Category Archives: Tax Guide

The Kolkata Municipal Corporation (KMC) has introduced a new property tax waiver scheme to encourage citizens to pay their tax dues and earn incentives. Under the new scheme, property tax defaulters will be eligible for a 50% interest waiver and a 99% penalty waiver on the due amount if they pay their entire dues within […]

The Mira-Bhayandar Municipal Corporation (MBMC) has recently decided to hike property taxes on rented commercial properties. The new tax rate will be 20% of the annual rental value, or Rs. 10 per square foot, whichever is higher.

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: