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Last Updated Filed Under: Income tax

Tax Audit Due date FY 2020-21 / AY 2021-22

Tax audit is mandatory for certain class of taxpayers having business or professional income. It is done by a practicing Chartered Accountant. In this article you will find all relevant information related to year wise Tax Audit Due Date, its … [Read more...]

Last Updated Filed Under: Income tax

Section 54 : Exemption for LTCG

Section 54 of the income tax act provides exemption towards long term capital gains that arise on sale of residential property. In this article we will discuss in detail all aspects of section 54. Assets  eligible for section 54 exemptions The … [Read more...]

Last Updated Filed Under: Income tax

Loss From House Property-Taxability

Sec 22 of Income Tax Act 1961 defines house property income as, any rental income earned by a person from letting out a house property. There may be situations in which earning would be less compare to the expenses for the house, that case is of loss … [Read more...]

Last Updated Filed Under: Income tax

Section 80EEA-Rs. 1.5 Lac Home Loan Deduction

Are you planning to purchase a house, plan it to purchase by availing home loan. It will reduce your income tax. Want to know how, read this article fully. Here I have explained how you can claim the home loan interest deduction under section 80EEA. … [Read more...]

Last Updated Filed Under: Income tax

Section 80EE- House Loan Deduction

If you are buying a house for the first time in India with the help of housing loan, then you can avail exemption/benefits under various sections of the income tax act. In this article let us see the benefits of Section 80EE What is Section 80EE of … [Read more...]

Last Updated Filed Under: Income tax

Capital Gain Tax on Sale of Property

Have you sold any property recently? If yes, you may be liable to pay capital gain tax on property sale. In this article I have explained all concepts related to it. A house is treated as capital asset in income tax for the purpose of calculation of … [Read more...]

Last Updated Filed Under: Income tax

Section 194N – TDS on Cash Withdrawal

Government is motivating to use the digital payments instead of cash. In this direction Government has introduced Income tax section 194N for TDS on Cash withdrawals.  It was introduced in union budget 2019, to discourage large cash withdrawals. What … [Read more...]

Last Updated Filed Under: Income tax

Income tax Section 24, Section 24a and Section 24b

Income tax section Section 24, Section 24a and Section 24b deals with house property deductions which an assessee can claim under the head Income from house property. These deductions are reduced from net annual value of house which is arrived while … [Read more...]