income tax act

2 min read

Is the quantity gifted by your partner taxable?

I've an earnings of ₹12 lakh every year, in addition to bonuses. My husband offers me ₹90,000 per 30 days....

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How are bond investments reported in ITR?

In FY 2022-23, I offered a flat and invested a taxable portion after indexation in bonds of Rural Electrification Corporation...

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How are NRIs taxed on overseas earnings in Indian accounts?

I labored in Australia on a short lived project for 7 months. I earned in Australian {dollars} throughout that point...

1 min read

PPF: Know how your curiosity is calculated

PPF: Know how your curiosity is calculated | Mint ₹1.5 lakh each year,mounted deposits,banks,notified,quarterly foundation,credited,monetary yr,compounds yearly,calendar...

5 min read

Finance Act 2023: How your earnings from Reits and InvITs shall be taxed

Now, the ‘loan repayment’ distribution element from reits and invits needn't be handled as earnings from different sources, as acknowledged...

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Is new earnings tax slab useful for residence mortgage EMI paying people?

The Union Budget for 2023–24 was balanced throughout all sectors, however from the attitude of taxation, it incentivized particular person...

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Colours symbolize vibrancy in Holi however in tax legal guidelines, what do they signify?

The expression ‘colourable device’ means any sham association or transaction, camouflaged as an actual transaction, missing in business substance, and...

3 min read

ITR submitting: How homebuyers can declare rebate on under-construction flats

Income tax rebate on house mortgage: Buying an under-construction house is frequent phenomena nowadays. However, being an earnings taxpayer, an...

6 min read

Tax saving information: How salaried people can save most revenue tax for FY23?

Taxpayers, particularly those that are salaried, should appropriately implement their revenue tax planning for the reason that begin of the...

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How is curiosity earnings from KVPs taxed?

I purchased Kisan Vikas Patra (KVP)  price ₹20 lakh a number of years in the past. Since its curiosity is...

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How will I be taxed on my EPF withdrawal?

I left my job after two years of service in an workplace and joined a brand new group. Now, because...

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How completely different is the residential standing beneath FEMA and Income Tax Act?

How does the residential standing of a person decide his or her tax legal responsibility? This query turns into related...

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Should you give up a Ulip coverage throughout the lock-in interval?

Unit-linked insurance coverage, or Ulips, normally have a lock-in interval of 5 years however policyholders can select to give up...

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How to file ITRs when it’s belated, revised, up to date

Income Tax Return (ITR) submitting has three totally different due dates u/s 139(1) of Income Tax Act. The tax submitting...

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How is inherited property to be declared in ITR?

I've acquired two homes as a present from my grandmother however I forgot to say the present within the ITR...

3 min read

How to assert HRA on lease paid to folks

Is a lease settlement needed for claiming home lease allowance (HRA) exemption if you happen to pay lease to your...

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How are authorized heirs taxed on sale of property

A buddy died and his property is now being offered by his spouse and their 4 youngsters—a son and three...

3 min read

What I-T assessees should learn about bills, audits

When eligible companies get a statutory audit completed by an impartial auditor, there could possibly be circumstances whereby the auditor...

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Will my mom get a share of my maternal grandfather’s property?

We are Hindu. My maternal grandfather handed away in 2004 with out leaving any Will. He had 11 youngsters together...

4 min read

How ‘income from other sources’ is taxed

The Income Tax Act has 5 heads of earnings, with ‘Income from Other Sources’ (IFOS) being one. It might be...