Income from renting of properties is taxed at a flat rate of 10%.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Budget has levied a pollution cess on petrol, diesel cars and SUVs and offered a one-time compliance window for domestic black money holders slapping a tax and penalty of 45 per cent.
The people of the nation co-operated and patiently waited for the government's promised "ache din", and now they want their just rewards, says Adhil Shetty.
As Jahangirpuri's C-Block remains heavily barricaded and under tight security following last week's violence, several residents Friday said they are unable to open their shops or go to work due to restriction on movement which is affecting their livelihoods.
Frequent chants of "netaji amar rahe, amar rahe amar rahe (long live netaji!)" by lakhs of people rent the air.
The Reserve Bank on Wednesday came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees. As per the revised guidelines, which shall come into effect from January 1, 2022, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers. The RBI said it has reviewed the 'Deposit Locker/Safe Custody Article Facility provided by the banks' after taking into consideration various developments in the area of banking and technology, nature of consumer grievances and also the feedback received from banks and Indian Banks' Association (IBA).
The race for VIP perks has pernicious consequences and is undermining the elite's authority
Sidharth Narayanan who has spent 15 years in the IT industry, shares his insights from his personal experiences.
But do not expect the finance minister to fulfil all these wishes
Besides LTCG tax relief, permitting taxpayers to declare two houses as self-occupied brings a huge relief.
Priyanka has been told that if she stays beyond August 1, she will have to pay penalty.
The government has made employers responsible for verifying whether the claims filed are according to the law. Earlier, companies went only by self-declaration of employees.
Whatever you do, continue to pay your loan EMIs and insurance premiums for term and health policies (not investment-based policies) on time. Then try to buy yourself some breathing space, says Harsh Roongta.
The martyr's father Udham Singh said he was proud of his son, but wanted that Pakistan be given a befitting reply.
Ashok Tripathi, 54, who ran a company in Odisha, and Vaibhavi Bandekar Tripathi, 51, who worked in a firm at Bandra-Kurla Complex in neighbouring Mumbai, had separated following court orders, an official from Kapurbawdi police station in Thane said on Monday.
'The government is not ready to talk to us. They have their own agenda.'
The monetary authority said it was worried on three fronts with regard to inflation as well as the economy.
In an online chat with readers on July 8, Anil Rego answered their tax queries. Here's the chat transcript in case you missed the chat
'Adani can attract vessels at a much lower cost to Vizhinjam as he has the financial muscle to do so.'
There is a narrow chance that the central bank may cut rates in the future, according to a poll of 15 economists and treasurers.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'Most importantly, marking a departure from the past, the RBI has made it clear that it is not overtly worried about the level of the local currency,' notes Tamal Bandyopadhyay.
"This is FAKE NEWS. I have not made any such request to the government. As per the eviction letter handed to me on the 1st of July, I will be vacating the government accommodation at 35 Lodhi Estate by the 1st of August," she said in a tweet.
As on July 31, the valuation of his shareholding in the company stood at Rs 9,830 crore.
A list of protocols drawn up by the French Tennis Federation (FFT) to ensure the tournament can take place safely amid the COVID-19 pandemic.
A combination of farm loan debt waivers by state governments and the implementation of the pay commission award could entail some fiscal slippages and pose a risk to inflation
A disciplined, systematic investment habit started at a young age is normally sufficient to meet modest goals without having to sacrifice a normal comfortable lifestyle, suggests Harsh Roongta.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
'A male constable addressed my mother using profanities.' 'They said nothing could save our home from being bulldozed.' 'They want to make my father their sacrificial goat.'
The Supreme Court on Thursday set aside the Karnataka high court order quashing the charge sheet against an accused in the murder of journalist Gauri Lankesh for purported offences under provisions of the Karnataka Control of Organised Crimes Act.
Evaluate recurring investment products and do the numbers before making any investments.
'The Chinese devalued the yuan initially but then stopped'.
'Even after Awaara Hoon and Mera Joota Hai Japani, between 1946 to 1963, there were plenty of upheavals in his career. My parents had moved into two rooms of a chawl, with an attached bathroom, by then, but life was hard, and often there was no food at home.'
While some trade union leaders have welcomed the move, industry has opposed it, fearing an increase in its wage bill
The new definition under the Code of Wages, 2019, includes three components: basic pay, dearness allowance and retention payment.
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
Many exemptions make little sense, such as a monthly exemption of Rs 100 for college education and Rs 300 for hostel fees.
Miss World 2024 will be crowned in India soon. Long before Aishwarya Rai and Priyanka Chopra, Yukta Mukhey and Diana Hayden, a beautiful woman from Bombay was crowned Miss World. In 1966. Reita Faria was India's first Miss World. Vaihayasi Pande Daniel/ Rediff.com met the 80 year old in Dublin recently, still as elegant, still as attractive as she was all those years ago.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
