Clipped from: https://www.taxscan.in/understanding-income-tax-for-self-employed-individuals-a-complete-overview/329614/ The term “Self-Employed Individual” means any person who is a business owner or a professional who makes income by selling his or her
Category: Income Tax
Tax query– deductions on account of property taxes and 30% Standarddeduction –Courtesy BusinessLine 8.10.23
[1] property taxes allowed as deduction only on payment basis [2] 30% standard deduction on net annual value [ gross rent less property taxes ]–and
👍👍👍👍👍👍👍Capital Gain Tax Exemption – Date of Acquiring New Property
https://taxguru.in/income-tax/capital-gain-tax-exemption-date-acquiring-property.html Clipped from: https://taxguru.in/income-tax/capital-gain-tax-exemption-date-acquiring-property.html Section 54 of the Income Tax Act offers taxpayers the opportunity to claim a deduction from capital gains income tax when selling
👍👍👍👍👍👍👍Consider Agreement Date for Capital Gains and Section 54/54F Exemption: SC
https://taxguru.in/income-tax/consider-agreement-date-capital-gains-section-54-54f-exemption-sc.html Clipped from: https://taxguru.in/income-tax/consider-agreement-date-capital-gains-section-54-54f-exemption-sc.html Sanjeev Lal Etc Vs CIT (Supreme Court of India) Introduction: In a significant ruling, the Supreme Court of India has provided clarity on
👍👍👍👍👍Municipal Tax allowable as expenditure u/s 24 of Income Tax Act when Assessee paid proportionate Tax to Society: ITAT
lipped from: https://www.taxscan.in/municipal-tax-allowable-as-expenditure-u-s-24-of-income-tax-act-when-assessee-paid-proportionate-tax-to-society-itat/327701/ The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the municipal tax shall be allowable as expenditure under Section 24 of the
👍👍👍👍👍👍👍Simplified e-procedure for nil and lower TDS certificates effective from October 1 – The Hindu BusinessLine
https://www.thehindubusinessline.com/economy/income-tax-department-notifies-e-procedure-for-nil-lower-tds-certificate/article67371813.ece Clipped from: https://www.thehindubusinessline.com/economy/income-tax-department-notifies-e-procedure-for-nil-lower-tds-certificate/article67371813.ece Assessees can now use Form 13 to apply for these certificates, which are issued when an individual’s estimated tax liability justifies no
👍👍👍👍👍What is the Minimum Fee for Income Tax Appeal Filing and Assessments? Check ICAI’s suggestion here
Clipped from: https://www.taxscan.in/what-is-the-minimum-fee-for-income-tax-appeal-filing-and-assessments-check-icais-suggestion-here/326838/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=What%20is%20the%20Minimum%20Fee%20for%20Income%20Tax%20Appeal%20Filing%20and%20Assessments?%20Check%20ICAI%27s%20suggestion%20here The Committee for Members in Practice (CMP) of ICAI as a part of its commitment to strengthen the Practitioners, has initiated the Revised Minimum Recommended
👍👍👍👍👍International credit card spending to remain outside LRS – The Hindu BusinessLine
https://www.thehindubusinessline.com/todays-paper/tp-economy/international-credit-card-spending-to-remain-outside-lrs/article67357260.ece Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-economy/international-credit-card-spending-to-remain-outside-lrs/article67357260.ece New TCS norms for LRS to be come into effect from Oct 1 The notification on spending through International Credit Card abroad
👍👍👍👍👍Angel tax: FinMin notifies valuation methods and guidelines for investors – The Hindu BusinessLine
https://www.thehindubusinessline.com/economy/finance-ministrys-new-angel-tax-rules-valuation-methods-and-guidelines-for-investors-notified/article67347316.ece Clipped from: https://www.thehindubusinessline.com/economy/finance-ministrys-new-angel-tax-rules-valuation-methods-and-guidelines-for-investors-notified/article67347316.ece The angel tax, set at 30.6%, applies when unlisted companies issue shares at a price higher than their fair market value The
👍👍👍👍👍👍👍Tax benefits on Rent Free Accommodations: Know the Recent Income Tax Changes
