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ALTERNATE DISPUTE RESOLUTION: AN COMPREHENSIVE SOLUTION TO REAL ESTATE BUSINESS

INTRODUCTION Dispute resolution or dispute settlement is the process of solving disputes between two parties whenever a conflict arises. The term dispute resolution is also conversely used with conflict resolution. Dispute resolution techniques assist the resolution between parties which include citizens, governments, business entities, and corporations. It can be done in many ways either in courts or using methods like Arbitration, Mediation, or Conciliation which are done outside the courts. One of the most affected industries that witnessed dispute resolution is the Real estate industry. Real estate refers to any physical or real property like land, buildings, air rights, or underground rights below the land or above the land. It also deals with the construction of new buildings like residential, commercial, or industrial buildings.   KINDS OF DISPUTE IN THE REAL ESTATE SECTOR · Disputes regarding the title of the property · Disputes between builders/developers an...
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Taxability & Calculation of Tax on Agriculture Income under Income Tax

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 A gricultural income is exempt from income tax. However, the Income-tax Act has laid down a method to  indirectly tax such income.  This method or concept may be called the  partial integration of agricultural income with non-agricultural income . It aims at taxing the non-agricultural income at higher rates of tax.  Applicability: This method is applicable to individuals, HUFs, AOPs, BOIs, and artificial juridical persons, when the following conditions are met: Net agricultural income is greater than Rs. 5,000 during the year; and Non-agricultural income is above the basic exemption limit: Greater than Rs 2.5 lakh for individuals below 60 years of age and all other applicable persons Greater than Rs 3 lakh for individuals between 60 – 80 years of age Greater than Rs 5 lakh for individuals above 80 years of age In simple terms, the non-agricultural income should be greater than the maximum amount not chargeable to tax (as per the slab rates). Thus companies, fi...
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Concept Of Agriculture Income in Income Tax

The Income-tax Act has its own  definition of agricultural income  which constitutes the following 3 main activities: I. Rent or revenue earned from agricultural land situated in India: Rent is the amount received to grant the right to use the land. The scope of the possible sources of income that can be derived from land is many. An example would be fees received for renewal of grant of land on lease. However, the amount received on the sale of land is not covered under the definition of agricultural income. II . Income from agricultural land in the following ways: Agriculture:  The meaning of agriculture though not covered in the Act, has been laid down by the Supreme Court in the case  CIT v. Raja Benoy Kumar Sahas Roy  where agriculture has been explained to consist of two types of operations – basic operations  and  subsequent operations . The  basic operations  would include cultivation of the land and consequently tilling of the land, ...
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TYPES OF DEDUCTIONS IN INCOME TAX

Income tax paid by citizens constitutes a major chunk of the government’s revenue. It is imperative to pay taxes for the smooth functioning of the economy. Often a tedious expense, taxation also has perks to it. Income tax deductions are a relief offered by tax authorities that help individuals lower their taxable income and ultimately reduce their tax outgo in any given financial year. These deductions are in the form of expenses or investments made by the taxpayer during the year. Deductions also inculcate a healthy savings routine. But, what types of deductions under  Income Tax  are most suitable for you? The most popular provisions of income tax deductions include investments made under Section 80C of the Income Tax Act, 1961. These are typically made in  Equity Linked Savings Scheme (ELSS)  funds, Public Provident Fund (PPF), National Pension Scheme (NPS), etc. With these types of deductions, you not only save tax but also earn profit on your investment. Let’s ...
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