CA Suresh Surana

Income Tax Bill 2025: Will your salary, income earned from April 2025 be taxed as per the Income Tax Act 1961 or new bill?

by
Income Tax Bill 2025: Will your salary, income earned from April 2025 be taxed as per the Income Tax Act 1961 or new bill?

Income Tax Bill 2025: The recently introduced Income Tax Bill 2025 contains several modifications to the taxation process and calculation of taxable income. A significant alteration in the updated tax system is the introduction of the concept of a tax year, which is defined in Clause 3 as a twelve-month period starting on the 1st … Read more

Advance tax payment: What happens if you fail to pay tax on December 15 (Sunday)?

by
Advance tax payment: What happens if you fail to pay tax on December 15 (Sunday)?

Advance tax refers to the income tax that is required to be paid in advance throughout the year, in instalments according to the designated due dates by the income tax department. It is commonly referred to as the ‘pay as you earn’ tax, and is expected to be settled in the same year in which … Read more

After selling my old house in Delhi, how much total tax will I have to pay this financial year?

by
After selling my old house in Delhi, how much total tax will I have to pay this financial year?

I am 71 years old and I have sold my house in Delhi for Rs 90 lakhs. If I don’t want to buy a new house with this money or reinvest in any new commercial property, how much total tax, capital gains and others, will  I have to pay this financial year? Name withheld Reply … Read more