When it comes to buying or selling property in India, taxes are an important part. One such tax is the Tax Deducted at Source (TDS) on the sale of property under Section 194-IA. Property here refers to only immovable property like land and buildings. Before making a payment to the seller, buyer has to deduct tax at the time of purchasing property. While making a purchase of the property, the buyer has to deduct tax before making a payment to the seller.

As a part of the Beti Bachao Beti Padhao campaign, Prime Minister Narendra Modi launched a scheme called ‘Sukanya Samriddhi Yojana (SSY)’, the campaign literally translates to ‘Girl Child Prosperity Scheme’ in line with the above objectives. It was launched on 22 January 2015 in Panipat, Haryana.What is Sukanya Samriddhi Yojana (SSY)?In order to majorly address the issue of the declining child sex ratio in our country, the Government of India launched a social campaign on 22 January 2015. The Beti Bachao Beti Padhao (BBBP) campaign sends the message ‘Save girls, educate the girl child’. This is a national initiative jointly run by the Ministry of Women and Child Development, the Ministry of Health and Family Welfare, and the Ministry of Human Resource Development.BBBP aims to achieve the following:To stop gender discrimination against children and abolish the practice of sex determination.To ensure the survival and protection of girls.To ensure higher participation of girls in education and other areas.SSY aims at tackling a major problem associated with the girl child i.e., the financial burden related to education and marriage. It is focused on securing a bright future for the girl child in India by facilitating the parents of a girl child in building a fund for the proper education and carefree marriage expenses of their child.

House Rent Allowance (HRA) is one of the crucial element in the salary package of the individual. It's a significant benefit provided by employers to cover a portion of an employee's rental expenses for their residence. This article aims to explain the significance and extent of the deduction permissible for HRA.What is HRA (House Rent Allowance)?House Rent Allowance (HRA) is an allowance (part of CTC) given by your employer to help you cover the cost of living in a rented accommodation. Is HRA Taxable?HRA is a part of your salary income and therefore, it is initially considered as your taxable income. However, if you live in a rented accommodation, you can claim a tax exemption either – partially or wholly under Section 10(13A) of the Income Tax Act. This is popularly known as HRA exemption.

The investments declaration must be made at the start of each fiscal year. In order to properly deduct taxes from your monthly salary, your employer requests that you submit all of your tax-saving investments for the year. You should declare your investments because doing so could increase your take-home pay.At the beginning of the financial year, you have to just make an estimate of the investments that you intend to make. You don’t need to submit actual proofs until the end of the financial year. You can actually invest less or more.

Advance tax is a tax payable by individuals on income sources beyond their regular salary, including earnings from rent, capital gains, lottery earnings, fixed deposits and more. Payments can done online using e-filing portal.The due date for the third instalment of advance tax is 15th December 2024 for FY 2024-25.Advance Tax Calculator – Calculate Advance Tax LiabilityUse this intuitive tool from Cleartax to calculate your advance tax liability:What is Advance Tax?Advance tax is the income tax that is paid in advance instead of lump sum payment at the end of the financial year. It is the tax that you pay as you earn. These payments have to be made in instalments as per due dates provided by the income tax department. Who Should Pay Advance Tax?Salaried individuals, freelancers and businesses– If your total tax liability is Rs 10,000 or more in a financial year, you have to pay advance tax. The advance tax applies to all taxpayers, salaried individuals, freelancers, and businesses.Senior citizens– People aged 60 years or more who do not run a business are exempt from paying advance tax.

The Senior Citizens Savings Scheme (SCSS) is primarily for the senior citizens of India. The scheme offers a regular stream of income with the highest safety and tax saving benefits. It is an apt choice of investment for those over 60 years of age. In this article, we will learn about the following:Meaning of SCSSFeatures of the SCSSEligibilityInterest RateBenefits of SCSSProcedure to Apply for the SCSSDocuments requiredTax BenefitsWhat is the Senior Citizen Savings Scheme (SCSS)?Senior Citizen Savings Scheme (SCSS) is a government-backed retirement benefits programme. Senior citizens who are resident in India can invest a lump sum in the scheme, individually or jointly, and get access to regular income along with tax benefits. It is a Post Office savings scheme.

The Income-tax Act, 1961 offers salaried individuals several tax exemptions, beyond deductions like LIC premiums and housing loan interest. While deductions reduce your total taxable income, exemptions exclude specific types of income from being taxed altogether. This allows employers to design an employee's Cost to Company (CTC) package in a tax-efficient manner.One such exemption available to the salaried class under the law and widely used by employers is Leave Travel Allowance (LTA)/Leave Travel Concession (LTC). LTA exemption is also available for LTA received from former employer w.r.t travel after the retirement of service or termination of service. LTA can be claimed for any two years in a block of 4 calendar years.

ITR stands for Income Tax Return. The central board of direct taxes (CBDT) releases all the ITR forms and specifies the procedures to be followed. This article provides an in-depth understanding of the definition of ITR and the types of ITR forms.What is ITR?Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable, to the income tax department.The department has notified 7 forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer should file his ITR on or before the specified due date.

You can file your returns online with the help of your Aadhar Card.Taxpayers no longer have to send a 1-page verification document i.e. the ITR-V to the Income Tax Department in Bangalore. Instead, they can verify their returns online with the help of an OTP received on their Aadhaar registered mobile number. The verification of ITR must be done within 30 days from the submission of the ITR.E-verify Your Return Using Aadhaar CardEligibility:You must have linked your Aadhaar card to your PAN number.Your mobile number linked to Aadhaar must be active.Steps for e-Verifying Your Return Using Aadhaar Card Step 1: Log on to the Department’s e-filing website.Step 2: Go to the ‘e-file’ tab on the dashboard >> select ‘Income Tax Returns’ >> then select ‘e-verify return’.Step 3: Choose the most recent ITR for which e-verification is pending. Step 4: On the next screen select the first option ‘I would like to e-verify using OTP on mobile number registered with Aadhaar‘. For verification through Aadhaar OTP, your mobile number must be linked to Aadhaar and also your PAN-Aadhaar must be linked.Step 5: Check the box and click on ‘Generate Aadhaar OTP’.

Have you made any mistakes in filing your ITR? If so, you can correct them by filing a Revised Return under Section 139(5) of the Income Tax Act, 1961. This allows you to address errors such as misreported income, missed deductions, or incorrect tax calculations. This article provides a comprehensive guide on understanding and filing revised returns.Latest UpdateThe CBDT has extended the deadline for resident individuals to file belated or revised income tax returns for the Assessment Year 2024-25 from 31st December 2024 to 15th January 2025.What is a Revised Return?Revised return is a return filed under Section 139(5) to correct mistakes or omissions made in the original return. Section 139(5) of the Income Tax Act, 1961, allows you to file a revised return if you discover mistakes in your initial filing. You can even revise a belated return. You can file a revised return by 31st December of the relevant assessment year or before the completion of assessment, whichever is earlier. December 31, 2024, is the deadline to file the belated and revised income tax returns (ITRs) for FY 2023-24 (AY 2024-25).