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  The 12 percent tax on student accommodation in  hostels  and dormitories could result in increased living costs for out-station students, directly impacting the overall cost of education Accommodation costs for students are set to increase as a 12 percent GST will now be applied to rent payments for hostel accommodations and by paying guests, as per the recent order issued by Advance Rulings in Karnataka. Read More :   ITR Filing Deadline: Can’t Access Income Tax Portal Due To Last Hour Rush? Tax Dept Suggests Solutions To Complete The Process In two distinct rulings, the Uttar Pradesh and Karnataka Authority of Advance Rulings’ (AAR) have classified these accommodations as ‘non-residential,’ making them liable for 12 percent GST, similar to small hotels and inns. The Bengaluru bench of the AAR has clarified that hostels are not considered residential dwelling units and, as a result, are not exempt from  Goods and Services Tax  (GST). The AAR’s ruling was in response to an inquiry fr

  ITR filing: If your final tax liability is lower than your total  TDS  during the year, you will get a refund; if liability is higher, you will have to pay the difference Filing an  income tax return  is mandatory for those earning above Rs 2.50 lakh in a year. Though the ITR is filed once a year, the income tax is deducted from your salary on a monthly basis — called ‘Tax Deducted At Source’ or TDS. The TDS is deducted from your salary by your employer based on your income tax slab and your income planning for the year. However, the final tax liability is known only at the time of filing ITR. If your final tax liability is lower than your total TDS during the year, you will get a refund. If liability is higher, you will have to pay the difference. Also Read –  Income tax news: How one-time alimony is taxed? Things To Keep In Mind To Avoid Income Tax Refund Failure Or Delay: Inaccurate or Incomplete ITR If you have filled your ITR and missed out on any mandatory info, the ITR will no

  Even though your PAN is inoperative, you can still carry out certain financial transactions. However, these transactions are subject to higher tax deductions. If you did not link your Permanent Aadhaar Number (PAN) to Aadhaar before June 30, your  PAN  is now considered inoperative. This means you’ll face some problems with your financial activities and taxes. For instance, you won’t be able to invest in bank fixed deposits or mutual fund schemes, file income tax returns (ITR), or receive tax refunds. Even though your PAN is inoperative, you can still carry out certain financial transactions. However, these transactions are subject to higher tax deductions at source (TDS) and tax collection at source (TCS). Here are some examples: If you earn more than Rs 40,000 from bank fixed deposits or recurring deposits (Rs 50,000 for senior citizens) in a fiscal year, you’ll incur higher TDS. Receiving dividends from companies or  mutual funds  exceeding Rs 5,000 in a fiscal year will also resu

  SBI Home Loan:  A loan against property (LAP) is a type of secured loan that is offered by banks and non-banking financial institutions (NBFCs) in India. In a LAP, the borrower pledges their property as collateral against the loan. This means that if the borrower defaults on the loan, the lender has the right to seize the property. Read More :  LIC Jeevan Kiran Life Insurance Policy: How To Buy Online from www.licindia.in Loan against property is a popular option in India, especially for individuals who need significant funds and are willing to provide their property as collateral to secure the loan. However, individuals should always compare the terms, interest rates, and fees offered by different lenders before making a decision. SBI Loan against Property (P-LAP) This article aims to brief you about State Bank of India (SBI) Loan against Property (P-LAP). Readers must note that LAP is also offered by several other public and private sector banks. If you are considering a loan again

  Not knowing about these rights covered under the law, he or she can be a victim of exploitation by various parties. Let’s check out the various rights of a tenant covered under the Rent Control Act. Read More :  From Employment To Cryptocurrency Scam: Frauds To Watch Out For This Year New Delhi : Renting a property in Indian metros is getting expensive day by day. A person who’s looking forward to rent a house should be aware of the basic rights he/she is entitled to under the Rent Control Act. These basic rights include the right against unfair eviction, the right to pay fair rent, and the right to access essential services, among others. Not knowing about these rights covered under the law, he or she can be a victim of exploitation by various parties. Let’s check out the various rights of a tenant covered under the Rent Control Act. Read More: –  Income Tax Payment Online: Complete List Of 24 Banks For E-Pay Tax Service To live in a habitable property. To know the identity of their

  Petrol, and Diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, and Gurugram on July 26, 2023 Petrol, and Diesel Prices on July 26:  The price of Petrol and Diesel remained constant on Wednesday, July 26 across major cities like New Delhi, Kolkata, Mumbai, and Chennai. The petrol and diesel rates for each day, whether new or constant, are announced at 6 am on the day. These, however, vary from state to state due to value-added tax (VAT), freight charges, local taxes, etc. Also Read-  How To Change SBI Bank Account From One Branch To Another Branch Online – Explained In 10 Simple Steps Petrol and diesel have become costlier by 53 paise in Uttar Pradesh. Petrol has become costlier by 42 paise and diesel by 41 paise in Haryana. The prices of petrol and diesel have also increased in Madhya Pradesh, Maharashtra and Punjab. At the same time, petrol has become cheaper by 55 paise and diesel by 50 paise in Rajasthan. There is a slight drop in the prices of petrol and diesel in West

