Applicability When any person purchases an immovable property (like land, building, flat etc) from an NRI (Non-Resident), TDS is required to be deducted on the amount of the capital gain, arising to such non-resident as per Section 195 of the Income Tax Act. Note: – TDS is required to be
Cost Inflation Index (CII) Applicable from Financial Year 2017-18 Financial Year (01 Apr to 31 Mar) Cost Inflation Index (CII) 2024-25 363 2023-24 348 2022-23 331 2021-22 317 2020-21 301 2019-20 289 2018-19 280 2017-18 272 2016-17 264 2015-16 254 2014-15 240 2013-14 220 2012-13 200 2011-12 184 2010-11 167
Each year, individuals earning income higher than the basic exemption limit are required to file their income tax returns (ITRs) online. If you belong to this category, and if you are not otherwise required to be audited under the Income Tax Act, 1961, you will generally need to file your
Anyone whose total taxable income exceeds the basic exemption limit is required to file an Income Tax Return (ITR) during the relevant assessment year. If your total taxable income also exceeds the tax-free limit, you may have to pay income tax. In addition to this, it is also mandatory to
TDS, also known as Tax Deducted at Source is a direct taxation mechanism that facilitates direct tax collection from the source at the time of the income payout. The deducted TDS amount will be remitted to the Central Government. TDS is levied on a number of income avenues such as
As in many Asian countries, online gambling has been on the rise in the last several years in India. At the same time, India has very complex gambling laws and regulations, alongside quite a few gambling restrictions that possibly undermine the industry’s amazing growth potential. When discussing the legality of
Following an increasing internet penetration in India, more and more Indians are beginning to make use of so-called online betting sites which allow users to place bets on popular sporting events from India and around the world and potentially win money. As with all activities that have an element of
There are various ways in which you can verify your e-return, one of which is using bank account details. This option comes handy when you do not have a mobile number registered in your Aadhar card and even do not use net banking which is the most commonly used method
Meaning of Clubbing In general, clubbing means including the income of any other person into the Assessee’s total income for the purpose of taxation. Certain cases have been defined under the Income Tax Act, in which the income of other person is statutorily required to be included in the income
Any person (other than individual or huf who is not liable to audit under section 44AB who is responsible for paying to a resident Fees for professional services Fees for technical services Royalty Any remuneration or fees or commission by whatever name called, other than those on which tax is deductible