TDS ON PROPERTY PURCHASE
Budget 2024: NRIs expect simplified TDS compliances
Interim Budget 2024: Lately, there has been a heightened emphasis on deductors adhering to TDS (Tax Deducted at Source) regulations, and failure to comply carries significant penalties. However, managing TDS compliances operationally can be intricate and time-consuming, posing interpretational challenges and placing an extra burden on the deductor. Read on to know how Budget 2024 can help ease the TDS pain.
13 ways the FM can simplify matters for income tax payers in interim Budget 2024: CII
The Interim Budget 2024, will be presented by the finance minister, Nirmala Sitharaman, on February 1, 2024. A few key steps as suggested by CII that would help to rationalise and simplify taxes are as follows.
Ease TDS rules for buying house property from NRIs in Budget 2024
The government needs to facilitate ease of transacting and reduce compliance difficulties in buying property from NRIs. This is because a buyer needs to obtain TAN from income tax department to deduct and deposit taxes when buying property from NRI. This makes the selling of property by NRI very difficult.
Income tax calendar 2024: Important tax-related dates you need to know
With the start of the new year, it is important to remember important deadlines for the year. Knowing the last dates well ahead of time can help individuals to avoid penalties. Here is the income tax calendar for 2024 telling you all the important last dates between January and December 2024.
I will get Rs 2 crore from selling property. How should I invest this amount?
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.
8 ways to transfer your assets to legal heirs, how much to leave as inheritance
Find out the best ways to transfer your wealth to heirs and what it entails for inheritors.
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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.
Factors that NRIs should take into account while selling property in India
While purchasing property in India is an attractive proposition and a common investment option among the Indian diaspora, selling these assets isn't always straightforward. It calls for heightened understanding and thorough planning on the part of the NRIs, particularly concerning tax implications. Therefore, NRI sellers need to understand these intricacies to ensure full compliance and maximize profit.
If I buy a third property in my wife’s name, but take loan in my name, can I claim interest paid on the loan in ITR?
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.
10 documents required to file income tax returns by individual
Many employers have started handing out Form 16 to their employees. With this, many employees can start the process of filing ITR. However, apart from salary income, an individual can have other types of income as well. Here is the list documents that they should collect to make the tax return filing process easier.
9 common money transactions that you can still do with inoperative PAN card
Your PAN will become inoperative if it is not linked to Aadhaar by June 30, 2023. Though inoperative PAN will make it difficult for an individual to do certain transactions. However, there are certain transactions that will continue with inoperative PAN albeit with higher TDS and TCS deduction on the money transactions.
Why has India’s corporate tax mop-up failed to match the pace of personal income-tax collection?
India's corporate tax collection has struggled to keep pace with personal income tax in recent years due to factors such as better compliance, digitisation and wage rises in select service sectors. Since the COVID-19 pandemic began, the formalisation of the economy, better TDS compliance on salaries and a simplified tax regime have all contributed to higher personal tax collection.
What is the due date for filing TDS return for FY 2022-23?
Similar to the income tax return (ITR) filing deadline, there is a deadline to file a TDS return as well. It is important to note that missing the TDS return filing due date has monetary consequences. TDS return is filed by the person who has paid income to another person.
What are TDS rules on buying a house? How to deduct, deposit tax and download Form 16B
When an individual buys a house, then apart from other formalites such as registering the sale deed, making payments etc., they are also required to fulfill the TDS obligations as well. However, not many people are well-informed about how to deduct, deposit the tax before making payment to the seller.
Proposal on TDS relief on property sold for recoveries under review
Section 194-IA of the Income Tax Act mandates that TDS, at the rate of 1%, be deducted from the consideration for the transfer of an immovable property if it exceeds ₹50 lakh. Lenders have represented to the government for keeping such sales out of the purview of TDS.
NRI Helpdesk: What happens to NRE FD after returning to India?
For our NRI readers, we have started an immigration helpdesk. Write to us at [email protected] and our team of experts will address the most pressing issues.
Explained: Taxation on the sale of immovable property in India by non-residents
For individuals who are not in the business of constructing and/ or selling immovable properties, any gain/ loss arising on the sale/ transfer of immovable property is categorized as ‘income under the head capital gains’ since an immovable property qualifies as a ‘capital asset’.
How much TDS should be deducted on property purchased from NRI
TDS on the purchase of property from an NRI should be deducted from the sale value and the balance amount should be paid to the NRI seller.
Crypto investors seek clarity on reporting assets in I-T returns
Having shifted the coins offshore using the Blockchain network to avoid stifling regulations, they have sensed that sharing the information with Income tax (I-T) authorities could invite as much trouble as hiding it.
ITR filing: 9-point checklist to help you file your income tax return within 30 mins
These nine steps will help you prepare your tax return and ensure a smooth filing.
Compensation amount for property acquired for bullet train project not taxable: Bombay High Court
The court in its order noted that the petitioner's land was acquired for a public project and that acquisition of property through private negotiations and purchases was permitted to expedite the process for implementation of a public project.
Buying or selling property in India? Know all about the tax implications
NRIs selling house properties in India have to pay tax on the Capital Gains. The tax payable on the gains depends on whether it’s a short term or a long term capital gain.
New income tax rules and other money related changes effective from April 1, 2022
The beginning of the new financial year marks the changes in the income tax rules and others money changes. It is important to know new income tax rules to plan your money moves for the financial year. Read on to know more about these 11 money changes for FY 2022-23.
Budget 2022 cryptocurrency tax rules leave little on table for investors: 6 ways crypto investors will be impacted
When experts looked into the fine print and investors understood the full implications of the rules, it became clear that the tax rules for cryptos were not very favourable to investors.
TDS on property sale to be levied on higher of stamp duty value or sale amount: Budget 2022
As per income tax laws, an individual is required to deduct tax if the sale value of an immovable property exceeds Rs 50 lakh. The buyer of the property is required to deduct tax at the time of making payment to the seller of the property. Tax on the sale amount is required to be deducted at the rate of 1%.
Purchased property worth more than Rs 50 lakh? Here's how to deposit TDS amount
It is important to get PAN of the seller and verify the same with the original so that there are no discrepancies later on.
I am US citizen who has sold property in India. How to cut income tax and transfer money to US?
The Income-tax Act provides various deductions and tax-exemptions to lower the income tax burden of capital gains tax
Deadline to issue Form 16 extended to July 31, more time to save capital gains tax on property
Form 16 contains important information required by a salaried employee for filing ITR. The TDS certificate contains all the information related to salary received from an employer, tax deducted on salary and tax exemptions such as House Rent allowance and Leave Travel allowance (LTA) claimed via employer.
IT detects tax evasion after raids on group running largest Srinagar hospital
The statement said Rs 82.75 lakh cash and jewellery and bullion worth Rs 35.7 lakh were seized "as the concerned persons from whose custody these were found were not able to explain the same".
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