What is the biggest benefit of putting your wife's name on a home purchase? Getting along with her, making the family happy, or standing out in a patriarchal society? Yes, there is all that, but the cherry on top is that you may reduce the property value by 1% to 2% to save tax.As a part of social efforts, several state governments provide women buyers with a discount on stamp duty. When you purchase a property and have it transferred into your name, you must pay stamp duty to the state government. So what are the benefits of having a property purchased by husband in the name of wife? Let’s discuss this in detail.Income Tax Benefits for Husbands Purchasing Property in the Name of WifeThere are several tax benefits to purchasing a home with your wife as sole owner or co-owner. One of them is the tax deduction under Section 80C. It includes income tax deductions of up to ₹1.5 lakh every financial year on principal repayment for a home loan. Both you and your wife can claim this benefit if you are both co-owners of the same property and your wife has a separate source of income. The benefits of taxes on property purchased by the husband in the name of the wife will differ according to their ownership stakes.Both you and your wife can also deduct the entire amount of interest paid on a house loan if the purchased property is rented out.

Windfall tax came into being in the 1970s with the intent to tax the profit of companies generating huge revenue due to an unprecedented event. However, this tax system has been debated since its initiation. The recent windfall tax on crude oil this year is making headlines. However, looking into a dramatic rise in their yearly profit, Government needs to levy a windfall tax on their income. If you want detailed information on this recent windfall tax story, check out below.Latest UpdateThe Government of India through its notification has scrapped the windfall tax on crude oil from Rs. 1850 per tonne to zero. What is Windfall Tax?A windfall tax is a higher tax levied by the government on specific industries when the industry experience unexpected and above-average profits due to various global and geopolitical events which are outside the control of the industry.

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.Advance Tax Calculator – Calculate Advance Tax LiabilityUse this intuitive tool from Cleartax to calculate your advance tax liability:The due date for the Second instalment of advance tax is 15th September 2024 for FY 2024-25.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 Commercial Taxes Department, regulated by the Telangana government, is responsible for collecting professional tax in Telangana. If you have recently moved to this state or are employed here, it is important to know everything about the professional tax applicable here. In this article we will explain about:Professional tax in TelanganaProfessional tax slab in TelanganaApplicability of professional tax in TelanganaSteps for Professional tax paymentProfessional tax exemption in TelanganaFAQsWhat is Professional Tax?Professional tax is collected by the state government from your salary income. To understand more about professional tax, refer to our article Professional Tax.Professional Tax in TelanganaProfessional tax is the tax collected from earning individuals. This tax is levied on individuals working in non-government and government sectors or belonging to any profession including lawyers, doctors, chartered accounts or people involved in any other business. Therefore, if you are a resident of Telangana who earns money through profession, employment, trade or other means, you must pay professional tax to the state as per the applicable tax rate. Telangana Professional Tax ActAs per the Telangana Professional Tax Act, 1987, earning individuals are required to pay this tax; depending on their income, it can be a maximum of Rs 2500 and a minimum of Rs 110 annually.

ITR stands for Income Tax Return. The Income-tax Act,1961 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.

If you've missed the deadline to file your income tax returns, there's no need to panic. You still have the option to file your tax returns after the due date, although with a penalty. This article provides a comprehensive guide on understanding and filing belated returns, ensuring you navigate the process smoothly while avoiding potential financial penalties. What is Belated Return?A belated return is a return filed after the deadline i.e. 31st July of the assessment year but before 31st December of the assessment year. While late filing has consequences, it's still better than facing potential penalties for non-compliance.The due date to file income tax return for the Financial Year 2023-24 is 31st July 2024.

