Category: Income Tax

Section 54, 54EC, 54F: Exemption from Long Term Capital Gains Tax

At the time of sale of any Long Term Capital Asset, the Gains are usually very large and are taxed @ 20%. The Resultant Figure to be paid as Tax usually comes out to be a very large amount liable...

Read More
Tax Deduction for Interest paid on Car Loan

The Interest paid on some types of Loans is allowed to be claimed as an Expense under the Income Tax Act. However, all types of interests are not allowed to be claimed as an expense. The most common reasons for...

Read More
TDS and GST on Advertisement through Google Adwords

GST @ 18% is levied and TDS @ 2% is deductible on the Google Adwords advertisement expense. It is important to note here that some publishers are advertising through the Google entity which is registered in India and some advertisers...

Read More
How is Tax levied on Rent from Vacant Land?

Many a times people earn income by letting out their vacant land. It could be monthly rental income or a one time income by letting it out for an event or it could be any other way in which some...

Read More
How I stay updated with the latest Tax Laws and you can too

The day I qualified my CA Exams, I was on 7th heaven and very confident that clients would soon start coming to engage me for my services and there would be a long cue of clients waiting in my office....

Read More
What is a child plan? How it works?

A child plan is a tailor-made investment cum insurance option to meet the financial needs of a child. In a child plan, there are two components– insurance and investment. The insurance component is designed to protect the child from unfortunate...

Read More
TDS & Tax Refund for NRIs (Simplified)

The Indian Tax Laws are very harsh when it comes to NRI’s. Any payment made to NRI is required to be made after deduction of TDS even if his income is less than Rs. 2.5 Lakhs (i.e. in the 0%...

Read More
This is how I (Karan Batra) got initial clients for my Tax Consultancy Business

A lot of young entrepreneurs reach out to me for guidance on how to get new clients. Although, I’m no expert in getting clients – but most of them are still interested in knowing what worked for me and what...

Read More
Income Tax Notice is a Puzzle which CAN be solved..!!

Have you received any income tax notice so far? If yes then keep calm and continue reading this article. Major reasons to expect notices or communication from Income Tax Department in Financial Year 2018-19 are: Income is more than non-taxable...

Read More
What is Income Tax Clearance Certificate and When is it issued?

Income Tax Clearance Certificate is a document issued by the Government of India validating that the person has duly paid all the taxes due and has no pending liability. When and Who needs an Income Tax Clearance Certificate? An Income...

Read More