Investing in commercial real estate is a substantial financial commitment, and understanding its tax implications is key to maximizing your profits. Here, we’ll explore the essential aspects of how rental income from commercial properties is treated under the tax laws, using examples to illustrate the calculations. What Constitutes Rental Income

Introduction Establishing a business within India’s IT and software export domain necessitates a critical decision—whether to opt for STPI or Non-STPI registration. Both routes present a distinct set of advantages and legalities. This article will elucidate the key divergences to help you make an informed choice. What is STPI? The Software T

Introduction The inception of Rule 17AA, introduced through the Finance Act of 2022 and effective from the assessment year 2022-23, established pivotal guidelines for the preservation of financial records and documents pertinent to trusts and institutions. Key Provisions as Stipulated by Rule 17AA Mandatory Financial Records and Documents Pursu

An Income Tax Return (ITR) is a form used by individuals and businesses to report their income and the taxes they owe to the Income Tax Department. As per the Income Tax Act and Rules in India, every citizen is required to file their ITR at the end of the financial year. The type of form used depends on the taxpayer’s income source and category.

Filing an income tax return for a deceased individual may be necessary if they had taxable income. As their legal heir or representative, it becomes your responsibility to file this return for income earned until their passing. Here's a step-by-step guide on how to do it: Understanding Legal Heirs A legal heir represents the deceased's assets.