Under the I-T Act, if a person has more than one property, one of them may be treated as given on rent even if it is vacant
Selling property below market value can lead to litigation. Tinesh Bhasin offers tips on how to avoid it.
Employers will now need to furnish detailed break-up of exemptions that an employee has claimed.
An income tax tribunal held that the PoA could not be construed as an instrument of transfer concerning any right, title, or interest in the immovable property.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
If you are merely letting out the property and enjoying the rent as an individual or as a company, in most cases, you will need to mention rental income under the head 'income from house property' in the income-tax return form, points out Tinesh Bhasin.
The issue dates back many years when the actor and others proposed bringing Sony TV channel to India.
Tinesh Bhasin explains the tax liabilities that accompany receiving a gift.
Choosing your company's name? MCA lists examples to avoid any duplication. The Ministry of Corporate Affairs made it clear that the use of different phonetic spellings, including the use of misspelled words of an expression, would be treated as same.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
Barely 10% of small businesses are in a GST-ready position, say experts
This will bring down capital gains especially in case of property transactions.
Besides LTCG tax relief, permitting taxpayers to declare two houses as self-occupied brings a huge relief.
When submitting house rent allowance receipts, claiming that you pay rent to a close relative like parents, siblings or spouse, ensure that you have supporting documents to substantiate it.
If your equity gains are less than Rs100,000 in a financial year, you can breathe easy.
Tax experts are nudging the authorities to figure out why so many assessees are not filing their returns.
Called Signature Villa, the property was gifted to him by Nakheel Public Joint Stock Company. The dispute was over whether this was a gift or payment for services Khan had rendered to the company.
'To save the LTCG, it's always better that the owner of the property that was sold also becomes the title holder in the new one.'
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
It's better to inform your new employer about income earned and deduction availed with the previous one.
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
'So far, the government has sanctioned more than Rs 300 billion as GST refunds,' Ansh Bhargava and Aditya Singhania point out.
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
Define ownership proportionately at the time of registration to ensure that you don't face problems on taxation front.
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
Foreign Trade Policy: More incentives for exports, focus on ease of trading
Goods like chocolates, chewing gum, shampoo, deodorant, shoe polish, detergents, nutrition drinks and marble will now attract 18% GST>
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
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