For the old tax regime, an individual, who is resident in India, is allowed a tax rebate under section 87A if the total income of such individual does not exceed…
Income Tax
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Every Indian Citizen needs to file Income Tax Return if there annual income is more than the specified Income Tax Exemption Limit and other situations specified by Income Tax Act as mentioned…
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The interest you receive from bank accounts and deposits is fully taxable. Thus, the bank is supposed to deduct TDS from it every year if your interest exceeds Rs 40,000. The limit…
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Indians always think of saving capital gain tax which is required to be paid on sale of commercial property. Capital Gain tax can be Long Term Capital Gain Tax or…
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Income TaxUncategorized
Tax rebate under section 87A of Income Tax Act
by Taxchanakyaby TaxchanakyaFor the old tax regime, an individual, who is resident in India, is allowed a tax rebate under section 87A if the total income of such individual does not exceed…
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Income Tax
Income Derived From Sale Of Agricultural Land Is Not A Capital Asset – ITAT
by Taxchanakyaby TaxchanakyaThe Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that income derived from the sale of agricultural land is not a capital asset. The bench of Saktijit…
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Income Tax
Deduction u/s 80P(2)(d) is available on entire interest income earned by co-operative societies
by Taxchanakyaby TaxchanakyaCo-op societies are eligible for a deduction under Section 80P(2)(d) for interest income from investments in co-op banks. section 80P(2)(d) of the Act specifically exempts interest earned from funds invested…
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Income Tax
Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act
by Taxchanakyaby TaxchanakyaIncome Tax Appellate Tribunal (ITAT) of Mumbai Bench has allowed the deduction under Section 54F of the Income Tax Act on the grounds that the assessee is not the exclusive…
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New tax regime will be the default tax regime. However, taxpayers can opt for the old regime. A tax rebate has been introduced under the new tax regime on income up…