Taxpayers filing their return after the due date will have to pay interest under Section 234A and a penalty under Section 234F.When is the Last Date to File ITR?ITR filing last date for non audit tax payers for Financial Year 2023-24 (AY 2024-25) was July 31, 2024. However, if you miss filing within the due date, you can still file a belated return before December 31, 2024.Income Tax Returns (ITR) Filing Start Date for FY 2023-24 (AY 2024-25)The Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024 -25) has started from 1st April 2024 and the last date to file ITR for FY 2023-24 is discussed below.Income Tax Filing Due Dates for FY 2023-24 (AY 2024-25)Category of TaxpayerDue Date for Tax Filing - FY 2023-24*(unless extended)Individual / HUF/ AOP/ BOI     (books of accounts not required to be audited)31st July 2024Businesses (Requiring Audit)31st October 2024Businesses requiring transfer pricing reports   (in case of international/specified domestic transactions)30th November 2024Revised return31 December 2024Belated/late return31 December 2024Updated return31 March 2027 (2 years from the end of the relevant Assessment Year)Consequences of Missing the ITR Filing DeadlineInterestIf you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.Late feeIn case of late filing, Section 234F imposes a late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.Loss AdjustmentIn case you have incurred losses from sources like the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the subsequent year. This provision substantially reduces your tax liability in future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the deadline.What if ITR Filing is Missed?Belated ReturnIf you miss the ITR filing due date, you can file a return after the due date, called a belated return. However, you will still have to pay the late fee and interest charges, and you will not be allowed to carry forward any losses for future adjustments. The last date for filing a belated return is 31st December of the assessment year (unless extended by the government).

The Budget 2023 caused a lot of confusion among taxpayers regarding the choice between the old and new tax regimes. The government introduced various incentives in the 2023 Budget and 2024 Budget to encourage the adoption of the new regime. These changes show that the government intends to have taxpayers transition to the new regime and eventually phase out the old one. Though the new regime is now the default tax regime, the old tax regime will continue to exist.Budget 2024 Updates Financial Minister Nirmala Sitharaman has proposed changes in the tax structure under the new tax regime. The new tax regime has been updated as follows -Comparison of pre-budget and post-budget tax slab  Tax Slab for FY 2023-24Tax Rate Tax Slab for FY 2024-25Tax RateUpto ₹ 3 lakh NilUpto ₹ 3 lakh Nil₹ 3 lakh - ₹ 6 lakh5%₹ 3 lakh - ₹ 7 lakh5%₹ 6 lakh - ₹ 9 lakh 10%₹ 7 lakh - ₹ 10 lakh 10%₹ 9 lakh - ₹ 12 lakh 15%₹ 10 lakh - ₹ 12 lakh 15%₹ 12 lakh - ₹ 15 lakh20%₹ 12 lakh - ₹ 15 lakh20%More than 15 lakh30%More than 15 lakh30%Budget 2024 has increased the standard deduction under the new tax regime to ₹ 75,000. The family pension deduction has also been increased from ₹ 15,000 to ₹ 25,000.

Every individual needs to file their taxes in the specified IT return form. Taxpayers need to file ITR for capital gain by submitting ITR Form 2 to the Income Tax Department. However, if your total income for a financial year includes income generated from business or profession, you will be required to file ITR-3 as the income tax return for capital gains. If your income source is salary, sale of foreign assets or property, etc., you are eligible to file ITR-2. Read on to learn how to file the capital gain ITR form.  Budget 2024 Latest UpdatesBudget 2024 has passed the following amendments effective from FY 2024-25 - For classifying assets into long-term and short-term, there will only be two holding periods: 12 months and 24 months.

A partnership firm is set up to earn profit. There can be two types of partners: a working partner who invests in the firm and manages its operations and a silent partner who only invests without being actively involved in the firm's operations. Partners are rewarded based on the efforts put in. The payment terms are subjective and are mentioned in the remuneration clause of the partnership deed.Budget 2024 - Increase in Limit for Partner's Remuneration u/s 40(b)The limit for the partner's remuneration as provided in Section 40(b) were last updated in the year 2010. This budget proposes to amend the limit on the partner's remuneration as per the below table:Book ProfitLimitOn the first Rs.6,00,000 of book profit or lossRs.3,00,000 or 90% of the book profit, whichever is higherOn the remaining balance of book-profit60% of the book-profitFurther, a new provision has been added via Section 194T, wherein the TDS will be required to be deducted for any salary, remuneration, bonus or commision payments made to a partner by a firm at the rate of 10% if payment in a financial year exceeds Rs.