Income Tax

Are you aware that you can reduce your future tax bills by carrying forward losses from the current year? In India, the income tax system allows individuals and businesses to carry forward tax losses for up to 8 years. This means you can use those losses to reduce your taxable income in future years, leading to lower taxes. In this easy-to-follow guide, we'll explain … [Read more...] about A Simple Guide to Carrying Forward Tax Losses in India: Save on Future Taxes

Welcome to our Income Tax FAQ section, designed to provide you with clear and concise answers to your most common questions about income tax in India. Whether you're a salaried employee, a business owner, or an investor, understanding your tax obligations and rights is crucial for compliance and financial planning.This section covers a wide range of topics, from basic … [Read more...] about Income Tax Basics: Frequently Asked Questions (FAQs)

Gifts are commonly exchanged during major celebrations like Diwali, as well as on special occasions like work anniversaries, birthdays, and significant achievements.Employers may also reward exceptional performance with gifts.Gifts can come in many forms, such as cash, gift cards, company products, vouchers, or prepaid cards, but it's important to be aware of the tax … [Read more...] about Diwali Bonuses: Taxable or Tax-Exempt? What You Need to Know!

Capital Gain Tax Harvesting is a legal strategy used by investors to minimize taxes by selling capital assets to take advantage of tax exemptions.Here's a breakdown of how it works:How to Save Tax through Capital Gain Tax HarvestingIf someone doesn’t have long-term capital gains in a year but has unrealized gains from shares, they can sell shares to realize a gain … [Read more...] about Is Capital Gain Tax Harvesting Legal in India? Your Essential Guide

Selling property is a major financial decision, and understanding the tax implications is crucial for anyone involved in real estate. Under the Income-tax Act, 1961, capital gains tax can significantly affect your profits. Whether you've recently sold a property or are planning to, it's important to know how these taxes work.In this article, we’ll break down the … [Read more...] about Capital Gains Tax on Property Sales in India: Your Essential Guide