Capital Gains Exemptions u/s 54 AND 54F

Capital Gains Exemptions under section 54 AND 54F In this article, we will focusion solely on difference in Capital Gains exemptions u/s 54 and 54F. When there is sale of property / real estate, there are high chances that it will result in Capital Gain to the owners. When a person is selling a capital asset in […]

Income Tax Filing Software Free Download

Income Tax Filing Software Free Download Internet is full of FREE options including Income Tax Filing Software Free Download. We love our free apps, but some software is worth paying for especially when you put your very personal information such as PAN ( permanent account number), Bank Account details, Address, Employers Details, Brokerage Account details, etc. Now just […]

Tax Free Income Ideas in India

Tax Free Income Ideas in India   We had spoken about the Tax Savings idea in past but what if I showed you some Tax Free Income Ideas in India? You would love it, right? So here I am listing the best options for getting Tax Free Income in India. 1. Interest earned on Tax Free […]

ITR Filing

ITR Filing ITR Filing simply means Income Tax Return Filing with Income Tax Department. And Income Tax Return is standard form which an Income Tax payer uses to file information about his Income and his tax thereon to Income Tax Department. What are the Standard IT Return Forms? Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR7. See details here – IT Return […]

Tax Tips to minimise tax liability

Tax Tips to Minimise Tax Liability As I said before the most effective way to Minimise tax liability is by proper tax planning that help you save thousands in your taxes. But multiple options and confusing advice from your friends and cousins may leave you confused. In this article, we will list down ten effective tax […]

How long do you have to keep your income tax related documents?

How long to keep your income tax related documents? Income Tax Act does NOT specify any time period for which you have to keep these documents. There is absolutely no provision in the Income Tax Act which would suggest for how long the income tax related documents must be kept by the taxpayer. However as […]

Are you paying rent more than 50000?

Are you paying rent more than 50000? As per the latest amendment under section 194 IB of the Income tax Act, 1961, The Individual or HUF should deduct the tax on the rent that they are paying to the resident persons if rent more than 50000 per month or part of a month during the […]

Income Tax Mumbai Offices

Income Tax Mumbai Offices Income Tax department has become very vigilant and many people are getting Income Tax Notices. You may have seen this type of online ad that is being published by Income Tax Department   This notices are primarily sent to people who are suppressing their incomes and trying to evade tax. But […]

Deduction for the rent paid

Deduction for the rent paid If you are a self employed person or a salaried person who does not receive HRA, you can still get deduction for the rent paid on the house. This deduction can be availed even if you are staying with your parents, however there are certain conditions attached that should be […]

Tax treatment of lump sum rent

Tax treatment of lump sum rent   One user asked me on Quora – What is the tax treatment of lump sum rent for 2 years received by me from the builder in lieu of temporary accommodation during the time of renovation? Is this a revenue receipt and chargeable to tax or a capital receipt? […]