Selling property often brings the responsibility of paying capital gains tax on the profit earned. Fortunately, Indian tax laws provide exemptions under Sections 54, 54F, and 54B if the gains are reinvested in specified assets. However, many taxpayers find it challenging to reinvest their capital gains before filing their Income Tax Return (ITR). To address this issue, the government introduced the Capital Gains Account Scheme…
Succession planning is more than deciding who will take over your business or manage your wealth. It is about ensuring a smooth, efficient, and sustainable transfer of assets. Without proper planning, successions can lead to high tax burdens, liquidity challenges, and even family disputes. Tax-efficient succession planning helps avoid these issues by creating a well-structured approach that safeguards your wealth, ensures a seamless transition, and…
Input Tax Credit (ITC) is a key feature of India’s Goods and Services Tax (GST) system. It enables registered taxpayers to reduce their tax liability by claiming credit for the GST paid on purchases or expenses incurred in the course of business. To claim ITC lawfully and accurately, specific conditions must be met and proper documentation must be maintained. A registered person, including an Input…
