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Source: Live Mint If we sell our residential house for, say, ₹50 lakh, do we have to invest the full 50 lakh to buy another residential house property, or do we only need to invest the long-term capital gains? I was under the impression that only the capital gains amount needed to be invested in…
Source: Live Mint I have invested in an ELSS scheme under the Dividend Reinvestment Plan. Does the reinvestment of dividends qualify for a rebate under Sec 80C? Yes. The dividend reinvested is treated as a fresh investment in the ELSS. Therefore, it is eligible for deduction u/s 80C within the overall limit of ₹1.50 lakh…
Source: Live Mint I have incorporated an IT company abroad. I want to transfer money to my own account abroad and give a loan to my company outside India. Can I avoid TCS by doing this? -Name withheld on request. Tax collected at source (TCS) is applicable on all remittances made under the Liberalised Remittance…
Source: Live Mint I have an apartment that I want to sell. If I sell it before 31 March this year, will I have to pay the entire capital gains tax as advance tax by 31 March? My reservation is that the seller will pay me in 2 instalments so I will not have enough…
Source: Live Mint If you plan to opt for the old tax regime at the time of filing of income tax return (ITR) in July this year, you are entitled to claim income tax deduction. There are a number of tax-saving options which enable you to claim deduction such as those offered under section 80C…
Source: Live Mint Do you regularly invest in stocks and have booked capital gains by selling some shares recently? In case you are not aware, these gains can be set off against the losses you may have incurred via another stock. This process of adjusting the loss against the gain is known as ‘tax loss…
Source: Live Mint The Income Tax department has announced that the last instalment of advance tax for financial year 2024-25 is due by March 15, 2025. This means only four days are left for this (including today). The tax department has said that paying on time not only upholds your compliance with tax regulations but also…
Source: Live Mint How much of your high-paying salary do you take home? A comparison of India’s new and old income tax regimes, focusing on earnings between ₹1 crore and ₹10 crore, highlights the significant differences in tax burden and net income. The data reveals a clear trend: the new regime typically offers a higher…
Source: Live Mint With financial year 2024-25 soon coming to an end, only three weeks are remaining before the taxpayers can invest in the tax-saving instruments such as PPF, NSC, KVP, SSY and SCSS. Taxpayers who wish to claim income tax deduction must invest in these instruments before March 31. Where can taxpayers invest to…
Source: Live Mint The new income tax bill has changed the TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) rules several times. These changes were announced in Budget 2025 and will be effective from April 1, 2025. The bill has proposed increasing the threshold limit of tax for various provisions. TDS is…
