Category: Income Tax

Tax on Property Transaction below Circle Rate: Sec 50C, Sec 56

This article highlights the income tax treatment on purchase/sale of a property below the Stamp Duty Value under Section 50C & Section 56(2)(x). Before the explaining the treatment, lets first understand the meaning of Stamp Duty Value. Circle Rate/ Stamp...

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7 Special Tax benefits for Senior Citizens – Updated

The Indian Income Tax Act gives certain tax benefits to Senior Citizens and also tries to ensure that income tax e-filing is a hassle free process. The complete list of all the tax benefits available to senior citizens is compiled...

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Section 44AE: Tax on Income of Transporters – Updated

Section 44AE, Section 44AD & Section 44ADA deal with Presumptive Taxation of Business. Section 44AE is applicable for Business of plying, hiring or leasing goods carriages whereas Section 44ADA is applicable for Professionals & Section 44AD is applicable for Other Businesses. The...

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Term Insurance vs ULIP – Comparative Analysis with Calculations

Insurance is a term we all are aware of. As soon as we hear the word “insurance”, the first thing that comes to the mind is financially securing something valuable against uncertain mis-happenings. Now, there are two options that can...

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What is a Shell Company?

Every company comes into existence after getting incorporated under the Companies Act, 2013, to facilitate regular business operations. A shell company however, instead of transacting into ordinary business transactions, is made with a view to enter into illegitimate transactions with...

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Procedure for online correction of Form 26QB for TDS on Property

Form 26QB is a consolidated form which is required to be filed for the deposit of TDS on Property. This form is required to be filed within 30 days from the end of the month in which the Payment for...

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Benami Property Act: Practical Analysis in simple words

The amendment in 2016 of the original Benami Act created a sudden storm in the nation bringing about a lot of curiosity in people. A lot of people are worried about the impact of the Act on their property and...

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Tax on Sale of Gold in India in 2018

Gold can be held in various forms like Jewellery, Coins, Bars, ETF’s Bonds etc. In this article, we’ll explain the levy of gold on each of these forms. Tax on sale of Gold Jewellery, Coins, Bars etc The physical gold...

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Tax on sale of ULIP’s in India

ULIPS stands for Unit Linked Investment Plans and is an Insurance cum Investment Plan. The Premium paid is invested in Equity, Debt and Money market instruments and the person opting for a ULIP Plan not only gets the benefits of...

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Save Tax on Interest by doing FD in Parents name (Mother/ Father)

Fixed Deposit is one of the best options for earning secured fixed income. It’s not only safe but is also easy to create and break providing proper liquidity to the depositor. However, FD suffers from one major drawback i.e. it...

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