Owning property is one of the most common forms of investment in India. Whether it’s a flat, bungalow, or commercial building, any income derived from such a property is subject to taxation under the Indian Income Tax Act. But how exactly is income from house property taxed? Who needs to pay for it? What if … Read more
Introduction A New Chapter for ITI Graduates It was a proud and emotional moment at Tulihal Airport in Imphal, where 17 bright young minds from the Industrial Training Institutes (ITIs) of Manipur embarked on their professional journey with GE Healthcare, Bengaluru. This marks a significant milestone not just for the trainees, but for the entire … Read more
1. Understanding NRI Taxation in India 1.1 Who is Considered an NRI for Tax Purposes? 1.1.1 Definition of NRI as per Income Tax Act, 1961 A Non-Resident Indian (NRI) is an individual who does not meet the criteria of a resident under the Income Tax Act, 1961. The residency status is crucial as it determines … Read more
1. What are Capital Gains? Capital gains refer to profits earned from selling: Key Terms: 2. Types of Capital Gains A. Short-Term Capital Gains (STCG) Asset Type Holding Period Equity shares, equity mutual funds <12 months Debt mutual funds, real estate <24 months B. Long-Term Capital Gains (LTCG) Asset Type Holding Period Equity shares, equity … Read more
1. Who is a Senior Citizen for Tax Purposes? In India, the Income Tax Act defines senior citizens based on age: Category Age Tax Benefit Senior Citizen 60-80 years Higher basic exemption limit (₹3 lakh) Super Senior Citizen 80+ years Highest exemption (₹5 lakh) Key Notes: 2. Income Tax Slabs for Senior Citizens (2024-25) For … Read more
1. Who is Considered a Freelancer/Self-Employed? Freelancers or self-employed individuals earn income through independent contracts, gig work, or professional services without being on a company’s payroll. This includes: Key Difference from Salaried Employees: Table of Contents 2. Which ITR Form Should Freelancers Use? ITR Form Who Should File? ITR-3 Freelancers with business income (even if no profit) … Read more
The process of filing an Income Tax Return (ITR) is a crucial annual obligation for salaried individuals in India. This document aims to provide a detailed, step-by-step guide for the 2024 assessment year, covering essential aspects from understanding the necessity of filing to claiming appropriate deductions and avoiding common errors. Necessity of ITR Filing for … Read more
What is ITR? Income Tax Return (ITR) is a form where taxpayers declare their income, deductions, and tax payments to the Income Tax Department of India. Filing an ITR is essential for individuals and businesses earning above a specified threshold. The Indian tax system requires every eligible taxpayer to submit their ITR annually to ensure … Read more
Introduction In a major humanitarian act, President Ferdinand Marcos Jr. and UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan approved clemency for 115 Filipino convicts in the UAE. This decision aligns with Ramadan’s spirit of mercy and Eid Al Fitr celebrations, reinforcing the UAE’s commitment to compassionate justice and strong Philippines-UAE relations. Key Highlights ✔ 115 Filipinos granted clemency (April 2024)✔ Follows 143 pardons during Eid-Al-Adha 2023 and 220 during … Read more
Introduction: The Making of an Investment Legend Charlie Munger, the brilliant mind behind Berkshire Hathaway’s success alongside Warren Buffett, crafted one of the most remarkable wealth-building stories in modern finance. Unlike flashy Wall Street traders or tech billionaires, Munger’s path to riches was built on old-fashioned virtues: patience, discipline, and sharp thinking. This in-depth guide … Read more
