Tax Deduction at Source (TDS) on property sales could be one of the most important elements of the Indian Income Tax System. For both the buyers and the sellers alike comprehension of each their part under section 194IA of the Income Tax Act 1961 is of utter importance. We will go into TDS on property… Continue reading Understanding TDS on Sale of Property: A Comprehensive Guide
Section 194IB of the Income-tax Act introduces crucial provisions regarding Tax Deducted at Source (TDS) on rent payments. Whether you’re an individual or a Hindu Undivided Family (HUF), it’s essential to grasp the nuances of this section to ensure compliance and avoid penalties. Let’s delve into the key aspects of Section 194IB: 1. What is Section… Continue reading Mastering TDS on Payment of Rent: A Comprehensive Guide to Section 194IB
Section 44ADA of the Income Tax Act provides a presumptive taxation scheme for certain professionals. It allows eligible individuals to tax on 50% of their gross income calculated as per the provision of the Income Tax Act. Eligible professional income under section 44ADA less than ₹50 lakhs (the limit is revised to 75 Lakhs w.e.f.… Continue reading Understanding Section 44ADA of the Income Tax Act
The Last date to Claim Income tax exemption for the financial year 2023-2024 is 31st March 2024. Therefore, one must make their investments before this date. These tax investments help in tax savings lawfully & also provide returns for future perspective. For any Investments made after 31st March 2024, income tax benefits will be applicable… Continue reading Income Tax Deductions Under Section 80C for FY 23-24 & FY 24-25
Section 44AD is a presumptive taxation scheme that was introduced by the Income Tax Act, 1961 in order to ease the tax burden on small taxpayers or assessee. Section 44AD provides a way to calculate tax on gross receipts. Tax under Section 44AD is calculated at 8%/6% of the gross turnover of the assessee for… Continue reading Demystifying Section 44AD: A Guide to Presumptive Taxation
In the realm of financial evaluations, the Net Worth Certificate stands as a crucial document, providing insights into an individual’s or entity’s fiscal standing. This certificate, meticulously prepared and verified by a Chartered Accountant, encapsulates the entirety of assets and liabilities, offering a clear panorama of financial health. Let’s delve deeper into the essence of… Continue reading A Comprehensive Guide For Net Worth Certificate-Clarification
1. Changes in ITR 3 Form for FY 2023-24 ITR-3 Form Revisions FPI/FII: Should reveal the SEBI registration number in their respective schedule. Reporting of income from Virtual Digital Assets (VDA)/crypto added under Capital Gains schedule. Likewise, the quarterly breakdown is also required to be provided in the Capital Gain Schedule. Advances received from specified… Continue reading Change in ITR Forms in F.Y. 2023-24
Capital Gain Provisions as per Income Tax Basis of Charge Any profits or gains arising due to the sale of a capital asset in the previous year shall be chargeable to income tax under ‘Capital Gains’ and shall be the income of the previous year in which the transfer took place unless such capital gain… Continue reading Understanding the Basis of Charge: Capital Gains in Income Tax
NET WORTH CERTIFICATE A Net Worth Certificate is a document prepared and certified by a Chartered Accountant in practice. It includes all the assets and liabilities of an individual partnership firm or a company. The main aspect of the net worth certificate lies in ascertaining the financial health of the person whose net worth is… Continue reading Demystifying Net Worth Certificate: A Comprehensive Guide and Requirements
In the dynamic realm of Goods and Services Tax (GST), the GSTR-3B form serves as a compass, guiding businesses through the complexities of tax compliance. This article endeavours to unravel the intricacies of GSTR-3B, offering a detailed guide while also reflecting on the growth of GST and its overarching aim from a taxpayer’s perspective. Evolution… Continue reading A Holistic Journey Through GSTR-3B: From GST Introduction to Empowering Taxpayers
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