  Tata Steel may report up to 95 per cent year-on-year (YoY) drop in June quarter profit on a 6-11 per cent fall in sales. The numbers would be dragged by losses at Europe, thanks to  weak demand and higher costs, partially offset by improved sequential realisations. Read More:   Who Is Bharat Jain? Meet World’s Richest Beggar Who Seeks Alms Despite Being Crorepati Kotak Institutional Equities pegs  Tata Steel ‘s June quarter adjusted profit at Rs 350.30 crore compared with Rs 7,105.20 crore in the year-ago quarter. It sees June quarter sales at Rs 59,400 crore compared with Rs 63,430 crore, down 6.4 per cent YoY. “We expect steel realisations to remain almost flat QoQ (fall 16 per cent YoY) on account of better product mix and auto contract revisions. We expect standalone volumes to increase 18 per cent YoY (fall 8.3 per cent QoQ) to 4.56 million tonnes. India Ebitda per tonne will decline 19 per cent QoQ to Rs 13,599 per tonne (down 36 per cent YoY) led by higher input costs,” it sai

  Are you planning to undertake your banking related activities in the month of August? Well, then there are a few things which you need to keep in mind. So, in August, banks will remain closed for a total of 14 days. These include the second and fourth Saturdays and the four Sundays as well. In the next month, banks will remain closed on the occasion of Independence Day, Parsi New Year and Raksha Bandhan. Read More :  ITR Filing 2023: Income Tax return refund has started coming to accounts – How to check status online So, let’s take a look at the complete list of bank holidays in the next month. Apart from the Sundays and the Second and Fourth Saturdays, banks will remain closed on these days in the month of August. Also Read-  How To Change SBI Bank Account From One Branch To Another Branch Online – Explained In 10 Simple Steps August 8: Banks in Gangtok zone will not function on Tuesday on the occasion of Tendong Lho Rum Faat. August 12: Due to being the second Saturday, there will

  If you are a salaried taxpayer, one of the most crucial documents needed to file your Income Tax Return (ITR) is Form 16. According to the Economictimes report, this certificate is issued by your employer and provides a detailed breakdown of your salary along with the taxes deducted and deposited on it as Tax Deducted at Source (TDS). It is mandatory for employers to issue Form 16 if they have deducted TDS from your salary during the financial year. Read More:  Indian Company Britannia Set To Raise Its Women Workforce To 50 % By 2024 – Check This Interesting Reason The report added that apart from Form 16, taxpayers must also collect other TDS certificates that apply to them, such as Form 16A. For instance, if the interest earned on fixed deposits in FY2022-23 exceeds Rs 40,000 (Rs 50,000 for senior citizens), the bank will deduct tax on it. Similarly, mutual fund companies issue Form 16A for the tax deducted on dividends paid during the financial year if it exceeds Rs 5,000. While f

  New Delhi:  7th Pay Commission  Latest update– Lakhs of central government employees who have been waiting for the announcement of the Dearness Allowance (DA) raise may hear an update on the DA hike by the end of July. This more optimistic outlook is caused by the AICPI Index data computation. The final data for determining the calculation of Dearness Allowance and the foundation for determining the DA quantum will be the AICPI Index number for the month of July.  Read More:   Senior Citizens Saving Scheme: Receipts jump 176% in Q1 As per media reports, the update on DA Hike could come on July 31. The recognised formula, which is based on the recommendations of the 7th Central Pay Commission, shall be followed in order to raise DA. DA MAY INCREASE TO 46 PERCENT If latest media reports are to be believed, there could be a four percent hike in Dearness Allowance in July. This means the total DA could reach upo 46 percent from the current 42 percent. The Dearness Allowance of central go

  If the ITR is filed after December 31, 2023, the penalty amount will be Rs 10,000. ITR Filing 2023:  Every Assessment Year (AY) the  government  provides taxpayers with a four-month window to consolidate their income details for the relevant fiscal year and file their ITR properly. The four-month period begins on April 1 and concludes on July 31 (unless extended). If you do not file your ITR by the deadline, then you will have to pay the penalties and you may also receive notice from the Income Tax Department. Also Read :  ITR filing deadline: Rs 5,000 penalty to 7 years of jail, if taxpayers fail to do it before July 31 There are a number of deductions and exemptions that you can claim on your ITR, which can reduce your tax liability. For example, you may be able to deduct medical expenses, insurance and home loan interest. Here are the possible consequences if you miss filing ITR by the deadline of July 31: Penalty for missing ITR deadline Taxpayers who miss the deadline have an op