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Dear Client,
TDS is applicable on the purchase of immovable property wherein the sale consideration of the property exceeds or is equal to ₹ 50,00,000 (Rupees Fifty Lakhs). TDS @ 1% should be deducted by the purchaser of the property on the Date of Payment or Credit to the Seller whichever is earlier. The tax so deducted should be deposited to the Government through challan-cum-statement in Form No. 26QB electronically within 30 days from the end of the month in which the deduction is made. In

Dear Client,

A Current account, commonly known as a business account, is a type of bank account designed for businesses, corporations, and trusts with a high volume of transactions. It is not intended for direct personal transactions. To manage personal expenses, one should initiate a funds transfer from the current account to a savings account, often referred to as drawings. This allows the use of the transferred funds for personal purposes. In a proprietorship, distinguishing between persona

Dear client,

The amount of tax you owe will be displayed on the I-T department website when you file your income tax return (ITR). However, the first question you are asked when filing income tax online, or when filing an ITR offline, is which tax regime to use: the old or the new one. Under the new regime, there will be a tax rebate if the taxable income is up to 7 lakhs under Section 87 of the new tax regime. The rebate limit remains at ₹ 5 lakh for individuals who choose to pay tax under t

Dear client,

The TCS charge would increase the amount you are paying for the total trip. Under the new regulations, a 5% TCS is applicable to foreign travel.

Please ensure that while filing your ITR, fill out form 26AS and maintain bank transactions with regard to the foreign transaction. The timeline for paying on between 1st April to June, the TCS return should be filed by 15th July. It is advisable to pay during the financial year of the trip as you may be required to prove foreign transac

Dear client,

As per the income tax benefit for financial year 2023-2024, you will not be charged for transfer for housing loan. However, you may be entitled to tax benefits. You may be exempted from tax for up to 2 lakhs as per Section 2 of the Income Tax Act.

Thank you

Dear Client,
Capital gain is broadly calculated as Capital gain = ( full value of the consideration received on transfer) - ( cost of acquisition of capital asset + cost of improvement of capital asset + expenditure incurred in connection with transfer of capital asset). In the case of long-term capital gain, capital gain = final sale price - (transfer cost + indexed acquisition cost + indexed house improvement cost). LTCG is calculated based on the market value(MV) or the set forth value whiche

Dear Client,
Section 10(26) of the Income Tax Act, 1961 provides for tax exemption to members of Scheduled Tribes in India. This section exempts the income of a person who belongs to a Scheduled Tribe from tax if the income is earned from any source located in a tribal area. The tribal areas are notified by the central government and include areas where tribal communities are predominant. To be eligible for tax exemption under section 10(26), the person should belong to a Scheduled Tribe. The te

Dear Client,
Commercial properties are classified as capital assets. Profits from selling them after 24 months qualify as long-term capital gains (LTCG) and are taxed at 20%. If the property is sold within 24 months, it falls under short-term capital gains (STCG) and is taxed based on the individual's tax slab. You have to buy only residential property to save tax on capital gains arising out of the sale of any other property. This means you cannot buy land or commercial property to save capital

Dear Sir,
It being tax related matter. You are advise to contact any auditor or chartered accountant for effective advise.

Dear Client,
Crypto trading is subject to taxation in India. The profits or gains generated from cryptocurrency trading are taxed at a flat rate of 30 %, with an additional 4% cess under Section 115BBH of the Income Tax Act, 1961. Section 194S levies 1% Tax Deducted at Source (TDS) on the transfer of crypto assets from July 01, 2022, if the transactions exceed ₹50,000 (or even ₹10,000 in some cases) in the same financial year. Capital Gains from Crytpo trading should be reported under Sche