Stock Market trading has got a different niche in India. Stock Trading is not only a game of sheer luck however, it takes lot of rise and falls and experience to achieve a comfortable status in this trade. Now, while trading in securities one can choose to retain the securities for a year or even…

Income Tax Return is a legit financial document. All persons whose Total Income exceeds more than the maximum limit not liable to tax as per Income Slabs are obligated to file the return. Even if your income does not exceed the taxable limit, one should file a return as it is asked for various other…

There are 5 heads of income under which income is computed and tax is levied thereon as per applicable provision. These 5 heads of income are salaries, House Property, PGBP, Capital Gains and Other Sources. Today we will discuss a part of Income taxable under the head Capital Gains. Under this head, Gains arising on…

India is a country with many festivals and occasions, there are many instances where gifts are exchanged to show the love and respect towards near and dear ones. Sometimes gifts are given just to hide certain exchanges in the garb of gifts and avoid tax implications on such transactions. Provisions were introduced in Income Tax…

The Finance Act 2021 has introduced a new section which has come into effect from 01.07.2021. Being a TDS Section, it focusses on the buyer who is required to pay for the purchase of goods if the aggregate value of the goods exceeds Rs 50 lacs in a financial year, to deduct TDS at the…

We all as responsible taxpayers try to file our returns properly but sometimes we may miss any information or commit any error due to which our return gets defective and the Income Tax Department issues a notice in lieu of the return for correction of errors. The Income Tax Portal has been improved a lot…

In order to curb the money laundering and black money practices being increasingly witnessed in our country, there were recent changes in the Income Tax Act regarding cash transactions to prevent such malpractices. Every assessee should declare his/her income in the Income Tax Return in a transparent manner in order to avoid any notices, scrutiny…

As we all are aware that your income from salary, rent and income from business is eligible for tax. However what about the income which you earn from shares and mutual funds? Well they are also taxable. Many people are not aware about such implication, hence in this article we have tried to explain you…

Every action has an Impact; choose wisely the impact you want to have. These words by Mindy hall put the picture of today’s taxpayer. In Budget 2020 the finance minister Nirmala Sitharaman declare a new tax regime with increased tax slabs and lower tax rates. This was long required by most taxpayers, but it came…

A tonnage tax is a taxation mechanism that can be applied to shipping companies. In this method, the tax is determined by the net tonnage of the entire line of operating vehicles or use by a company. Tonnage tax is not a tax but somewhat a method for ascertaining taxable income.  Using this scheme, the taxable income is computed…

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