Clipped from: https://www.taxscan.in/tax-benefits-on-rent-free-accommodations-know-the-recent-income-tax-changes/324874/ By Ipsita Das – On September 26, 2023 7:00 pm – 3 mins read The term “accommodation” refers to a location or area where people reside. It
👍👍👍👍👍👍👍टीडीएस क्रेडिट, फॉर्म आणि नियमातले बदल| changes in tds credit form & rule mmdc psp-88 | Loksatta
https://www.loksatta.com/business/personal-finance/changes-in-tds-credit-form-and-rule-mmdc-psp-88-3924753/ Clipped from: https://www.loksatta.com/business/personal-finance/changes-in-tds-credit-form-and-rule-mmdc-psp-88-3924753/ Money Mantra: बहुतेक करदात्यांना या कायद्यातील वस्तुस्थितीबद्दल माहिती नसते की मिळालेलं उत्पन्न ज्या वर्षात हिशेबी पुस्तकात नोंद केले जाते, त्यानंतर येणाऱ्या वर्षात
Understanding Income Tax Intimations: How They Impact Tax Refunds – The Hindu BusinessLine
https://www.thehindubusinessline.com/portfolio/personal-finance/de-tax-its-not-over-after-you-file-your-tax-return-here-are-three-reasons-why/article67304083.ece Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/de-tax-its-not-over-after-you-file-your-tax-return-here-are-three-reasons-why/article67304083.ece Less than two months after the due date to file income tax returns, individual taxpayers find themselves in a state of bewilderment
👍👍👍👍👍👍👍I am a senior citizen holding Income Tax records for 40 years. Am I supposed to keep them forever? | The Financial Express
https://www.financialexpress.com/money/i-am-a-senior-citizen-holding-income-tax-records-for-40-years-am-i-supposed-to-keep-them-forever-3247976/ Clipped from: https://www.financialexpress.com/money/i-am-a-senior-citizen-holding-income-tax-records-for-40-years-am-i-supposed-to-keep-them-forever-3247976/ How long should your keep old ITR records: ITR filers should retain their records/documents for up to 10 years from the end
शिक्षण आणि प्राप्तिकर कायद्यातील वजावटी | A tcs tax is collected on money sent outside India for abroad education | Loksatta
https://www.loksatta.com/business/personal-finance/a-tcs-tax-is-collected-on-money-sent-outside-india-for-abroad-education-print-eco-news-ssb-93-3921963/ Clipped from: https://www.loksatta.com/business/personal-finance/a-tcs-tax-is-collected-on-money-sent-outside-india-for-abroad-education-print-eco-news-ssb-93-3921963/ शिक्षण आणि प्राप्तिकर कायद्यातील वजावटी पाल्याला शिक्षणासाठी भारताबाहेर पैसे पाठवताना ५ टक्के कर गोळा (टीसीएस) केला जातो. त्यामुळे शिक्षणासाठी पैशाचे नियोजन करताना
Income Tax Return–Assessment
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I-T Department seeks information from 12 lakh return filers – The Hindu BusinessLine
https://www.thehindubusinessline.com/economy/it-department-seeks-information-from-12-lakh-return-filers/article67273835.ece Clipped from: https://www.thehindubusinessline.com/economy/it-department-seeks-information-from-12-lakh-return-filers/article67273835.ece Nearly 14 lakh filers are yet to verify their returns The Income Tax Department on Tuesday said that it has sought information
Around 500,000 taxpayers get I-T department alert for low advance tax
https://www.business-standard.com/economy/news/300k-500k-get-i-t-department-intimation-for-zero-or-lower-advance-tax-123090401275_1.html Clipped from: https://www.business-standard.com/economy/news/300k-500k-get-i-t-department-intimation-for-zero-or-lower-advance-tax-123090401275_1.html ‘Intimation’ comes ahead of tax payment due date Listen to This Article The income tax (I-T) department issued intimations to an estimated
Gold purchase in wife’s name: Will you have to pay tax on income from its sale in future? | The Financial Express
https://www.financialexpress.com/money/income-tax-gold-purchase-in-wifes-name-will-you-be-liable-to-pay-tax-on-its-sale-in-future-3232382/ Clipped from: https://www.financialexpress.com/money/income-tax-gold-purchase-in-wifes-name-will-you-be-liable-to-pay-tax-on-its-sale-in-future-3232382/ Taxation of Gold purchased in wife’s name: Selling an asset at a price higher than the price at the time of purchase
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