Income Tax shall be deducted by the buyer/purchaser/transferee on payment against the purchase of immovable property. These points must be kept in mind for dealing with Non-Resident for transfer of immovable property-
Applicability of the Income Tax on the Domestic Indian Companies. In India, there are two tax schemes available for the India Domestic companies. Normal Tax Rates and Special Tax Rates. Under the Normal Tax Rates. Turnover of company Tax Rate…
When it comes to tax saving, most people consider only those options that come under 80C, however, the truth is you can bring down your tax liability further by claiming tax deductions on the best available options. SECTION NATURE OF…
As per income tax laws, ITR must be filed if a resident individual’s total income during the financial year exceeds the basic exemption limit. Remember, the basic exemption limit for an individual depends on his/her age, provided he/she opts for…
TDS Deduction from Salary- It is the liability of the employer to deduct tax at source from salary under section 192 of the Income Tax Act, 1961. Tax must be deducted at the average rate calculated based on the rates…
1% TDS for Resident Seller The purchaser of an immovable property (whether built up or under construction) of value INR 50 lakh or more has the responsibility under the Income-Tax Act, 1961, to pay a withholding tax of 1% from…