What is agriculture income, different types of Agriculture Income?

Although agricultural income is exempt from tax under the Income-tax Act, it continues to be taxed in some specific states as per the respective state's laws. But some income derived from allied agricultural activities like poultry farming, etc is not considered as agricultural income hence taxed under the Income-tax Act.

from Tax-Wealth-Economic Times https://ift.tt/nyQaqMr

Advance tax payment: Who should pay, due dates, how to calculate

Salaried individuals, freelancers and businesses with tax liability exceeding Rs.10,000, after reducing TDS, for the financial year, are required to pay advance tax.

from Tax-Wealth-Economic Times https://ift.tt/6IpEwS1

How NPS, tax-free perks can reduce your tax outgo by Rs 1 lakh

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.

from Tax-Wealth-Economic Times https://ift.tt/z2oVdpy

Tax collected at source: You have to pay TCS on bike, EV, car of more than this amount

The seller of a motor vehicle will collect TCS from the buyer if the value of the motor vehicle is over Rs 10 lakh. However note that TCS is not an additional tax and this amount can be claimed back at the time of income tax return (ITR) filing.

from Tax-Wealth-Economic Times https://ift.tt/XNwhqou

How to get cost inflation index (CII) for LTCG calculation for earlier years

Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.

from Tax-Wealth-Economic Times https://ift.tt/SnmBbt1

No HRA component in salary? You can still claim tax exemption for the rent you pay

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.

from Tax-Wealth-Economic Times https://ift.tt/tWlP3yx

Cost of flat is Rs 47 lakh, market value of property is Rs 60 lakh; what will be the TDS implication?

Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.

from Tax-Wealth-Economic Times https://ift.tt/xy1wCQo

New 20% TCS rule from October: 4 tips to bring down TCS to zero during your next international trip

When you book, offline or online, overseas tour packages, offline or online, of more than Rs 7 lakh in a financial year, you have to pay TCS at 20% from October 1, 2023. Is there any way to reduce this additional upfront cost? Here are a few tips which will help you lower your TCS burden while travelling abroad. Read on to find out.

from Tax-Wealth-Economic Times https://ift.tt/UaITZr3

Where to check if TCS was deducted on foreign travel and other transactions?

All foreign payments except for medical and education purposes will attract a 20% tax collected at source (TCS). However TCS is not an additional income tax. Further the TCS amount so deducted can be used by an individual to adjust his/her net tax liability. Read below to know where the TCS amount so deducted can be seen.

from Tax-Wealth-Economic Times https://ift.tt/fEaQMhT

NPS, perks can cut income tax by Rs 50,000; know how

Under Section 80CCD(2), up to 10% of the basic salary put in the NPS is tax-deductible. You can also replace some of the taxable allowances in your salary with tax-free perks. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.

from Tax-Wealth-Economic Times https://ift.tt/TdJjKOv

How treasury bills returns are calculated, taxed: Learn this to maximise gain from current higher yields

Treasury bill is a short term debt instrument issued by the Reserve Bank of India on behalf of the government of India. Treasury bills are also called zero coupon bonds since they are issued at a discount to face value and redeemed at par. Here's how the return for treasury bill is calculated and taxed.

from Tax-Wealth-Economic Times https://ift.tt/W26ikSx

I sold a flat and earned LTCG of Rs 28 lakh. What will be the tax liability, how to save tax

Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away. This week, we tell you what your tax liability will be for selling a house, taxation of an NRI and more.

from Tax-Wealth-Economic Times https://ift.tt/PkuxtEY

Paying house rent of Rs 50000 or more per month? Penalty you will pay for not deducting TDS

If an individual is liable to deduct TDS before making certain specified payments then it must be done at once. Otherwise the consequences will be dire. Further after deducting and depositing the TDS, an individual must also file a TDS challan cum statement form too. Failure to do so might attract penalty.

from Tax-Wealth-Economic Times https://ift.tt/3bA6LCO

Tax deducted on NRIs income: CBDT changes process to get nil TDS certificate

Any payment to a Non-Resident Indian (NRI) is subject to deduction of TDS. However if the NRI wants the rate of TDS deduction to be made at a lower or nil rate then an application using Form 13 needs to be submitted on the TDS TRACES portal.

from Tax-Wealth-Economic Times https://ift.tt/NVr8dKY

How are NRIs taxed: 8 questions on residency status, taxable income, deductions and exemptions, ITR forms

Here’s everything you wanted to know about taxation that NRIs are subjected to in India.

from Tax-Wealth-Economic Times https://ift.tt/qvcRLrl