CARE TAX

 HOW TO CALCULATE CAPITAL GAINS ON SALE OF INHERITED PROPERTY  : When a property is received on inheritance or as a gift, it is not taxable for the receiver. When the inheritor or the receiver of this gift of property sells it, capital gains on the sale are taxable for the inheritor. The procedure to calculate the capital gains of inherited property is given below: Step 1: You must know the cost of acquisition and indexation in order to calculate the capital gains. Step 2: Cost of the property – The property did not cost anything to the inheritor, but for calculation of capital gain the cost to the previous owner is considered as the cost of acquisition of the property. Step 3: Indexation of cost – The year of acquisition of the previous owner is considered for the purpose of indexation of the cost of acquisition along with the year of sale of the property. Step 4: The base year for such calculations has been updated from 1981 to 2001. Step 5: Calculate the cost of capital gai...

West Bengal Society Registration Society is an association of individuals or peoples united together with an aim and objective of providing service for the betterment of others. West Bengal Societies Registration Act, 1961, governs the procedure for society registration and operation in West Bengal. In West Bengal, Society has to be registered with the concerned Registrar in which district it is planned to be established. After registration, society will have legal recognition, and it will be possible to run the society legally. In this article, we look at the process for obtaining West Bengal Society registration. In case you require any assistance for West Bengal Society Registration, please get in touch with an IndiaFilings Advisor at sales@indiafilings.com. West Bengal Societies Registration Act, 1961 According to the Society Registration Act, Society or association is an organised group of people objective united together by agreement to determine, deliberate and colla...

  Dollar v/s Rupee history :     The history essentially starts from the time when the Britton Woods agreement was passed in 1944. This agreement determined the value of every currency in the world. Everyone was slowly adjusting to it during the time India gained independence. Since Independence in 1947, the value of INR has consistently gone down. As per the modern metric system, the value of INR to USD in 1913 should be 0.09 and if we keep the 1 USD = 1 INR argument then the value went to 3.31 in 1948 and 3.67 in 1949, by 1970, INR was 7.50 to 1 USD. 1 USD to INR from 1947 to 2022 : Today, if we convert 1 USD to INR the Indian currency’s value is lower than USD. INR’s value ranges around 64 – 71 to 1 USD. Many travelers travelling abroad exchange INR to USD and then later get it converted to local currencies to get a better rate. This practice is frequent between the travelers visiting South East Asia and Middle East. US Dollar is considered as one of th...

As per Income tax Act 2013 the new tax rule has been changed and here is the new tax rete given.