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Have you ever invested in real estate or held a property for two years before selling? If you sold it after two years, you must have heard the phrase long term capital gain tax from your accountant. If not, or if you haven't heard of this before, this article will tell you all you need to know about income on long term capital gains and its tax treatment.
Capital Assets can be grouped into many different categories. These categories receive a different treatment when taxes are calculated on the profits you earn from them.
Read More5 Tips to Consider while Tax Planning in 2021
Payment of taxes eats up a significant portion of one's savings. This is especially
Income Tax Slab for FY 2021-22
The financial world keeps changing to adapt to the evolution in the world, this also
10 Income Tax Changes Announced in Budget 2021
On 1 February 2021, the Union Finance Minister of India, Nirmala Sitharaman, made changes to the income tax laws
Know about tax on provident fund interest
Provident fund is a retirement savings plan that aims at providing financial security to the people for retirement.
Tax Announcements and its Impact on Taxpayers
On 1 February 2021, the Union Finance Minister of India, Nirmala Sitharaman, made tax reforms to income tax.
Union Budget and National Pension Scheme
February of 2021 saw the release of the union budget under the guidance of Finance Minister Nirmala Sitharam.
How To Claim An
Income Tax Refund?
You might have come across the term 'tax refund' often. Let us understand what it means.
How Budget 2021 will
Impact Annual Tax Slab?
The 2021 budget has not provided any tax revenue to taxpayers. There are no changes to the lower
Highlights of Union
Budget 2021
The latest budget was expected to provide a much-needed boost to the slowing economy
How To Invest Wisely To Save Tax?
Tax is something that every person is reluctant to pay to the government. No doubt it is hard parting
How to claim tax relief on Salary Arrears under Section 89?
The advance or arrears received from an employer affect your taxes and are reflected in the year of receipt
3 Investment Plans to Support the Dreams of Your Smart Child
With the right environment and parental support, children can achieve greater heights and bigger dreams
All about Presumptive Taxation in India
Running a small business or your professional services requires you to do a lot more than just run a business.
All About NPS Tier 2 & Tier 1 Accounts?
National pension scheme or NPS is one of the best retirement solutions from the government of India.
All About GST Input Credit On Insurance Premium
Goods and Services Tax may have simplified things for most other goods, but for insurance,
Easy Guide to Filing ITR 5 for this Financial Year
ITR 5 is one of the income tax return forms that are to be filed by a specific section of taxpayers
Easy Guide to Filing ITR 6 for this Financial Year
The form 6 for filing an income tax return is exclusively for companies who have not filed a return
Easy Guide to Filing ITR 7 for this Financial Year
Form ITR 7 is a tax form ideal for companies who are required to furnish income tax return under section 139(4A),
How to file income tax returns?
Income Tax Return simply involves a form which you utilize to enter information of your yearly earning
Easy Guide to Filing ITR 4
The ITR 4 Form is for the taxpayers who have opted for the presumptive income scheme as per Section 44AD,
What precautions are required while filling an ITR form?
Prepping up to file your Income Tax Return for the last financial year? This year’s ITR filings may have been postponed
What Is TDS & Why Is It Important To You?
You may have experienced TDS in many forms - Bank FDs, salary payments to vendor payments, TDS seem to infiltrate
What Is Salary Slip & Why Is It Important In Tax Saving?
A salary slip, also called a pay-slip is an official document issued by an employer to its employees, often after the salary is credited.
Know How to Pay Income Tax Online
If you are earning more than 2.5 lakhs per year, you are liable to pay income tax and file returns. The taxation system in India runs on three pillars - Tax Deducted at Source (TDS), Self-Assessment Tax and Advance Tax payments.
HRA Calculation: Everything You Need To Know
HRA or house rent allowance is probably the second largest number on your salary slip and one of the most prominent allowances. If you are staying on rent HRA is an important tax saving component for you.
What is Form 12BB?
If you are working in a company, at the beginning of each financial year, you are required to declare your tax-saving investments to your employer. The declaration that you make is only an estimate, you can change it during the financial year.
All About Tax Structure In India
Taxes are an important and largest source of income for the government. The government uses the money collected from taxes for various projects for the development of the nation. The Indian tax system is well structured and has a three-tier federal structure.
A Guide To Filling ITR-2 Form
Income tax laws can be intimidating for simple investors and taxpayers anywhere in the world. While taxation in India is no different, the taxpayers have been assigned different forms based on their source of income and status.
A Guide To Filling ITR-1 Form
Taxation in India is well classified based on the category of taxpayer. Individual taxpayers and HUF (Hindu Undivided Family) have been provided ITR-1 form to file their income tax return.
Tax-Saving Tips For Senior Citizens
Nearing retirement, it is crucial that we shift our focus towards ensuring financial stability and especially towards maximizing savings. In the absence of a fixed source of income, such as salary, it is our savings that play an essential role in helping us gain financial independence post-retirement.
