Income from other sources is a residuary head of income under the Income Tax Act, 1961. It includes any income that is not covered under the other four heads of income, which are:
Surcharge on income tax in India is an additional tax that is levied on top of the regular income tax. It is a percentage of the income tax payable, and is calculated based on the taxpayer’s income.
Inheriting a property in India can be a momentous event in your life, often carrying sentimental value and potential financial benefits. However, it’s crucial to understand that inheriting a property also comes with certain tax implications that can impact your financial planning. In this blog, we’ll delve into the tax implications of inheriting property in […]
The Goods and Services Tax (GST) is a value-added tax (VAT) introduced in India on July 1, 2017. It is a single tax that is levied on most goods and services sold in India. The GST rate for real estate in India is 5% for under-construction properties and 1% for affordable housing.
Income tax is an essential part of every citizen’s financial responsibility in India, and it becomes even more critical for senior citizens and pensioners. As you transition into your retirement years, understanding the tax implications of your income sources, deductions, and exemptions can significantly impact your financial well-being. In this guide, we’ll explore the income […]
A perquisite is a benefit or privilege that is given to an employee in addition to their regular salary. Perquisites can be either taxable or non-taxable, depending on the nature of the benefit.
The Income Tax Department (I-T dept) has notified new rules for valuing rent-free homes provided by employers. The new rules came into effect on September 1, 2023.
The punishment and penalty for submitting a fake rent receipt to claim HRA (House Rent Allowance) in India can vary depending on the circumstances. However, in general, the offender could face the following:
Here are the steps on how to pay property tax in Mira Road-Bhayander Municipal Corporation (MBMC):
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on goods and services throughout India. The GST was introduced in 2017 and replaced a number of other indirect taxes, including the Service Tax, Value Added Tax (VAT), and Central Sales Tax (CST).