Income Tax Filing

Understanding Section 54: Capital Gains on Property Sale Selling a residential property in India can trigger substantial capital gains tax. Under the current tax framework, long-term capital gains (LTCG) on property held for more than 24 months are taxed at 12.5% without indexation. Section 54 provides a significant exemption — if you reinvest the capital […]

How Rental Income is Taxed in India Rental income from house property is taxable under the head “Income from House Property” in the Indian Income Tax Act. Whether you own one property or multiple properties, understanding the tax implications of rental income is essential for property owners. The tax calculation involves concepts like Gross Annual

What is Advance Tax? Advance tax, often called “pay-as-you-earn” tax, is the income tax paid in installments during the financial year in which the income is earned, rather than as a lump sum at year-end. Under Section 208 of the Income Tax Act, any person whose estimated tax liability for the year exceeds ₹10,000 is

Is Agricultural Income Tax-Free in India? Agricultural income holds a unique position in India’s tax framework. Under Section 10(1) of the Income Tax Act, agricultural income is exempt from central income tax. This exemption reflects the agrarian nature of India’s economy and the constitutional provision that gives states the power to tax agricultural income. However,