ITR Filing: Things Senior Citizens Should Know Before Submitting Income Tax Returns

Older people new to ITR filing or with limited knowledge should know their basic tax exemption limit. For instance, for senior citizens, it is Rs 3 lakh; for super senior citizens, it is Rs 5 lakh.

Understanding DTAA: How NRIs Can Avoid Double Taxation In India

Double Tax Avoidance Agreements (DTAA) can help optimise tax obligations and ensure financial efficiency.

How Does Taxable Income Be Calculated For Seniors Seeking Exemption From ITR Filing?

Senior citizens whose age is 75 years or more are exempted from filing the ITR u/s 194P, subject to fulfilment of certain terms and conditions as applicable according to the ITR rule.

Decoding NRI Taxation: Know Tax Deductions And Liability On Various Transactions

From decoding residency status to leveraging Double Tax Avoidance Agreements (DTAA), here's a comprehensive guide to demystify tax complexities for Non-Resident Indians (NRIs)

What Is Section 56 Of Income Tax Act And How Does The Rule Apply?

Income sources dealt with under Section 56 of the Income Tax Act include dividends, one-time payments, advance payments, severance packages, and revenue from renting machinery.

How Is Tax Evasion Different From Tax Avoidance: Know The Consequences

Tax evasion differs from tax avoidance, and taxpayers should know the difference to avoid unknowingly committing tax fraud. Learn more.

How Are Gifts Taxed? All You Need To Know

Money, land, etc., received as gifts from people are taxable in the hands of the receiver, and the Income Tax Act sets the rules for exceptions, eligibility and other considerations.

What Are Tax Rules For Different Gold Products?

Gold investors consider the yellow metal a safe investment because of its price stability and stable returns over the long term.

When Does Capital Gains Tax Apply On An Inherited Property?

An inherited property is not subjected to tax at the time of inheritance, but it is taxable during sale under the Indian Succession Act 1925.

What Does Section 24 Of Income Tax Act Provide For House Property?

Section 24 of the Income-tax Act of 1961 allows taxpayers to claim tax deductions against home loan interest and income from a rental property in a financial year. Learn more.

How To Get Tax Relief On Rent Payments If You Are Self-Employed?

If you are self-employed or work as a consultant and pay home rent, you may not have access to the house rent allowance (HRA) as salaried people do. So, how will you get tax relief?

Double Taxation Avoidance Agreement: What Does It Cover And How You Can Benefit

Double taxation means tax levied on a person in more than one country for an income, item, or service purchased, so the taxation treaties help prevent double taxation.