Who invented income tax? Before you pick up your clubs and hatchets be informed that the man is long dead. Some form of levy on subjects, citizens, merchants and traders has always been present since the dawn of civilisation. But income taxes as we know them today, in India, can be attributed to a modest… Continue reading PAN Card for Individual Income Tax Payers
Old age need not be the end of your active life when it comes to spending your money wisely and saving on income tax. Typical components of income for senior citizens include pensions, HRA income, interest earned on Fixed Deposits, capital gains on assets, debt and equity instruments and income earned from business or profession.… Continue reading Senior Citizens and Income tax planning
For the purposes of taxation, pension payments are treated as salary income in return forms in India. The dictionary defines a pension as an amount paid at regular intervals by the State or a past employer on account of services previously rendered, age, disability, poverty or other uncontrollable loss suffered. Similar definitions obtain in Section… Continue reading Income Tax for Pensioners
Considering their daily risk to life and limb does an Indian soldier receive special exemptions from income tax on his return form? Life as a service conscript is different from other professions in terms of obligations and risk involved. As a member of the Indian Army, for example, an ordinary soldier is bound to obey… Continue reading Income Tax Exemptions for Defence Personnel
The GST Council meeting on the 7th of October in Hyderabad has brought some relief to struggling tax payers, particularly in the bleeding informal sector of the economy. Much went wrong in the initial stages of implementation of this path breaking statute. Problems with the GST The new tax regime was set to roll in… Continue reading Relief for GST taxpayers
Can a person not born in India inherit real estate legally and if so what are the tax implications of such a capital gain? The short answer is yes. The question acquires escalating interest if one considers estates of Ultra High Net-Worth Individuals owning land worth hundreds of crores. Conditions for Property Transfer to Non… Continue reading What Taxes Do Non Residents Pay in India?
In terms of investment, the gain does not accrue until the asset is actually sold/ transferred. Increases in value without transfer do not trigger a tax event. Consider a mutual fund, which is a cheap vehicle for a large pool of investors to put their collected money into various securities such as stocks, bonds or money… Continue reading Capital Gains and Sale of Residential Property