Income Tax

Mahila Samman Savings Certificate Scheme – Interest, Eligibility, Deposits, Maturity, Withdrawals and More

The Mahila Samman Savings Certificate Scheme (MSSC) helps empower women for financial freedom and maximum earning. We will discuss the eligibility criteria, deposit options, interest rates, withdrawal procedures, premature closure provisions, maturity terms, and requisite paperwork for opening a Mahila Samman Savings Certificate Scheme account. In this article, we will provide you with a clear … Read more

How to File Belated Income Tax Return Online A.Y. 2023-24?

How to File Belated Income Tax Return Online A.Y. 2023-24: You can still file your income tax return if you missed the deadline of July 31, 2023, for the Assessment Year 2023-24. This is referred to as a belated income tax return by the income tax department. While there are certain drawbacks to filing your … Read more

Belated Income Tax Return: Penalty, Time Frame & Consequences

Belated Income Tax Return: Penalty, Time Frame & Consequences: A belated return is a term used for a tax return that is filed after its original due date. You have a specific window of time within which you can submit a belated return. This window is calculated as follows: You can file a belated return … Read more

Income Tax Audit for Business & Profession A.Y. 2023-24

Tax audits are financial examinations of companies or individuals under certain conditions. A tax audit aims to ensure that taxpayers accurately report their income and deductions to the government. Each type of tax audit has its requirements. Typically, Indian tax audits are conducted under Section 44AB. Businesses with a turnover of more than Rs. 1 … Read more

Missed Deadline ITR – What to Do Now?

Every year, you need to file your taxes and income tax returns by the 31st of July. For the year that starts in April and ends in March, the due date is always 31st July. The tax office sends us reminders through emails and texts so we don’t forget and end up with penalties. Still, some … Read more

The Art of Timing: Maximizing Interest Earnings in PPF Investments

Public Provident Funds (PPFs) is a long-term investment scheme that offers attractive interest rates and tax advantages. The Interest on PPF accounts is calculated based on the minimum balance between the 5th and the end of each month. The Deposits made on or before the 5th of the month are considered for that month’s interest … Read more

PPF Withdrawal Rules 2023: Partial & Premature Closure

PPF Withdrawal Rules 2023: A withdrawal can be made every year from the 6th financial year up to 50 percent or the balance to his credit at the end of the fourth year immediately preceding the year of withdrawal or the end of the preceding year, whichever is lower. The withdrawal may even be made … Read more

PPF Calculator: PPF Maturity Value Calculation

 PPF Calculator: PPF Maturity Value Calculation: Investment planning is a critical aspect of financial management. Among the many investment options available, the Public Provident Fund (PPF) stands out due to its tax benefits, decent returns, and government backing. To make PPF investment planning easier, numerous online tools like the PPF Calculator are available. These … Read more

PPF Interest Rates 2023: Present & Past PPF Interest Rates

PPF Interest Rates 2023: PPF is a crucial financial tool for anyone in India thinking about long-term savings. To give you a clear picture of how rates have changed over time, we’ve created this PPF Interest Rates Chart. As you can see from the chart, PPF interest rates peaked at 12% before 2000. It’s currently around … Read more

ICICI PPF Account Online 2023: Interest Rates, Procedure and More

ICICI PPF Account Online 2023: Interest Rates, Procedure, and More: In India, most of the major private and public banks, as well as the Indian Post Office, offer Public Provident Fund (PPF) accounts. The Central Government of India authorizes these banks to open and operate PPF accounts. ICICI Bank, one of the leading private banks … Read more

PPF Account Explained: Who Can Invest, How to Open, and More

Nowadays, everybody’s talking about financial security and how to save on taxes, right? The PPF comes into play here. There are a lot of people in India who are interested in it. What’s the reason? As an investment, it can also help you save on taxes, making it a win-win situation. The National Savings Institute … Read more

Tax Planning with HUF: Step-by-Step Procedure to Create an HUF

Interested in optimizing your tax planning and maximizing your tax savings? A Hindu Undivided Family (HUF) could be an excellent strategy to consider. As a separate tax entity, a HUF can provide several benefits for managing your family’s finances while minimizing taxes. The following guide will walk you through the simple and hassle-free process of … Read more

Deduction 80EE: Home Loan Interest Deduction A.Y.2023-24

Indian Income Tax Act section 80EE provides first-time homeowners with a unique advantage in the form of a home loan interest deduction. In Deduction 80EE, the interest payable on a home loan can be deducted up to INR 50,000. The purpose of this tax benefit is to promote home ownership and reduce the tax burden … Read more

Capital Gains Tax Rates A.Y.2023-24 & A.Y.2024-25

Capital Gains Tax Rates A.Y.2023-24 & A.Y.2024-25:  The following information provides a comprehensive overview of the Capital Gains Tax Rates applicable to different types of assets, the holding periods for these assets, the concept of indexation, and how to calculate both long-term and short-term capital gain tax for the Assessment Years 2023-24 and 2024-25 in … Read more

Long Term Capital Gain Tax on Shares (Section 112A)

Long Term Capital Gain Tax on Shares (Section 112A): If you sell shares or equity-oriented mutual funds after holding them for more than 12 months, the resulting gains are considered long-term capital gains. Prior to the Budget 2018, long-term capital gains on shares and securities on which Securities Transaction Tax (STT) was paid were exempt … Read more

Short-Term Capital Gains on Shares: Section 111A (A.Y.2023-24/2024-25)

Short-Term Capital Gains on Shares under Section 111A: Capital gains from the transfer of a capital asset are subject to taxation under the head of capital gains. The rates of tax vary based on the type of capital asset and its holding period. This article focuses on short-term capital gains in shares/stocks, specifically those covered … Read more

Capital Gains Tax on Shares: Long-Term & Short-Term A.Y. 2023-24

Capital Gains Tax on Shares: Long-Term & Short-Term A.Y. 2023-24/A.Y.2024-25: Capital gains on shares refer to the profit earned from the sale of shares or stocks. When you sell shares at a price higher than what you initially paid for them, you realize a capital gain. However, if you sell them at a price lower … Read more

Mutual Fund Taxation: Capital Gains and Dividends Explained

Mutual Fund Taxation: Capital Gains and Dividends Explained: Some of you may have heard from your friends about the significant profits they have made by selling mutual funds. These profits are referred to as capital gains in terms of taxation, and they are now subject to taxation. The tax rate for capital gains on mutual … Read more