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When an old housing society is redeveloped i.e. it is made afresh. Then the builder provides the landlords with a place to live or gives money to live on rent. Until their own house is not available. Usually this money is used to live on rent in another house. So how will you be taxed in this case. Check out in this video
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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that due to a re-development project, the old flat owners will not have to pay tax on the rent received as compensation from the builder
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CTC is not the actual salary, rather made up of many components such as basic pay, house rent allowance, special allowance, variable pay, employer’s EPF contribution etc
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Special Allowance component of salary usually includes things like Fuel and Travel Reimbursement, LTA, Phone Bill Reimbursement, etc. These things are available to the employees as reimbursement and can be used to save taxes...
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While the method might become a part of the sustained approach of the CBDT, the immediate target is to push up the number of those filing IT returns to 8.6 crore from the current figure of 7.78 crore
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Finance minister also rooted for a more taxpayer-friendly department by advising the officials for quicker resolution of their grievances and faster disciplinary action against erring taxmen
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The financial year 2023-24 has started from April 1 but the changes made in the budget of 2023 have increased the confusion of taxpayers. Taxpayers are entangled in the calculations to save tax and this time tax saving plan starts by choosing the tax system. To make a blueprint for tax saving and financial planning rightaway, watch this report.
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The new tax regime does not provide any deductions and exemptions, whereas the old regime has about 70 of them
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For tax saving and financial planning to go hand in hand you need to make a blueprint for it
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Income Tax Department has asked employers to ask the consent of their employees before choosing their tax regime...
