Tax planning for property Sale Tax planning for property sale, Capital gains tax: As an 80-year-old individual who is selling his own earn immovable property, may be liable to pay capital gains tax on the sale, depending on the specific details of the transaction. Capital gains tax is a tax levy on the profit earn… Read More »
What is meant by net proceeds in taxation In the context of taxation, net total proceeds represent the total revenue obtained from a specific transaction or event, taking into account all applicable expenses, taxes, and deductions. To visit https://www.gst.gov.in/ For instance, let’s consider the scenario where an individual sells a property for Rs. 50 lakhs.… Read More »
Terminal tax It refers to the ultimate tax payment that must make by an individual or entity prior to the conclusion of a tax period. This scenario commonly arises for businesses or self-employed individuals who obligate to pay provisional tax throughout the year, estimated based on their projected income. When the tax year concludes, the… Read More »
Difference Between Income tax and income tax return Difference between income tax and ITR, income tax is a form of taxation impose by the government on the earnings of individuals, businesses, and other entities within a given financial year. It operates under a progressive tax system, where the tax rate rises as the income level… Read More »
Tax exemption A tax exemption refers to the exclusion of certain income, investments, or expenses from being subject to taxes. Governments grant tax exemptions to encourage specific activities or provide benefits to particular groups of taxpayers. For instance, in India, under Section 80TTA of the Income Tax Act, the interest earned on a savings… Read More »
What is advance tax Advance tax is the taxes paid in advance on the estimated income of the current financial year. It is a way of paying tax on an ongoing basis rather than waiting until the end of the year. In India, individuals and businesses require to pay advance taxes if their tax liability… Read More »