Category: income tax

Long term capital gain changes in budget 2018

Honourable Finance Minister Arun Jaitley has proposed the few amendments in the Taxability of Long Term Capital Gain Taxes in case of Transfer of Shares or Units through the recently announced Financed Budget 2018. The long term capital gain changes are being proposed and suggested to rationalise the taxation of long term capital gains in all the classes of assets. Amid falling in the stock market index, top finance ministry official said that currently there were two concessions available to the investors reporting gains from investment exchange traded equity shares. Therefore, the government had decided to tap into the...

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Section 269ST : Explanation with practical example

Introduction of Section 269ST: Cash forms the base for any business or profession. There is always continuous cash cycle to keep a business moving and enter all daily transaction. Cash transaction many times means chances of tax evasion or generation of black money. There are many sections under Income tax that governs the limits of cash transaction, let me highlight a few sections to elaborate on cash transaction and their respective limits.     Section 40 of Income Tax under Income from Business and profession section: Section 40A(2) and (3) are sections which checks tax evasion by disallowing cash...

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11 common TDS Errors and their solutions

It is time consuming to solve TDS errors while filling TDS return. In this post, we have given most common TDS errors and their solutions. Most common TDS Errors and their solutions: Tax Deducted at Source (TDS) in India is a tax collection method. In simple terms it is rate prescribed which is mandatory to be deducted and paid by the persons responsible for making payments. A person responsible for deducting and paying TDS has to make the below mandatory compliance. TDS payment has to be made for each month: by 7th of following month & File TDS return...

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Income tax notices and what to do next

Income tax notices are issued by income tax department for various non compliance. In this post, you can get insight about reasons for income tax notices and their solutions.   Income tax notices and their solution: In today’s time tax compliance is very important. We all being an individual or company or trust or any other organization are always under eye the of income tax department. In modern computerized times the income tax department has access to wide range of financial information of taxpayers with the help from computer-aided scrutiny system (CASS) which generates cases where there is discrepancy...

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Income tax on Traders : The Easiest guide

Income tax on traders is the guide prepared to cover the issue of income tax on trading in shares, bonds, options. In addition, we cover here speculative and non speculative business losses, carry forward of losses, effect of trading on profit and loss and balance sheet as per income tax law, how to determine turnover limit etc. Income tax on traders Definition of Traders: Trader as per dictionary is defined as a person who buys-sells shares, currency or commodity for himself or on behalf of somebody. Now-a-days they are additionally defined as persons’ who promises to buy or sell...

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