In Income tax Act, Residential status of the individual is one of the major factor while determining the taxability of the person.

In this Article we are going to discuss the tax benefits provided in the Income Tax Act to the home loan buyer.

If you receive gifts in the form of money and property from any of your relative or friends, it may be taxable Income in certain situations.

To explain the Tax Benefit on Home Loan, we would be dividing the Repayment of Home Loan into 2 components.The tax is deducted on an accrual basis.

Whether notice for reopening of cases on the basis of finding of tribunal, after expiry of 6 years limitation from the relevant AY in which the income was first assessable, is a valid notice.

As there are no restrictions on the number of properties you can own, there are also no restrictions on the number of houses for which you can take home loans and claim tax benefits.

VAT is being implemented in the Kingdom of Saudi Arabia or KSA under Unified VAT Agreement for The Cooperation Council for Arab States of the Gulf.

An individual or entity could have been an issue with duplicate PAN cards due to an administrative error or if he applied multiple times and received a PAN card each time.

The Statement of financial transactions need to be prepared by the person required to be audited in the income tax act 1961.

CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN).

In a major step towards curbing Black Money, Union Finance Minister Arun Jaitley introduced for many changes in Income Tax Laws in India.

The proposed section is envisaged to have a far-reaching effect on the transactions and so much that even withdrawal of money from the banks will also be under the tax net.

The government has already taken several steps to promote digital payments and several other schemes launched by the government have paved the way to save more money.

If you are contemplating to take up the tax matters at the last minute, there could be bad surprises in the offing.