, who is responsible for paying to a resident any income by way of rent, shall deduct income tax at the rate of: (i) 2% in respect of rent for plant, machinery or equipment; (ii) 10% in respect of other rental payments (i.e.,
Section 194I – A Complete Guide on TDS on Rent Paid as per Income Tax Act, 1961 Read More »
Applicability of Section 194J and Rate of TDS Every person other than an individual or a HUF, who is responsible for paying to a resident any sum by way of – (i) fees for professional services; or (ii) fees for technical services; or (iii) any remuneration or fees or commission, by whatever name called, other
Section 194J : TDS on Fees for Professional or Technical Services Read More »
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