Capital Gains Tax on Property (A.Y.2023-24): Capital gains tax (CGT) is a tax levied on the profits earned from the sale or disposal of certain assets, including property. When you sell a property for a higher price than what you initially paid for it, the difference between the sale price and the purchase price is … Read more
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
Capital Gains Tax: Taxation of Short-term & Long-Term: The gain that arises on transferring a capital asset is charged to tax under the head “Capital Gains”. Income from capital gains is divided into two categories as “Short Term Capital Gains” and “Long Term Capital Gains”. Short-term capital gains are profits from selling assets held for … Read more
Income Tax Slab A.Y.2023-24 (F.Y.2022-23): Income tax slabs in India follow a progressive system: This means that as your income increases, the tax rates also increase. It ensures that individuals with higher incomes contribute more in taxes compared to those with lower incomes. The slabs are revised periodically, typically during each budget announcement: The income … Read more
Section 44AE of the Income Tax Act is a significant provision that facilitates the implementation and management of the Presumptive Taxation Scheme. This scheme is specifically designed for small and medium enterprises engaged in the business of plying, hiring, or leasing goods carriages. It aims to simplify the tax compliance process by providing a standard … Read more
Form 10IEA: Switch to Old Tax Regime (A.Y. 2024-25): Form 10IEA is a tax form introduced by the income tax department specifically for the assessment year 2024-25. It is used by individuals and Hindu Undivided Families (HUFs) having business and professional income who want to opt out of the default new tax regime and switch … Read more
HUFs and individuals interested in opting for the new tax regime for the Assessment Year 2023-24 are advised to use Form 10IE. The purpose of this form is to indicate that they would prefer the new tax regime to the default old tax regime. Individuals and HUFs with business or professional income must use Form … Read more
Section 44AD is a provision under the Income-tax Act that allows small taxpayers engaged in certain businesses to declare their income on a presumptive basis, relieving them from the burden of maintaining detailed books of account and undergoing a tax audit. Under Section 44AD, eligible taxpayers can calculate their taxable income based on a presumptive percentage … Read more
The Income-tax Act provides certain provisions to simplify the taxation process for professionals, such as doctors, lawyers, architects, engineers, and other specified professionals. One such provision is Section 44ADA, which introduces a presumptive taxation scheme exclusively for professionals. In this article, we will discuss about of Section 44ADA and its benefits for professionals. The professional … Read more
ITR-4 (Sugam) A.Y.2023-24: ITR-4 (Sugam), also known as the Income Tax Return Form 4, is a tax filing form for individuals, Hindu Undivided Families (HUFs), and firms (excluding Limited Liability Partnerships) who have income from business or profession. ITR-4 is especially for individuals/HUF/Firms whose total income does not exceed ₹50 lakh and who have income … Read more
ITR-3 A.Y. 2023-24 – Individuals and HUFs have income from profit and gains of business or profession: ITR-3 is a form applicable to resident individuals and Hindu Undivided Families (HUFs) who earn income from proprietary businesses or professions. It is used for filing income tax returns. Individuals or HUFs engaged in activities such as proprietary businesses, including … Read more
How to File ITR-2 (A.Y.2023-24) – Step-by-Step Procedure: You can use ITR-2 to file your income tax return if you are an individual and HUFs and earn over Rs. 50 Lakh without business income. An ITR-2 covers any income from a salary, pension, house property (More than one house property), capital gains, director in a … Read more
1. What is ITR and what is ITR-1? – ITR stands for Income Tax Return, which is a form filed by taxpayers to disclose their income earned during the financial year. ITR-1 is the simplest form, also known as Sahaj, used by individuals with income from salaries, one house property, or other sources (excluding capital … Read more
How to File ITR-1 (Sahaj) Step by Step (A.Y.2023-24): To file an income tax return, the income tax department has released different types of income tax forms based on the category of taxpayers. Currently, there are seven ITR forms available to file an income tax return. The Income Tax Return Form 1 (ITR-1), also known … Read more
PAN-Aadhaar Last Date: Deadline to link PAN-Aadhaar: The last date to link PAN with Aadhaar is June 30, 2023. If you miss this deadline, your PAN card may become inoperative, causing inconvenience in financial transactions. So, it’s essential to complete the linking process before the deadline to avoid any penalties or disruptions. It’s now mandatory … Read more
Link PAN with Aadhaar: PAN and Aadhaar are two unique identification cards issued by the Indian government. Linking them together has been made mandatory to streamline financial transactions and prevent tax evasion. Remember, there is a deadline for linking PAN with Aadhaar, which is currently set for June 30, 2023. If you miss this deadline, … Read more
Form 26AS is an important document for taxpayers in India as it provides a comprehensive summary of the tax credits associated with their Permanent Account Number (PAN). Form 26 AS consolidates information from various sources such as tax deducted at source (TDS), tax collected at source (TCS), advance tax, and self-assessment tax payments. You have … Read more
When your Income Tax paid exceeds the amount of Income Tax payable, the excess amount is referred to as an Income Tax refund i.e. excess TDS deduction, excess advance tax paid. The Income Tax Department processes the Income Tax Return and refunds the excess payment. To be eligible for an Income Tax refund, it is … Read more
E-verifying your income tax return is a crucial step in the tax filing process. Without e-verification, your return remains incomplete, and any refunds due will be withheld. In this comprehensive guide, we will explore how to e-verify income tax returns using various methods, ensuring a smooth and hassle-free experience. Updates: The new rule for e-verification … Read more
As per Income Tax Department guidelines, you will get your income tax refund only if your bank account is validated on the income tax filing portal. So all taxpayers who want income tax refunds fast and without any error should pre-validate their bank account on the income tax portal. The official website of income tax … Read more