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Form 26QB is a statement cum challan for the online payment of TDS on property transactions.
As we are all aware, under the Income Tax Act of 1961, every assessee has to furnish his income tax return as required by 139. Once it has been furnished, the assessment part comes into play, where an assessing officer scrutinizes the ITR form and takes action as required.
Patta Chitta are important land records in the state of Tamil Nadu. Due to digitization, these land records, i.e., Patta Chitta documents, are available online through the official TN e-Services website.
Let me introduce you with TDS returns as we all are aware under Income tax act 1961, there are certain transactions & nature of expense on which there is a requirement of deduction of TDS (Tax Deducted at source) while making payment or crediting the party as the case may be.
As we all are aware the first step for computing tax liability of an assessee is determination of residential status which can be either Resident or Non-resident & according to which one can find the taxable income as it is important to declare residential status.
In this article, you will learn about all the transactions of which reporting is required under the Rule 114E
Section 54F of the IT Act provides capital gains exemption, excluding residential house sales, subject to conditions: invest net sales in new residential property within specified timelines, not owning more than one residential house.
As we all know nowadays Stock trading & investments are increasing rapidly & it is important to know about the taxability of these transactions.
As we all are aware Hotel Industry is one of the dominating Industries in India Having Market size(2024) of 247.31 Billion USD & which will be around 475.37 Billion USD by 2029 with CAGR of 13.96%. Pre-GST Hotel industry need to pay municipal taxes (VAT, luxury tax, and service tax) under the previous VAT regime.
The Ministry of Finance recently issued a clarification regarding media reports suggesting a special drive by the Central Board of Direct Taxes (CBDT) to reopen cases linked to House Rent Allowance (HRA) claims. These reports, according to the Ministry, are not grounded in reality, and there is no substantial evidence to support claims of a large-scale reopening of cases.
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