Most of the valuable assets you hold could be classified as capital assets, sale of which attract capital gains tax. They are classified as short-term or long-term based on the holding period, and taxed differently. Long-Term Capital Gains tax rate is 12.5% and Short-Term Capital Gains tax rate is 20% or at slab rates as updated in Budget 2024. Budget 2026 UpdateIn Budget 2026, it was proposed to tax income from buyback of shares as Capital Gains. What is Capital Gains Tax in India?Capital gains tax in India is the tax levied on profits earned from the sale of capital assets such as property, stocks, or mutual funds. The gain is considered income and is taxable in the year the asset is transferred. There are two types of capital gains based on the holding period of the assets:Short-Term Capital Gains (STCG): For assets held for less than 12 months in case of equity shares, units of equity-oriented mutual funds, and units of business trust.

Section 55A of the Income Tax Act confers powers on the Assessing Officer to revalue the capital asset and bring it to fair valuation. The discretion of the Assessing Officer plays a major role in the application of the said powers.Dive into this blog to understand to these key points:Why Assessing Officer refer a capital asset to a Valuation OfficerCircumstances that warrant reference to Valuation OfficerOther conditions to refer to a Valuation OfficerReference To Valuation Officer 55AWith a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the [Assessing] Officer may refer the valuation of capital asset to a Valuation Officer—in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the [Assessing] Officer is of the opinion that the value so claimed is less than its fair market value;in any other case, if the[Assessing] Officer is of opinion—(i) that the fair market value of the asset exceeds the value of the asset as claimed by the assessee by more than such percentage of the value of the asset as so claimed or by more than such amount as may be prescribed on this behalf; or (ii) that having regard to the nature of the asset and other relevant circumstances, it is necessary to do, and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clauses (ha) and (i) of sub-section (1) and sub-sections (3A) and (4) of section 23, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall with the necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the [Assessing] Officer under sub-section (1) of section 16A of that Act.Explanation—In this section, “Valuation Officer” has the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).] As stated in the Section, the Assessing Officer may refer to the valuation of a capital asset to a Valuation Officer under certain circumstances. Prior to understanding the circumstances for the same, the following terms must be understood:Registered ValuerRegistered Valuers are also referred to as Private Valuers. They are authorised by the Board and recognised by the Income Tax Department. They work in a private capacity, and their valuation is not binding on the tax authorities, but the Assessing Officer cannot ignore such valuation unless he has approached the Departmental Valuation Officer for valuation.Valuation OfficerValuation Officers, also known as Departmental Valuation Officers, are recognised by the Income Tax Department.

If you're a property owner in Delhi, understanding and managing your property tax is essential for maintaining your property rights and ensuring you're in compliance with the Municipal Corporation of Delhi (MCD). This article will guide you through how to calculate, pay, and stay updated on MCD property tax, including the latest changes and payment options for 2025.MCD Property Tax RatesRates of property tax for different categories of property are as under:Category of DelhiRate for Commercial Property TaxThe rate for Residential Property TaxValue Per Unit Area (Per Square Metre)A20%12%Rs. 630B20%12%Rs. 500C20%11%Rs. 400D20%11%Rs.

Section 115BAA provides for reduced tax rates for domestic companies, applicable from FY 2019-20. Section 115BAA provides an option of reduced tax rate of 22% with a surcharge and education cess of 10% and 4%. Effectively, companies opting 115BAA will be liable for 25.17% tax. Amongst the set of new tax rules introduced by the Government every year, the introduction of Section 115BAA on September 20, 2019 brought in a reduced tax rate for businesses operating in India. Also, the MAT rate has been reduced from 18.5% to 15%.Beyond figures, Section 115BAA was more about fostering a business-friendly environment, promoting investments and driving economic expansion.

