The government though has offered lowered tax rates on one hand but has also taken away certain deductions and allowances on the other hand. So taxpayers will have to choose accordingly.
You Can Save Your Taxes By Using Various Exemptions And Deductions Provided By The Government Under Various Provisions Of Income Tax Act,1961. Discussing the same in this article.
This section intends to cover the Gross receipts/Sale consideration received by the Seller on the sale of immovable property. TDS is to be deduced by the person paying the above consideration i.e. buyer.
The predicament arises when the turnover of both the buyer and seller exceeds Rs 10 crores and both are liable to comply under their respective provisions; as the sale and purchase are flipsides of a transaction.
24 April 2021 at 13:03
The new provisions have removed the concept of perpetuity and have provided that the registration of even existing organizations registered u/s 12A and 12AA would be renewable after 5 years.
Form 10A and 10AB has been prescribed in these new rules for the registration of the Trust U/s 12A & 80G and approval U/s 10(23C) sub-clause (iv) or (v) or (vi) or (via) & 35(1) sub-clause.
The taxable income under the head 'Income from Other Sources' shall be computed after allowing deductions as provided in Section 57 of the Income Tax Act. Discussing such deductions in this article.
Understanding deduction w.r.t interest on loan for residential house property to a first time buyer (Sec. 80EE), deduction regarding payment of interest on loan taken for certain house property (Sec. 80EEA) and deduction w.r.t the purchase of an electric vehicle (Sec. 80EEB).
Discussing 10 high-value financial transactions that can bring you under the radar of the Income Tax Department. Let us get into the details and minimum transaction limits of these transactions.
A loss which could not be set off within the same head of income shall be allowed to be set off out of the income of any other head in the same AY, but subject to certain exceptions.
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