FIU – IND Reporting Guide for Entities on Financial Intelligence Network 2.0 Portal FIU-IND stands for the Financial Intelligence Unit of India, the central national agency responsible for collecting intelligence related to financial transactions in India. Its primary function is to safeguard India’s financial system from the adverse impacts of money laundering, terrorist financing, and …
Frequently asked questions on Section 43B(h) of the Income Tax Act Q: When will the amendment on on Payments for Goods or Services Provided by MSEs U/s 43B(h) of the Income Tax Act come into effect? Ans. The amendment on on Payments for Goods or Services Provided by MSEs U/s 43B(h) has taken effect from …
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) …
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, …