Taxation on income from shares and mutual funds under various sections for FY 2024-25 Categories of Mutual Funds: Equity-Oriented Funds (EOFs) – >65% investment in equity shares of domestic companies. Specified Mutual Funds – <35% in equity (as per Finance Act 2023) / >65% in debt or debt-oriented FOFs (as per Finance (No.2) Act 2024, …
GSTN Advisory: Changes Effective from May 2025 Return Period Reporting of HSN codes in Table 12 and list of documents in table 13 of GSTR-1/1A Key Highlights of GSTN Advisory – May 1, 2025 Background: As per Notification No. 78/2020 – Central Tax, dated 15th October 2020, taxpayers must report HSN codes in Table 12 …
Capital Gains Exemptions—Financial Year 2024-25/ Assessment Year 2025-26 Here is a summary of various exemptions available under the Income Tax Act in respect of capital gains for FY 2024-25/AY 2025-26: Section Eligible Assessee Asset Transferred New Asset to be Acquired Conditions & Time Limit Max. Exemption 54 Individual / HUF Residential House (Long-Term Capital Asset) One …
Conditions to Avail Input tax credit – Section 16(2) : Input tax credit conditions under GST must comply with before claiming Input tax credit, based on Section 16 of the CGST Act, 2017, Eligibility to Claim Input tax credit – Who can claim Input tax credit : Only a registered person (not under Composition Scheme) using …
MSME Reporting in Tax Audit Report (AY 2025-26) Background: Due to amendments made by the Finance Act 2023, effective 01.04.2024, Section 43B(h) was inserted into the Income-tax Act, 1961. Now, any payment to an MSME supplier must be paid within the time limit prescribed under the MSMED Act, otherwise it will be disallowed in the …
New Income Tax, TDS, and TCS changes effective from April 1, 2025 Key Income Tax, TDS, and TCS changes effective from April 1, 2025, which affect salaried individuals, startups, crypto investors, business entities, and more: Major Income Tax Changes (From April 1, 2025) Revised New Tax Regime Slabs Income Slab (₹) Tax Rate Up to …
What are the common Reasons for Scrutiny & How to Avoid Them Why Do You Receive an Income Tax Notice? Even if you have filed your Income Tax Return (ITR) correctly and on time, a notice may still land in your inbox. The reasons could range from minor errors to major mismatches. Understanding these can …
TDS TCS Rate Chart for FY 2024–25 and FY 2025–26 TDS Deduction (FY 2024–25) Interest on Deposits (194A): 10% Commission (194H): 5% Rent (194I): 10% (for land/building) 2% (for plant/machinery) Professional/Technical Fees (194J): 10% Job work, labor contract, advertisement, etc. (194C): 1% for Individual/HUF 2% for others Salary (192B): Slab rates applicable Purchase of Goods …
Do Not Keep Your Money in a Savings Bank Account — Here’s Why In a world where inflation silently eats into your purchasing power, letting your money sit idle in a savings bank account (typically earning just 2.5%–4% interest) is like watching it lose value in slow motion. Why you shouldn’t: Low returns: Most banks …
Top SIP investment strategies for young professionals starting out For many young professionals stepping into the workforce, the idea of investing can feel distant—something to consider later, once expenses settle or income rises. However, this stage, despite its modest cash flows, presents a unique opportunity: time. And when it comes to long-term investing, time can …