Particularly after retirement, having a house is a major accomplishment. But given growing expenses, even making yearly property taxes feel like a weight. Many Indian states thus provide a senior property tax exemption, a special advantage for elderly people meant to lower their property tax payments. Let’s clarify how this operates and how we might profit from it. Exemption for Senior Property Taxes: Senior property tax exemptions refer to local municipal bodies’ discount or relief in property tax granted to senior citizens (aged 60 years or above). This lessens the financial burden retired people, who might not have a consistent…
Author: Anurag Singh
Many businesses, particularly startups and technology companies, provide ESOPs—or employee stock options—as part of your pay scale. They have tax rules even if they can be a great way to create riches. Knowing employee stock options tax will help you avoid later surprise.Let us dissect it using simple language. Employees’ Stock Options, or ESOPs After a specified period—called the vesting period—ESOPs grant you the right to purchase fixed-price shares of the company you work for. Once you own the shares, you are free to hold or sell them anyway you like. Usually given as part of your CTC (Cost to…
Giving to charity is a good deed; moreover, it can help you find some tax season relief. You can claim a deduction from your Income Tax Return if you donate to recognised charitable organisations. This process has bearing on what is known as a charity tax return benefit. Let’s learn how to properly claim it and how helping a charity might help you legally save taxes. What Is a Charity Tax Return? If you have made donations to registered charitable organisations, a charity tax return is the advantage you get when submitting your income tax return. Section 80G of the…
You could find yourself paying more income tax than you really owe occasionally. The positive news is the government allows you to retrieve that additional sum; this is known as a taxpayer refund. You are qualified for a refund should you have filed your Income Tax Return (ITR) and your tax paid exceeds your actual liability. Let’s learn how to claim a taxpayer refund in India and how it works. What is a Refund for a Taxpayer? The money returned by the Income Tax Department upon your paying more tax than is required is known as a taxpayer refund. This…
Profits from selling a house, shares, or other valuable items can be rather nice. It might, however, also result in a sizable tax bill. Fortunately, if you plan wisely, the Indian tax system provides several choices for capital gains tax relief, helping you either avoid paying tax on those profits or greatly lower their tax load. Let us simplify this for better understanding. Capital Gains Tax: A capital gain is what results from selling a capital asset—such as land, house, gold, or shares—and turning a profit. That profit’s tax is known as capital gains tax. There exist two forms of…
Not only in India but all around, cryptocurrencies including Bitcoin, Ethereum, and others have become rather well-known. Understanding the IRS cryptocurrency tax rules is crucial whether you trade or own cryptocurrencies from the United States or if you are an NRI with U.S. tax responsibilities.Let us dissect it in plain English. Describe the IRS Cryptocurrency Tax Handling taxes, the U.S. government agency is the Internal Revenue Service, or IRS. They hold that rather than money, cryptocurrencies are handled as property. That implies it might be taxable whether you buy, sell, trade, or earn crypto.Whether you live in India or are…
Should you be running a business in 2019 and have not yet filed your 2019 business tax return, you could still be wondering if there is anything else to do. Knowing the fundamentals is crucial even if the financial year is long gone, particularly for audits, record-keeping, or ongoing compliance. What is a Business Tax Return? Declared by companies, sole proprietors, partnerships, or freelancers, a business tax return (ITR) shows their income, expenses, and taxes paid during a financial year.The financial year was 2018–19 for the 2019 business tax return; the assessment year was 2019–20. Who Needed to Turn in…
Should you be a salaried worker in India, you should be aware of the tax deductions from your pay. A paycheck income tax calculator is useful in situations like these. It clarifies your actual take-home income tax deduction from your monthly pay as well as other aspects. What is a Paycheck Income Tax Calculator? An online tool called a paycheck income tax calculator finds the income tax deduction from your monthly pay. You simply input some basic information—your pay, HRA, investments—which displays the breakdown of: If you wish to check whether your business is subtracting the correct TDS or budget…
Everyday life involves taxes; income tax is direct; but, almost every time you buy something, you pay an indirect tax. Especially for companies, retailers, service providers, and even freelancers, knowing and following indirect tax compliance is crucial in India. Indirect taxes: what are they? An indirect tax is one paid by someone else on the government’s behalf. When you purchase goods or services, you pay it; but, the seller or service provider gathers and deposits it. In India, GST (Goods and Services Tax) is the most often used indirect tax. Indirect Tax Compliance: Following all the guidelines regarding collecting, documenting,…
Should you own any other real estate in India, land, or a house, you could be liable for real property tax. Although many people are not aware of this tax, knowing it well will help one stay on the correct side of the law and avoid fines. Real Property Tax is what? Real property tax is the tax paid for property ownership to the local government—municipality or municipal corporation. These comprise: Local authorities pay this tax to cover basic needs including roads, lighting, water, and waste collecting. Who owes real property taxes? Paying this tax falls to anyone who owns…
