A Standard Deduction is basically a deduction allowed in Income Tax irrespective of the expense incurred or the investment made by the Individual. No Disclosures/ Investment Proofs/ Expense Bills are required for this type of Income Tax Standard Deduction as...
Savings account is the most widely used account to park your savings. The withdrawal flexibility is what makes it the most preferred account. And Fixed deposits are popular in terms of returns. But most of us don’t know how the...
The maximum benefit of Home Loan which can be claimed as a Deduction in India is as follows:- Section Deduction allowed Allowed for Section 24 Rs. 2,00,000 Interest repayment Section 80C Rs. 1,50,000 Principal repayment Section 80EEA Rs. 1,50,000 Interest...
Capital Gains Exemption can be claimed under the Income Tax Act by reinvesting the amount in either purchasing/ constructing a Residential House or by reinvesting the amount in Capital Gain Bonds. The seller of the asset either has the option...
Capital Gains Tax on Sale of Property in India is levied depending on the duration for which the property was held by the seller. If the property was held for less than 2 years – it would be classified as...
If a person is claiming Capital Gains Exemption, he is required to deposit the money in a Capital Gains Account before the due date of filing of ITR. This article explains in detail about How to open a Capital Gains...
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This article covers in detail the applicability of TDS on Sale of Property by NRI in India. In this article, the following topics have been explained in detail. Applicability of TDS on Sale of Property by NRI What is the...
In order to encourage taxpayers to file ITR and discourage non-filers of ITR, new provisions of the Income Tax Act will get applicable from 1st July 2021 under which TDS would get applicable at double rates for specified category of...
If you are planning to buy a home, it’s important for you to analyze how much funds you would be putting from your own pocket and how much loan would you be taking from a bank. There is a maximum...
If you are someone who agrees to the fact that life is uncertain, you should definitely consider getting yourself a term insurance plan. It helps secure the financial security of your family and your loved ones, and also allows you...