Tax Benefits on Formation of Employee Provident Fund & Gratuity Trust Tax Exemption on Income of the Gratuity Trust: Income received from the gratuity trust is exempt under Section 10(25)(iv) of the Income Tax Act, 1961. A tax-free return of 10% p.a. is equivalent to a pre-tax return of 13-14% p.a., making it a highly …
LTCG Exemption u/s 54EC via Investment in Capital Gain Bonds When a taxpayer sells long-term immovable property (land, building, or both), they can avail of capital gains tax exemption by reinvesting the gains in specified 54EC bonds. These are fixed-income instruments offering a tax-efficient way to reinvest capital gains. An individual can claim multiple exemptions …
Key Announcements Union Budget 2025 presented by FM Nirmala Sitharaman The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, introduces a series of initiatives aimed at fostering inclusive development, bolstering economic growth, and enhancing the welfare of various societal segments. Key Announcements Union Budget 2025 Agriculture and Rural Development: Launch of the Dhan Dhanya …
Overview on Vivad Se Vishwas (VSV) Scheme 2.0 rules Vivad Se Vishwas (VSV) Scheme 2.0 rules, now officially notified, focus on reducing direct tax litigation, building on the success of the original VSV 1.0 from 2020. This new scheme presents an opportunity for taxpayers to settle disputes efficiently, although it excludes more complex cases like …
Overview on Vivad Se Vishwas Scheme 2024 Vivad Se Vishwas Scheme 2024 offers a streamlined process for taxpayers to resolve long-standing tax disputes efficiently. By providing a clear path to settle disputes, the scheme aims to reduce litigation, bring relief to taxpayers, and enhance the efficiency of tax administration. The Vivad Se Vishwas Scheme 2024, …
Taxation of shares transactions for Individuals Kind of share Trading transaction: When it comes to the taxation of shares transactions for individuals treating it as a business, Three Categories and taxation varies based on category, Intraday- Buying and selling shares on the same day, Delivery based- Buying shares & holding them for a certain time …
CBDT Issue Clarification on Section 115 BAC The Finance Act 2020 introduced Section 115BAC in the Income Tax Act, offering individuals and Hindu Undivided Families (HUFs) the option to be taxed under a new concessional tax regime. This new section permits taxpayers to choose between the old tax regime and the new concessional rates, provided …
What is the process of Adjustment of income tax refund against Income tax demand? Adjusting an income tax refund against a Income tax demand occurs when the tax authorities set off any tax refund due to a taxpayer against the Income tax liabilities or Income demands that the taxpayer owes. Section 245(1) of the Income-tax …
Recent Official Tax Updates from CBDT India (Income Tax + TDS) Introduce of Income Tax Income tax is a form of direct tax levied by the government on the income of individuals and entities. It is a critical source of revenue for the government, enabling it to fund various public services and infrastructure projects, such …
Tax Saving under Old vs New Tax Regime AY 2024-25 (FY 2023-24) Deciding between new & old tax regimes is based on a comparison of total benefits of different tax slab rates & deductions available to you under both tax regimes. To make things easier, we’ve compared old & new tax systems based on a …