In the realm of Indian taxation, Form 26QB holds significant relevance, particularly in transactions related to the sale of property. This form essentially deals with the deduction of Tax Deducted at Source (TDS) on property sales. Understanding its nuances is crucial for both buyers and sellers to ensure compliance with tax regulations.… Read more
All You Need to Know About CGST, SGST, IGST and UGST
GST is classified into four types: Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST) (UTGST). Every one of them has a unique taxing price.… Read more
Taxation of Jointly Owned Property in India: A Comprehensive Guide!
Investing in property is a significant financial decision, and many individuals in India choose to purchase property jointly with family members or business partners. However, it’s essential to understand the taxation implications that come with jointly owned property. In this article, we will explore the taxation aspects and guidelines associated with jointly owned property in India.… Read more
Stamp Duty and Registration Charges in Pune for 2024
Pune property buyers should familiarize themselves with the stamp duty and registration fees assessed by the Maharashtra government, just like they should with any other city in the nation. Since Pune is regulated by Maharashtrian legislation, the Government of Maharashtra has the authority to determine Stamp Duty and Registration Charges. All land in Pune, whether freehold or leasehold, is subject to stamp duty and registration fees, including agricultural land. Additionally, dwellings, residential buildings, and commercial spaces are subject to these costs. Given that these statutory taxes are a necessary component of all real estate transactions and account for a sizable amount of the entire cost of purchasing a home, it is imperative that real estate investors maintain current knowledge on … Read more
PAN vs TAN Numbers in India
In the labyrinth of financial identification systems in India, the PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) play pivotal roles. These alphanumeric codes, assigned by the Income Tax Department, serve distinct purposes, yet their nuances are often misunderstood. In this comprehensive guide, we demystify the PAN and TAN numbers, shedding light on their unique functionalities and importance in the Indian financial landscape.… Read more
Claiming Tax Benefits: Section 115H and NRIs in India!
Section 115H of the Income Tax Act, 1961, India, provides for a concessional tax rate for certain incomes earned by non-resident Indians (NRIs). The concessional tax rate is available for investment income and long-term capital gains.… Read more
KMC Property Tax: A Comprehensive Guide to Online Payment and Compliance
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Property tax is a crucial aspect of homeownership, contributing to the development and maintenance of local infrastructure and services. In Kolkata, the Kolkata Municipal Corporation (KMC) oversees property tax collection. Understanding how to pay KMC property tax online is essential for property owners to fulfill their civic responsibilities efficiently.… Read more
Mira Road-Bhayander Property Tax: What You Need to Know and How to Pay!
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Here are the steps on how to pay property tax in Mira Road-Bhayander Municipal Corporation (MBMC):… Read more
Understanding Stamp Duty and Registration Charges in Hyderabad, Telangana
In the vibrant city of Hyderabad, Telangana, where tradition meets technology, understanding the intricacies of stamp duty and registration charges is crucial for anyone venturing into the real estate market. We, at PropertyPistol, believe in empowering our audience with comprehensive knowledge, ensuring they make informed decisions. Let’s delve into the details of stamp duty and registration charges to demystify the process.… Read more
How to Include Rental Income in Your Indian Tax Return
Earning rental income is a common practice in India, whether it be from residential or commercial properties. While the additional income is a welcome boost, it is crucial to understand the tax implications and fulfill the necessary obligations. In this guide, tailored for Indian readers, we explore the intricacies of including rental incomes in your Income Tax return, providing a comprehensive overview of the process.… Read more
