Frequently Asked Questions – New Capital Gains Taxation Regime Finance Minister Nirmala Sitharaman presented the full Budget for this fiscal year on July 23, announcing several significant changes to the capital gains tax regime. Here’s a comprehensive guide to the major changes and their implications: How Capital Gains from Equity Mutual Funds and Other Assets …
Guide to Choosing Correct ITR Form for Stock Market Income For those whose yearly income exceed the basic exemption limit, they must file an ITR. To finish the electronic filing of their income tax returns, taxpayers must fill out a variety of paperwork. These ITR forms are divided according to the type of income. But …
Budget Highlights: Tax Proposals in Finance Bill 2024 Important Direct Tax Proposals: Change in Tax Rates: Changes in 3 slabs ranging from ₹3 lakhs to ₹12 lakhs result in a tax benefit of ₹10,000. Standard Deduction: Increased from ₹50,000 to ₹75,000 in the new tax regime. Not available for those opting for the old regime. …
Allowable Deduction Under New Tax Regime – NPS-related deduction u/s 80CCD(2) Under the new tax regime, the National Pension System (NPS)-related deduction under Section 80CCD(2) can indeed be claimed. Here are the key points to consider: This deduction is available only to salaried individuals. Self-employed individuals cannot claim this benefit. The deduction under Section 80CCD(2) …
Common Misconceptions & Realities on Filing Income Tax Returns A lot of people are concerned about the time of year when ITR Filling Due date is coming due. ITR filing process may appear difficult, confusing, or even intimidating. Moreover, there are Various ITR Return myths that may exacerbate these emotions. In this blog, we hope …
Latest Income Tax Return (ITR) Forms update for the financial Year 2023-2024 These updates in the ITR forms for FY 2023-24 aim to simplify the tax filing process, enhance transparency, and ensure compliance with evolving tax regulations. Make sure to incorporate these changes while preparing your ITR to avoid any discrepancies and ensure accurate reporting. …
Key Changes Introduced by CBDT in Tax Audit Report Forms Clause 11 of Form 3CD Reporting on the books of accounts maintained Clause 11 of Form 3CD requires comprehensive reporting on the books of accounts maintained by the assessee, including their locations and the details of the books at each location. Here’s a detailed approach …
FAQ related to ITR and E-verifying ITRs in India What is Timelines for E-verifying ITRs in India ? The CBDT Corrigendum to Notification No. 02 of 2024 dated 31.03.2024 clarifies the procedures and timelines for e-verifying ITRs in India. This notification emphasizes the importance of timely e-verification of Income Tax Returns to ensure that they …
Overview about the partition of a Hindu Undivided Family: Section 171 of the Income Tax Act, 1961 defines the partition of Hindu Undivided Family (HUF) and deals with the provisions of assessment after its partition. Section 171 of the Income Tax Act, 1961, is crucial for understanding the partition of a Hindu Undivided Family (HUF) …
Overview about Income Tax Form 10IE & Form 10IEA: Income Tax Form 10IE & Form 10IEA are related to the option of choosing between the old and new tax regimes in India. Income Tax Form 10IE: Form 10IE: This form is indeed required to be filed when an assessee (taxpayer) wants to shift from the …