Category Archives: Tax Guide

In India, business income tax is levied on the profits earned by businesses, whether in the form of a company, partnership firm, or sole proprietorship. The tax is governed by the Income Tax Act, 1961, and administered by the Central Board of Direct Taxes (CBDT) under the Department of Revenue, Ministry of Finance.

The new property tax policy in Jammu and Kashmir, which was imposed starting April 1, 2023, requires all residents living in municipal areas to pay a property tax on their residential and non-residential properties. The tax rates are set at five percent of the Taxable Annual Value (TAV) for residential properties and six percent for […]

In India, the tax implications on a gifted property depend on various factors such as the value of the property, the relationship between the giver and the recipient, and the purpose of the gift. Here are some general guidelines to consider:

Form 16 is a certificate issued by an employer to its employees, which contains details about the salary earned by the employee during the financial year, and the tax deducted at source (TDS) from the salary by the employer.

IA Section 194 If the property is worth more than Rs 50 lakh, a buyer is required to deduct and submit 1% of the transaction cost as TDS under Section 194-IA of the Income-Tax Act. Section 194-IA, on the other hand, does not define which amount should be used to compute TDS on property sales […]

Demonetisation resulted in the discovery of illegal money, an increase in tax collection, and the broadening of the tax base, said Union Minister of State for Finance Pankaj Chaudhary in a written reply to the Rajya Sabha on March 21, 2023. The RBI has issued several papers on relevant topics, according to the minister. In […]

Every property transaction is taxed, and capital gains tax is one type of tax imposed on property sellers in India. The government assesses this fee based on the number of years the owner owns the property before placing it on the market for sale. The tax is levied on the seller’s revenue from the property […]

The Double Taxes Avoidance Agreement (DTAA) assists Non-resident Indians (NRIs) working in other countries in avoiding double taxation on income received in both India and their place of residency. Notably, the purpose of signing DTAAs with nations is to reduce tax evasion by taxpayers in either or both of the nations with whom bilateral or […]