Investment in a house property is one of the most sought-after investments primarily because you get to own a house. While others may invest with the intention of earning a profit upon selling the property in the future. It is important to note that a house property is regarded as a capital asset for income tax purposes. Consequently, any gain or loss incurred from the sale of a house property may be subject to tax under the 'Capital Gains' head. Similarly, capital gains or losses may arise from sale of different types of capital assets such as stocks, mutual funds, bonds and other investments.

What is Toll Tax in India?Road charges, often known as “tolls, "are the taxes you pay for using interstate expressways, bridges,  tunnels, and national or state highways. In India, the entire road network, including toll taxation policies and systems, falls under the purview of the National Highway Authority of India (NHAI).NHAI has laid down various rules and regulations that determine the collection process. These rules include certain exemptions for taxes, tax validity, rules on how the road charges for a particular highway/expressway are determined, and much more. In this article, we will learn about road usage charge collection, calculation, and other details about road charges in India.Why is Toll Tax Collected?India has one of the greatest roadway networks in the world. Road charges or taxes are collected to ensure that funds are constantly generated for road repair and maintenance. Hence, a paying station is often set up on roads, and the tax amount collected is used to maintain the quality of roads and improve infrastructure to ensure quick distance coverage.However, the charges for every expressway, highway, bridge, or tunnel are not the same.

The capital gains you earn from equity funds are subject to capital gains tax. You have either short-term or long-term capital gains depending on the holding period of your investment. For instance, the capital gains you earn from equity funds for a holding period up to one year are called short-term capital gains or STCG. You have the STCG taxed depending on your income tax bracket.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. The 36-month holding period has been removed.The holding period for all listed securities is 12 months.

Paying your income tax in an accurate and timely manner is crucial for the country's economic growth. As a responsible citizen of India, you have to pay your taxes on time. The government has made several provisions in the Income-tax Act,1961 that allow you deductions against investments in specific avenues. One such popular option is deduction under Section 80CCD.Budget 2024 - Increase in Deduction on Employer's Contribution to Pension SchemeAs per the proposed change in Finance Bill, 2024, the deduction against employer's contribution to pension scheme (i.e. u/s 80CCD (2)) has been increased to 14% of Salary (plus dearness Allowance), for other employers from 10%.

In India, certain income sources are not taxable under the Income Tax Act,1961. Known as tax-free incomes, the IT Department cannot deduct taxes on the incomes that fall under these exemptions. Hence, individuals can determine a way to save on their taxes by taking advantage of these exemptions while filing their ITRs (Income Tax Returns). It is crucial to be aware of tax-free income sources before filing your income tax return. The corresponding exemptions are also valid under the new tax regime, which is introduced as the default from the financial year 2023-24.

The main aim of our government is to manage the country and keep it progressing. The varied needs of the people as a whole should be kept in mind and a ‘push’ needs to be given wherever necessary. Various schemes have been launched by both the State and Central Governments that the citizens can benefit from. However, in a country where the population is in billions, it is difficult to identify who is genuinely eligible for what type of benefit.Therefore, the government issues various types of certifications on the submission of valid proofs. One such type of certification is the Income Certificate.

Do you know that charitable/religious deeds through donation or by conducting those activities can help you save tax? Section 80G of the Indian Income Tax Act provides provisions for the same. As per 80G, you can deduct your donations to Central and State Relief Funds, NGOs and other charitable institutions to arrive at your taxable income. In this article, we will tell you how and when to claim deductions on donations made to Charitable Trusts and NGOs and how the tax laws are applied on the trusts conducting charitable/religious activities.Charitable Trusts – A Brief Introduction“The word ‘Charity’ connotes altruism in thought and action. It involves an idea of benefiting others rather than oneself” Supreme Court in the case Andhra Chamber of Commerce [1965] 55 ITR 722 (SC).  Charity is a selfless voluntary help either in money or kind to the needy. Hence, there are various Non-Governmental Organizations (NGOs) and non-profit entities constantly working on charitable activities by raising funds all over the world by forming either an institution or trust.  Trusts can be created for charitable purposes or religious purposes or both.Efforts of such institutions play a significant role in promoting economic development and the social welfare objectives of the Government. Their outreach and more localised approach help to identify the needy and lend a supporting hand.

We all agree that ITR filing is not a walk-in-the-park process. However, filing your taxes is important for tax compliance. Individuals and businesses file ITRs, which are examined by the Income Tax Department; this process is referred to as tax assessment. In this article, we have discussed the types of assessment that you should know as a taxpayer. 1. Self AssessmentThe assessee himself determines the income tax payable. The tax department has made available various forms for filing income tax returns.

As a taxpayer, you can claim certain deductions of expenses while calculating the ‘income from other sources’. Such deductions fall under Section 57 of the Income Tax Act, 1961 (ITA).Let’s gain insight into various deductions allowed to taxpayers under Section 57 while computing any income chargeable under the heading ‘Income from other sources’.Dividend or interest earned on tradable financial assets (securities): Any reasonable sum spent by commission or remuneration to a banker or any other person as collection charges to realise such dividend or interest on behalf of the taxpayer is allowed as a deduction. Deduction in the form of employee’s contribution towards welfare schemes: An employee’s contribution towards provident fund (PF), superannuation fund (SF), or employee state insurance (ESI), and such other welfare schemes in the accounts of an employer is deemed as income if not taxable under the head, ‘profits and gains of business or profession’. In case the employer deposits any amount towards such funds, which gets credited before or on the due date, then such an amount is allowed as a deduction to a taxpayer.Deduction in the form of expenditure incurred on rental income: When rental income is earned from letting out plant, furniture, machinery, or building, any expenditure incurred on current repairs of the assets mentioned above, as well as insurance paid regarding them, is allowed as a deduction. Depreciation is applicable to such a plant, machinery, and furniture. However, depreciation in the case of a building will only be allowed if the taxpayer is the actual owner of the property.Standard deduction out of family pension: In the case of family pension, one-third of such income or Rs 15,000, whichever is less, is allowed as a deduction.

The current ITR-4 is to be filed by small business owners who do not maintain books of accounts but only maintain sales ledger in approximate volume. This includes online sellers, traders, wholesalers and manufacturers, etc.Then freelancers such as online content writers, bloggers, vloggers, etc. need to file the ITR-4 form. Also, professionals like chartered accountants, doctors, lawyers and engineers, etc. whose income is computed on a presumptive basis u/s 44AD, 44ADA or 44AE need to file this form. Individuals who are drawing a salary as well as earning additional income from freelancing activities or part-time business also can file ITR-4 Form. Budget 2023 Update:Budget 2023 has amended Sec 44AD and Sec 44ADA to revise presumptive taxation limits for FY 2023-24 (AY 2024-25) as follows:CategoryPrevious limitsRevised limitsSec 44AD: For small businessesRs.2 croreRs.3 crore*Sec 44ADA: For professionals like doctors, lawyers, engineers, etc.Rs.50 lakhRs.75 lakh*Note: *If the amount received in cash in the previous year does not exceed 5% of the total turnover.What is the ITR-4?ITR-4 is the Income Tax Return form for taxpayers who opt for a presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income-tax Act,1961.   However, if the turnover of the business mentioned above exceeds Rs.2 crore, the taxpayer will have to file ITR-3.Who is Required to File ITR-4?ITR-4 is to be filed by the individuals/HUF/Partnership firm whose total income of FY 2023-24 includes as below:Income from business income calculated under Section 44AD or 44AEIncome from profession calculated under Section 44ADAIncome filed in  ITR1, the total income from all the sources together should not exceed Rs.