Anyone owning a house or land needs to pay property tax to their local municipality or other civic body. In Ahmedabad, the Ahmedabad Municipal Corporation (AMC) is the local body responsible for collecting property tax from residents and using these funds for the city's development. Paying AMC property tax is quite easy and can be done entirely online. In this blog, you will gain an understanding of Ahmedabad Municipal Corporation property tax and how to pay the same. What is AMC Property Tax Payment? AMC Property Tax stands for Ahmedabad Municipal Corporation property tax, collected by the local authority of Ahmedabad for the purposes of administering and developing the city's infrastructure. Ahmedabad Municipal Corporation, or AMC, was established in July 1950 under the Bombay Provincial Corporation Act, 1949. AMC is one of the first municipal corporations in India to introduce online tax payment facilities. The municipal corporation have to look after the various needs of the city, including cleaning and maintaining public roads, fire services, sewage, water connections, street lighting, medical services, and more.

According to Article 276 of the Indian Constitution, every individual earning an income is liable to pay professional tax. Whether you earn your source of living from a job or self-employment, paying this tax is mandatory. However, the payable tax amount differs from one state to the other. Most Indian states have set their own tax rates for different income slabs. If you are a resident of New Delhi, read this article for a complete overview of professional tax in Kerala.Professional Tax in Kerala The Kerala state government imposed a professional tax on every salaried employee working in government and private sectors and self-employed individuals in any business or profession, such as doctors, engineers, lawyers, chartered accountants, freelance professionals, etc. Those working in Kerala must pay professional tax according to the applicable income slab and professional tax rate. Employers deduct professional tax from employees' salaries every month, and self-employed people deposit professional tax annually.

States in India, including Odisha, levy a professional tax (PT) in accordance with Article 276 of the Indian Constitution. Professional tax in Odisha is a direct tax that applies to businesses, salaried individuals, entrepreneurs and professionals in various occupations. Even though only a small amount is deducted, professional taxpayers in Odisha need to be well-versed in the subject. In this article we will learn more about professional tax payments in Odisha.Professional Tax in OdishaIf you are a salaried employee, whether government or private, and if you are self-employed engaged in a profession like a doctor, engineer, lawyer, Chartered accountant, company secretary, etc., working in Odisha, you are liable to pay professional tax.Professional tax in Odisha varies between Rs.1,500 - 2,500, according to the applicable income slab.The maximum professional tax in Odisha is Rs.2,500 per annum. Persons earning a salary of Rs.1,60,000 annually or less are not required to pay professional tax in Odisha.

All the donations received by charitable trusts are exempt from taxes, on satisfaction of certain conditions. The taxation of charitable trusts are covered under section 11 of the Income Tax Act. Only trusts established for charitable or religious purposes can claim exemption under the act, and they need to file ITR even though their income is exempt from taxation. To claim exemption, these charitable institutions are compulsorily required to get their books of accounts audited by a Chartered Accountant. Due date for ITR filing of charitable trusts FY 2024-25 is 31st October, 2025. This article explains in detail, the taxation of trusts and compliance requirements for trust taxation.Conditions for Claiming ExemptionThe charitable trust should be duly registered under section 12AB of the act.It should be established to promote charitable or religious objectives.

The National Pension Scheme is a voluntary retirement scheme introduced by the Central Government. People can invest in such pension account regularly and receive 60% of it as a lump sum amount on attainment of 60 years of age and the remaining as annuity pension. However, the scheme also allows partial withdrawal from the NPS account. This article attempts to simplify the partial withdrawal rules and the tax benefits thereon.Partial Withdrawal From NPS Before we delve into the withdrawal rules, let’s understand some basics. There are two types of NPS accounts- Tier I and Tier II.If you wish to subscribe to NPS it is mandatory for you to open a Tier-I account.

Toll revenue constitutes a significant part of the development and maintenance of highway infrastructure of the Indian economy. In recent times, a lot of modernization has been made in promoting transparency and efficiency in toll collecting. In this article, we will understand road usage charge collection, calculation, and other details about road charges in India.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. Why is Toll Tax Collected?India has one of the greatest and largest roadway networks in the world.