People may invest in capital assets to provide a source of funding for their future financial goals, assure long-term financial stability, and be self-sufficient in the event of economic adversity. However, the profits they make from selling these capital assets are known as capital gains. According to the Income Tax Act,1961, a gain of this…

Equity mutual funds and stock investments are becoming quite popular. Previously, such investments were uncommon; but, with the advancement of technology, the ability to purchase and sell mutual funds and stocks on smartphones is now as simple as ever. As a result, millions of Indians have resorted to mutual funds and stock market investment to…

The Finance Act 2022 introduced Section 194R which relates to the deduction of tax on benefits or emoluments connecting businesses or professions. Businesses, companies, or entities often extend various types of perks and benefits to their distributors, distribution partners, agents, or resellers to motivate and incentivize them to support the further growth of the business….

As an Indian taxpayer, you always understand that you have to pay 20-25% tax on your income but we need to know that for salaried employees also some expenses allow deductions and exemptions, and allowances. If you find suitable financial instruments, you can reduce the income tax payable to employees. For the very first time…

Tax Deducted at Source (TDS) is a mechanism introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a certain percentage of the income as tax before making the payment to the beneficiary. Payment includes salary, commission, professional fees, interest, rent, etc. This article discusses on TCS Rate Chart for…

Compliance is simply adhering to the laws and regulations established by various legal bodies. It can be difficult at times to follow each legislation and behave in accordance with it, but failing to do so may result in the loss of numerous chances. Simple instances of compliance include acquiring a local business licence and paying…

The presumptive scheme under income tax is a popular scheme used by businesses and professionals. This system essentially reduces the burden of income tax compliance on micro and small businesses and professionals. The envisaged scheme for specific professionals was introduced in 2016. Presumptive Scheme allows taxpayers to presumptive their income as a certain % of…

The income tax return (ITR) deadline is completed by the leading person for the 2021-22 financial year and the inspection year 2022-23 dated 31 July 2022. Thus, those individual taxpayers who have an annual income amount of up to ₹ 50 lakh in the hall, one-room house and other sources of income can file an…

Whatever the basis of the requirement, the issuance of a notice of cause of the exhibition is a condition before any requirement is raised by the department. Therefore, in order to put an end to unnecessary and avoidable issues, the “Tax Administration Reform Commission” under the chairmanship of Dr. Parthasarathi Shome recommended the concept of…

In a simple sense Loss, means the excess of expenses over income. Loss arises when income made during the financial year by the taxpayer is less than the expenditure during the year. There can be house property loss or capital loss or loss from business or profession or other income. In this blog, we will…

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