Long-Term Capital Gains(LTCG): Tax Rates, How to Calculate, Exemptions and Examples Profits or gains resulting from the sale or transfer of capital assets, including property, shares, bonds, and vehicles, are…
What is Section 115BAC – The New Tax Regime? Section 115BAC, introduced in the Budget 2020, established a new tax regime effective from FY 2020-21 (AY 2021-22). This regime offers…
Relief Under Section 89(1) of the Income Tax ActSection 89(1) of the Income Tax Act provides relief for income received in arrears or in advance due to changes in taxation…
Form PAS-6: Reconciliation of Share Capital Audit ReportForm PAS-6 is a half-yearly report required from unlisted public companies, detailing changes and status of share capital. This form must be submitted…
The Form 26QB correction online process is crucial for property buyers who file TDS under Section 194-IA. With the enhanced TRACES Form 26QB amendment tool, taxpayers can easily rectify submission…
Advance Tax Under Income Tax Act, 1961Learn about Advance Tax according to the Income Tax Act, 1961. Understand compliance procedures, methods for revising income estimates, key deadlines, exemption criteria, applicable…
For years, F&O traders faced tax audits simply because their turnover exceeded ₹10 Crore. This was due to the formula used for calculating trading turnover, which included option premiums, often…
You can cancel your GST registration if your business is no longer subject to GST rules, you are closing down your business, or if a tax officer initiates the cancellation.…
Leave Encashment - Tax Exemption, Calculation & Formula With Example, Rules Have you heard of the term ‘leave encashment’? Leave encashment is a familiar concept among salaried individuals, allowing employees…
Introduction To Transfer Pricing In India Transfer pricing regulations in India encompass both domestic and international transactions that surpass a specified threshold in terms of transaction value. The provisions for…
Transfer pricing in India refers to the pricing of transactions between associated enterprises, particularly cross-border transactions between entities belonging to the same multinational group. Indian transfer pricing law requires covered…
Rationalisation of the provision of Charitable Trust and Institutions The income earned by funds, institutions, trusts, universities, educational institutions, hospitals, or medical institutions falling under sub-clause (iv), sub-clause (v), sub-clause…
Tax Liability Of A NRI In India, an individual's tax responsibility depends on their residential status, categorized into three types according to the Income Tax Act 1961: Resident (ROR) Resident…
Section 285BA of the Income Tax Act, 1961, governs the requirement for specified persons, assesses, prescribed officers, and authorities to furnish Statement of Financial Transactions (SFT). The concept of SFT…