Guide To Tax Saving For Senior Citizens
Taxes are an essential instrument for the functioning of the state, as they are collected by the Government of India to
What is Income Tax Surcharge?
Does your income come under one of the higher tax brackets? If that is the case,
What Are Indirect
Taxes In India?
The taxes collected by the Indian Government can be categorized into Direct and Indirect Taxes. Direct Taxes are broadly
A Quick Guide To Income Tax
Act 1961 Of India
Income tax in India is a form of tax that is payed to the government based on one’s income/ profits. The tax collected by the government
How Does GST In Insurance Affect
Your Investments?
Goods and Services Tax (GST) apply to almost every sector and services including Life Insurance unless otherwise exempted by the GST Law.
What is the income tax in
India?
Every country requires financial resources to carry out essential functions, make public expenditures and launch new initiatives for the welfare of its public.
What kind of professionals must apply for Professional Tax in India?
Tax season is fast approaching and everyone, especially first time taxpayers, are preparing themselves. For first time taxpayers, there is a lot to learn and figure out, and it might even get overwhelming at times.
Which are the best tax free investments in India?
Whether you are a millennial paying tax for the first time or a regular taxpayer, the approach of tax season always brings with it tax saving season as well.
Why are imports heavily taxed in India?
In February, Finance minister Nirmala Sitharaman announced a slew of taxes on imports, as part of the Budget 2020-2021.
Different types of allowances and tax benefits on them
In AY2013, 11.7 million salaried individuals filed their income tax returns (ITR), and by
How to get Tax deduction under
80D?
In the Indian taxation parlance, income tax exemptions are deductions or absolution given on the total income.
How to get tax exemption under Section 10(10D)?
Tax exemption under Section 10(10D) of the act can be availed for all life insurance claims.
How To Save Capital Gain Tax
2020-21
Capital assets can be defined as assets of significant value such as property, vehicles, collectibles, securities and art in some cases.
Importance and Benefits of Tax Saving
In order to ensure that a country’s government functions smoothly and provides the resources that its
Learn about Tax Saving investments in India with Canara HSBC OBC Life Insurance
Investments can be complicated, especially when considered from the
Calculation of short term and long term capital gain tax
If you are planning on selling an asset in the near future or have sold one within the last fiscal,
Capital gain on sale of Gifted
assets
Here’s an example to explain capital gain on sale of gifted assets - Raj has received a big, beautiful bungalow
How can a salaried individual with salary between Rs 20L to Rs 25L save taxes in India?
That time of the year is upon us again when we pull out all our financial
How different is filing taxes in India versus filing taxes in the USA?
The government of every country is entrusted with the responsibility of providing adequate resources
How do I calculate my income tax in India, when I am new to salary components?
One of the biggest reasons why many salaried individuals struggle with
How do I minimize my tax this
year?
Your gross taxable income is calculated by adding the income from all sources. Then the tax deductions and
How do loans help us save income tax in India?
Have you ever wondered how loans help in tax saving, and in what situations? The provision for
How Do We Save Corporate Tax In India?
Corporate taxes are a form of taxation levied on the profits earned by companies and firms operating
How much tax do I need to pay under Budget 2020? (Old vs New)
“In this world, nothing can be said to be certain, except death and taxes,” these words by Benjamin Franklin
How to get Tax deduction under 80DD?
One of the most incredible things about the income tax regime in India is the fact that it allows for several
How to get Tax deduction under 80C?
Taxes can be complicated. That is exactly why your investment and saving strategy should account for how the
Tax Exemption Rules In 2020
Income tax lies at the foundation of every functioning economy. It provides the resources a government needs to
What is Tax Exemption & How Is It Different From Tax Rebate?
Taxpayers are almost always in search of ways to bring down their taxable
What Is Tax Rebate & Tax Refund? How to get Tax Refund & Tax Rebate?
Whether you prefer to fill out your own tax returns or employ the services
Tax saving tips for salaried employees
Tax planning is crucial for employees who draw a salary, and requires extensive planning and discipline
Taxes in India: What Is The Difference Between Forms 15G And 15H?
TDS or ‘Tax Deducted at Source’ can be a hindrance for those whose income
What is the difference between TAN and TIN regarding income tax?
Individual taxpayers and corporations in India require various documents while filing income tax returns (ITRs).
Types Of Tax Saving In India
There are a variety of methods by which, individuals or families falling in any tax bracket can reduce their taxable
Other than conventional methods, what are the ways to save tax in India?
Income tax planning becomes crucial in order to achieve one’s financial goals,
What is Capital gain? Long term and Short Term Capital
If you are an investor, then the first step required is to build an investment portfolio, in sync with your financial
What is Negative Income Tax?/ Do I Have to Pay Tax if I’m Suffering Losses
Income tax is defined as the taxes paid on the income earned by individuals
What is Tax Planning?
