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...]
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...]
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...]
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...]
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...]
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...]
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...]
Presumptive Taxation Scheme for Professional Section 44ADA
Presumptive taxation scheme for professional section 44ADA was brought into effect from the financial year 2016-17. It provides a simple and efficient method of taxation for professionals whose annual gross receipts derived from profits and gains … [Read more...]
Presumptive Taxation Scheme Section 44AD
The Income Tax Act, 1961 pertains to a number of schemes that benefit the tax payer. In the interest of the tax payers Presumptive Taxation Scheme section 44AD was designed for a smoother and simpler form of taxation of income in the hands of the … [Read more...]
Income Tax help Line contact numbers
Are you looking for Income Tax help Line contact numbers. Here is the solution. The below chart presents the income tax help line numbers purpose wise. For example, in case of general queries you need to contact the Aaykar Sampark Kendra and in case … [Read more...]
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