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 […]

Decoding GST HSN Codes: The Key to Tax Classification and Search!

Introduction: As businesses navigate through the complex landscape of goods and services taxation, the implementation of the Goods and Services Tax (GST) has simplified and streamlined the taxation system in many countries. The Harmonized System of Nomenclature (HSN) code is an integral part of the GST framework. In this blog, we will delve into the […]

Speculative Business Income Tax in India: A Comprehensive 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.

Understanding the Implications of Jammu and Kashmir’s Newly Imposed Property Tax: 2023

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 […]

Black money was discovered as a result of demonetisation, and tax revenue increased: Govt!

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 […]

How can I avoid paying capital gains tax on the sale of a home?

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 […]

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