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) …
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 …
All about the Provision of Presumptive Taxation Scheme in India Presumptive taxation allows small taxpayers to declare income at a prescribed rate without the burden of maintaining detailed books of accounts and undergoing audits. This scheme simplifies tax compliance for eligible businesses and professionals under sections 44AD, 44AE, and 44ADA of the Income Tax Act. …
Overview about the TAN (Tax Deduction and Collection Account Number) TAN (Tax Deduction and Collection Account Number) is a unique alphanumeric code issued by the NSDL or UTIITSL in India. It is a ten-digit number required for various tax-related transactions, particularly for deducting and remitting tax deducted at Source . It is mandatory for all …
Significance of GST, TAN, PAN New three-letter terms such as TIN, TAN, VAT, PAN, DSC, and DIN start to be spoken to entrepreneurs who are launching new businesses. It is imperative for any Entrepreneur or Business Owner to understand the distinctions and definitions of these three-letter words. The distinctions between and significance of TAN, PAN, …
New Feature of GIFT CITY Account – RBI allows resident Indians to open foreign currency accounts in Gift City The recent liberalization by the Reserve Bank of India now allows resident Indians to open foreign currency accounts in Gift City, located in the International Financial Services Centres, under the Liberalized Remittances Scheme. This expansion permits …
Who Should File W8 Forms in the US? Foreign individuals or businesses earning income in the U.S. are subject to a 30% tax on certain types of income. The W8 form helps claim a reduction or exemption from U.S. tax withholding if the individual or entity resides in a country, such as India, that has …
GST applicability on Immigration and Passport Visa Services Consultancy Starting a visa consultancy business in India can indeed be a rewarding venture. Starting a visa consultancy business requires careful planning, a deep understanding of immigration regulations, and a commitment to providing exceptional service. from GST prospective we needed to understand the following Provision in relation …
Financial Action Task Force adopts Mutual Evaluation Report of India India’s success in Mutual Evaluation conducted by the FATF is indeed significant. The FATF (Financial Action Task Force) is in charge of global efforts to combat money laundering, terrorism, and proliferation financing. India’s placement in the ‘regular follow-up category’ in the Financial Action Task Force …