I own two houses. Both are taken on housing loans. I stay in the first house, and my parents remain in the second house. Can I take tax benefits for both properties? Can I also avail of the tax benefit for stamp duty and registration charges paid for the second property purchased in March 2024? …
If you have not received your income tax refund so far, there is good news for you. The Income Tax (I-T) Department has set April 30 as the deadline for approving pending refunds, reported Business Line The department has prepared an interim action plan for tax refunds in this fiscal and set a timeline for various actions related …
A significant reason many people fail to maximise their tax benefits in India is due to a lack of awareness. One contributing factor could be that the ₹1.5 lakh deduction under Section 80C is prominently advertised and straightforward, causing many to assume it’s the sole option available. The complexity of tax laws often complicates the …
I am planning to buy a residential property from a person who is a resident of Australia for ₹75 lakh. I understand that since the sale consideration exceeds 50 lakhs I have to deduct tax at 1% of the sale consideration. Is my understanding correct? What are the other formalities that I need to comply …
In a significant ruling on February 15, the Supreme Court scrapped the Electoral Bonds scheme. A five-judge bench comprising Chief Justice of India, DY Chandrachud, Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra delivered a unanimous verdict. Electoral bonds Introduced in 2017, Electoral Bonds allowed individuals and corporate entities to donate unlimited sums …
Amidst a multitude of investment options, each with its unique advantages, National Savings Certificate (NSC) issued by the Indian government is a conventional yet widely embraced investment choice. For those unfamiliar or new to the investment landscape, the NSC is a fixed-income investment program that provides a secure and reliable option with assured returns. It …
Budget 2024 : The government undertook the rationalisation of income tax slabs and launched a new tax regime in which tax rates were highly reduced, addressing a long-standing need in the last Budget, says Hiren Thakkar, Proprietor, Hiren S Thakkar & Associates Chartered Accountants. In an interview with MintGenie, Thakkar said that in GST, there could …
As the saying goes, “Better late than never,” but when it comes to filing your income tax return (ITR), failing to meet the deadline can have serious consequences. Taxpayers who have yet to file their income tax returns for the financial year 2022-2023 should take immediate action. The deadline of December 31, 2023, represents the …
The Indian government introduced the new tax regime in 2020, offering taxpayers a choice between the old and new tax structure. This move sparked a debate amongst taxpayers about which regime is more beneficial for them. With the new financial year 2023-24 around the corner, it is essential to understand the key differences between the …
Three months ago, I bought IFCI bonds, issued on 1 August 2011, for ₹34,000. The date of maturity of these bonds, with a face value of ₹10,000, is 1 August 2026. On maturity, IFCI will pay ₹10,000 as capital and ₹36,250 as interest, subject to tax deducted at source, or TDS. Can I show this …