Comprehensive Guide to ITR-6 Form: Filing Requirements, Eligibility, and Updates

1. What is the ITR-6 Form used for? The ITR-6 form is being used for Income Tax Return filing, specifically for Companies not claiming exemption under section 11 of the Income Tax Act,1961. 2. Who is eligible to file ITR 6 return in Delhi? Every Company registered under the Companies Act 2013 or its predecessor,… Continue reading Comprehensive Guide to ITR-6 Form: Filing Requirements, Eligibility, and Updates

Comprehensive Guide to Income Tax Filing for Salaried Employees

Which form is used for filing ITR by a salaried employee? A salaried employee receives a fixed amount of income from an employer for providing services under a contract of employment. The aforesaid income include salary, allowances, perquisites, and other benefits. The salaried employee is required to pay income tax on the income earned from… Continue reading Comprehensive Guide to Income Tax Filing for Salaried Employees

Understanding TDS on Sale of Property: A Comprehensive Guide

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

Mastering TDS on Payment of Rent: A Comprehensive Guide to Section 194IB

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

Understanding Section 44ADA of the Income Tax Act

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

Income Tax Deductions Under Section 80C for FY 23-24 & FY 24-25

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

Demystifying Section 44AD: A Guide to Presumptive Taxation

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

A Comprehensive Guide For Net Worth Certificate-Clarification

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

Change in ITR Forms in F.Y. 2023-24

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

Understanding the Basis of Charge: Capital Gains in Income Tax

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

Taxcellent - For All Chartered Accountants Services

We have launched a range of Chartered Accountants Services for families along with a complete income tax filing product suite covering ITR-1 to ITR-7. With the launch of our families division, we aim to help millions of Indians with financial literacy, compliance and investment.

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