Investments in real estate have just got a bit costlier. Since April 2010, an additional amount in the form of service tax is being collected from buyers, on under construction properties. So what is this service tax and who is deemed to pay it?
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
The government on Thursday clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability.
To give impetus to the real estate sector, Goyal proposed to extend the period of exemption from levy of tax on notional rent on unsold inventories from one year to two years.
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To get what it thinks are its dues, its brass have directed; construction, realty, renting of property, personnel supply, security & goods transport among those under lens
Investments and expenses under section 80 C allows various tax benefits, says Harjot Singh Narula
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
A 'will' unlocks many exclusive tax advantages which are otherwise not available to taxpayers. Here are five important ways in which a will can save you tax. . .
The Democratic Front, in its manifesto, also sought to tap rural voters by promising at least 200 days of job under the National Rural Employment Guarantee Act.
According to the Income Tax Act, certain transfers can be considered void without a tax-clearance certificate (Section 281B).
The investigation wing of the Income Tax department on Tuesday conducted searches at about 20 premises of the Yash Birla group in Mumbai and New Delhi for alleged tax evasion.
When errors crop up due to lack of awareness you could end up evading tax unknowingly. That could turn out to be a costly mistake somewhere down the road. So be wise, get your tax facts right. Here is a quick sample checklist for you.
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
Can't believe you can file your income tax return without Form 16? Read this...
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Such investments come with their own share of risks and buyers may need to hold on for at least 5 to 10 years.
The richest one per cent in India now own more than 40 per cent of the country's total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on Monday.
The Central Board of Excise and Customs (CBEC) have tightened noose on commercial renting of immovable property and telephone companies by receiving information through other sources to detect any possible evasion of service tax.
You can carry forward losses and revise the returns umpteen times in case of mistakes.
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
To decide whether capital gains on surrender of call options are taxable
'Many non-resident taxpayers faced issues in filing Form 10F since the portal didn't allow those who didn't have PAN to file the form.'
Exemptions, and the fact that farm income is outside the tax net, ensure that India's tax-GDP ratio stays low.
The eight-member team will also put Chhota Rajan, Chhota Shakeel, Abu Salem and other underworld dons under the scanner.
'The rising cost of construction, the cost of doing business, high compliance, and inflation/interest rates going up have already reduced returns to single digits.'
The richest one per cent in India now own more than 40 per cent of the country's total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual Meeting in Davos, rights group Oxfam International said that taxing India's ten-richest at 5 per cent can fetch entire money to bring children back to school. "A one-off tax on unrealized gains from 2017-2021 on just one billionaire, Gautam Adani, could have raised Rs 1.79 lakh crore, enough to employ more than five million Indian primary school teachers for a year," it added.
After sale of original property, you need to either buy a flat or construct a house. Else you will be taxed.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
With prices unlikely to run up sharply, genuine buyers can start readying deals before the festival season starts.
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
Gaming industry is estimated at $40 billion and is expected to reach $59 billion.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Taxpayers need not invest proceeds from sale of property strictly within 180 days from date of sale to get exemption under Section 54EC.
People were still frantically searching for their loved ones as police said 19 people were still unaccounted for.
Inheritance tax only helps the lawyers: Rajan
New York City says the governments of India and Mongolia owe it over $18 million in property taxes on buildings these countries use to house staff of their United Nations missions.
Everything about the way Delhi is governed needs to change, Delhi's Deputy Chief Minister Manish Sisodia tells Aditi Phadnis and Akshat Kaushal.
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