Income Tax

As we approach the end of the financial year, investors review their investment positions in equity shares, mutual funds and strategically sell assets to optimize the tax situation before the year concludes by using Tax Loss Harvesting. What is Tax Loss Harvesting? Tax-loss harvesting is a strategy used to minimise tax liability by selling investments …

Tax Season Tactics: Leveraging Tax Loss Harvesting for Savings Read More »

Classification of Agricultural Land: Under the Income Tax Act, agricultural land is classified as a capital asset. However, there’s a specific exemption available for agricultural land situated in rural areas in India. Any gains/loss arising from the transfer of agricultural land in rural areas are not subject to capital gains tax. Rural Agricultural Land: Located …

Tax Implications of Selling Agricultural Land: Capital Gains Analysis Read More »

1. Time allowed as per section 15 of MSMED Act, 2006? As per Section 15 of the MSMED Act, payments to micro and small enterprises must be made within the time specified in the written agreement, which cannot exceed 45 days. If there is no written agreement, the payments must be made within 15 days. …

Payment Based Deductions for Amount Payable To Micro And Small Enterprises Read More »

In the wake of the new tax regime introduced by Finance Minister Nirmala Sitharaman, individuals face a crucial question: Should they continue investing in tax-saving instruments? While the new regime offers lower tax rates, it necessitates foregoing several deductions and rebates available under the old regime.   Opting for either the old or new tax …

Adapting to Change: Rethinking Tax-Saving Investments in the Era of New Tax Regime Read More »

Section 80TTB of the Income Tax Act, 1961, provides a deduction for senior citizens on the interest income earned from specified sources. This section was introduced by the Finance Act, 2018, and it became effective from the financial year 2018-19 onwards. Here are the key features of Section 80TTB: Section 80TTB is applicable to resident …

Tax Relief for Senior citizens: Simplifying Income Tax Benefits on Interest Income Read More »