Tax planning refers to financial planning for tax efficiency. It aims to reduce one’s tax liabilities and optimally
What is the income tax slab for FY 2020-21?
When it comes to levying taxes, India may not be on the top of the list.
What is the income tax slab 2019-20?
If you are an investor, then the first step required is to build an investment portfolio, in sync with your financial
What is the maximum amount that can be claimed as deduction for education loan?
Quality higher education is absolutely
What tax benefits are there on saving for retirement?
Retirement – they call it the golden years of your life, and rightly so
Which ITR should I file?
As the financial year has come to an end, salaried and self-employed professionals now have to start preparing so that they can file their income tax return (ITR) for FY 2019-20 on time.
My income is less than Rs 2.5LPA do I need to file ITR
It is easy to confuse income tax jargon. The terminology in annual budget announcements and a lot of income-tax related articles and forums tends to be convoluted and nobody
Easy Guide to Filing ITR 5 for this Financial Year
ITR 5 is one of the income tax return forms that are to be filed by a specific section of taxpayers. As mandated by the Income Tax Act, ITR 5 can be used by firms
Easy Guide to Filing ITR 6 for this Financial Year
The form 6 for filing an income tax return is exclusively for companies who have not filed a return of income under section 11
Easy Guide to Filing ITR 7 for this Financial Year
Form ITR 7 is a tax form ideal for companies who are required to furnish income tax return under section 139(4A), section 139(4B),
What precautions are required while filling an ITR form?
Prepping up to file your Income Tax Return for the last financial year? This year’s ITR filings may have been postponed a bit,
Easy Guide to Filing ITR 4
The ITR 4 Form is for the taxpayers who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section
How to file income tax returns?
Income Tax Return simply involves a form which you utilize to enter information of your yearly earning and other details and submit to the department
A Guide To Filling ITR-1 Form
Taxation in India is well classified based on the category of taxpayer. Individual taxpayers and HUF (Hindu Undivided Family) have been provided
A Guide To Filling ITR-2 Form
Income tax laws can be intimidating for simple investors and taxpayers anywhere in the world. While taxation in India is no different, the taxpayers
How can I save on income tax in India if my salaried income is 6.5 LPA?
Filing for and paying income tax to the government is every taxpayer’s responsibility
What is the difference between the current GST return system and the new goods and services tax (GST) return system in India? What is the impact?
To help organise the multitude of
How to save tax with no investment in 2020-21?
Filing income tax returns (ITRs) can get tedious for taxpayers. Not only does one have to ensure that they pay their taxes on time, but also make certain that their investments for saving tax are done.
Income Tax Calculation AY 2020-21 (FY 2019-20) Explained
With the financial year 2019-20 , it’s time for salaried and self-employed individuals to focus on income tax calculation and filing of IT returns.
Tax saving checklist you must follow this financial year
The month of March is a busy one both for taxpayers as well as financial institutions as everyone hurries to make last minute investments in order to save Income Tax.
Term Insurance Can Help You In Reducing Your Tax Liabilities
There is a wide range of financial instruments in the market designed to serve various short-term and long-term goals for the average investor.
Ways to Minimize Income Tax through ULIP
One of the first concerns most people have when they begin earning is whether it is more worthwhile to invest their money into generating higher returns or whether they should first safeguard themselves and their money through a life insurance policy.
What Are The Best Ways To Save Tax In India Other Than 80C?
Income tax is one of the largest sources of income for India’s government and plays an integral role in dictating the behaviour of the country’s economy as well as in the development of its infrastructure and human resources.
What Are The Importance Of Taxes In India?
Taxation has been the primary source of revenue for states across the world for centuries and India is no exception to this.
What are some investment tips for a new employee to save on income taxes in India?
As a new employee, you must always remember that you have an income tax liability, depending upon your.
What are the best methods to save Tax in India for an income group of 5-15 LPA net salary?
If you are a salaried individual earning between Rs 5 lakh and Rs 15 lakh net salary on an annual basis
How Does Life Insurance Help In Tax Saving?
A life insurance policy is usually the first investment made by a person when they begin working and earning for themselves.
How to save tax for salary above 15 lakhs
Finance Minister Nirmala Sitharaman announced the new tax regime in Budget 2020 giving taxpayers the option to choose between it and the existing tax structure when they file their taxes.
I have been taxed abroad and in India can I do something to save double Taxes?
Taxation, while being an essential part of any economy, is not looked at quite favourably by many people
What are some best ways to save tax in India under 80CC?
While we are all keen to do our bit and contribute towards better infrastructure and upliftment of society through the taxes we pay, given that we work very hard for our salaries, it is fair that we want to keep taxes at the minimum - within approved government guidelines of course.