Long-Term Capital Gains(LTCG): Tax Rates, How to Calculate, Exemptions and Examples Profits earned from the sale or transfer of capital assets like property, shares, bonds, and vehicles fall under the “Income from Capital Gains” category. Capital assets are classified as short-term or long-term, with long-term capital gains (or losses) arising when long-term assets are sold…

Futures and Options (F&O) traders have long been subject to tax audits when their turnover exceeded ₹10 crores, mainly due to the previous calculation method. This formula factored in option premiums, often inflating turnover figures and mandating tax audits. Recently, the calculation has been revised. Now, only the net positive and negative trade differences are…

Employee Stock Ownership Plans (ESOPs) are gaining significant traction in India. These plans, widely offered by domestic and international companies, provide employees an opportunity to own a stake in the organization they work for, aligning their interests with the company’s success. An ESOP is essentially a financial arrangement that allows employees to purchase company shares,…

Tax-Saving Strategies for High-Net-Worth Individuals in India When it comes to protecting wealth, effective tax planning is essential, particularly for high-net-worth individuals (HNIs) in India. By staying informed about the latest tax regulations and adopting proactive strategies, you can optimize your savings and ensure better wealth management. This guide explores some of the most effective…

The Goods and Services Tax (GST) has revolutionized the tax landscape for small businesses in India by replacing the previous complex system of taxes with a unified, simplified approach. GST for Small Businesses For small businesses involved in selling goods, GST registration is mandatory if the annual turnover exceeds Rs 40 lakh. However, states like…

E-commerce transactions are subject to various tax regulations under both Income Tax and GST. To prevent tax evasion and ensure proper tax compliance, the government has introduced new sections in both Direct and Indirect Tax laws. Earlier, in the absence of specific rules for e-commerce, small sellers on e-commerce platforms could easily avoid paying taxes…

The ITR-U (Updated Income Tax Return) form was introduced by the Indian government in the Union Budget 2022, enabling taxpayers to update previously filed ITRs. This allows corrections for errors or omissions within two years from the end of the relevant assessment year. What is ITR-U? The ITR-U form enables taxpayers to amend their income…

In the GST filing process, businesses need to file GSTR-1 monthly to report sales, followed by GSTR-3B to report input tax credits (ITC) and make GST payments. When applicable, refunds require the filing of specific forms. File your GST with us. A. GST Payments What are GST Payments? There are three main GST payments based…

The Universal Account Number (UAN) is a key tool for employees to manage their Employee Provident Fund (EPF) accounts online. With a UAN, employees can access EPF services like checking balances, making withdrawals, and more—all from the EPFO portal. Here’s a comprehensive guide on UAN: what it is, how to find it, activate it, and…

Navigating the world of GST returns can be challenging, but staying on top of your filings is essential for maintaining compliance and avoiding penalties. Whether you’re a small business or a larger enterprise, understanding the various types of GST returns, their due dates, and how to file them will help you manage your tax obligations…

Investing in mutual funds can appear intimidating for those new to finance, but it’s actually a straightforward and highly effective method to grow your wealth over time. Whether you’re planning for retirement, aiming to fund major life events, or simply looking to increase your wealth, mutual funds offer a versatile and accessible investing option. This…

Hello Folks, Today, we are going to discuss about, Sections 194-IB & 194-IC Under the Income Tax Act The Income Tax Act includes provisions for tax deduction at source (TDS) on rent payments and payments related to joint development agreements. Section 194-IB focuses on TDS for rent, while Section 194-IC covers TDS for payments under…

Hello Folks, Today, we are going to discuss about the, Short Term Capital Gain on Shares (Section 111A of Income Tax Act) – STCG Tax Rate & Calculation When you sell shares and make a profit, it is called capital gains under the Income Tax Act. These capital gains can be either short-term or long-term,…

Hello Folks, Today, we are discussing about the Section 54F of the Income tax act, so let’s begin, The Income Tax Act offers an exemption on long-term capital gains if you reinvest the proceeds into a new residential property, provided certain conditions are met. Recently, the Income Tax Appellate Tribunal (ITAT) in Delhi allowed taxpayers…