Income Tax Exemption on LTA: What you want to know LTA Exemption: Salaried taxpayers who have chosen the old tax regime can leverage various exemptions and deductions to reduce their tax liability. One significant exemption is the Leave Travel Allowance …
Employee Stock Ownership Plans (ESOPs) were subject to fringe benefit tax. However, after the amendments introduced by the Finance Act of 2009, the taxability of ESOPs shifted to the employees. An Employee Stock Ownership Plan (ESOP) is a valuable employee …
Why You Should File Your Income Tax Return with Utmost Care in 2024 Filing your income tax return can be a highly stressful task, especially as deadlines approach. Procrastination adds unnecessary stress that can be easily avoided with timely preparation. …
Whether NRIs need to file ITR when there is no income in India A Non-Resident Indian (NRI) is an individual holding an Indian passport and citizenship but residing outside India for employment or business purposes. According to the Income Tax …
Income Tax Return (ITR) Filing The last date for filing income tax returns (ITR) for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024. If you miss this deadline, you can still file a delayed return until December …
Understanding Short-Term Capital Gain on Shares Capital gains can be realized while trading shares, either as long-term or short-term gains. Typically, a seller aims to achieve a short-term capital gain when selling shares at a higher price than their purchase …
Understanding Capital Gains on Sale of Shares Profits or gains arising from the sale of shares are classified as capital gains under the Income Tax Act. These gains can be categorized as short-term or long-term, depending on the holding period …
Mandatory Electronic Submission of Specified Forms under Rule 131 of I-T Rules 1962: CBDT Notification 1/2024-25 The Central Board of Direct Taxes (CBDT), through Notification No. 1/2024-25 dated June 24, 2024, has mandated that certain forms listed in Appendix-II of …
Key Changes in Income-Tax Return Forms Applicable for FY 2023-24 Return Filing ITR Filing for FY 2023-24: The Income Tax department consistently updates tax return forms to ensure they align with new legislative requirements and provide comprehensive reporting capabilities for …
Filing your Income Tax Return (ITR) correctly is crucial for salaried individuals. Here’s a detailed guide to help you navigate the ITR-1 filing process for FY 2023-24. 1. Eligibility to File ITR-1 for AY 2024-25: Who Can File: Resident individuals …
F&O trading involves derivative instruments based on an underlying asset, such as equity shares, commodities, or currencies. A recent report suggests that the government is considering reclassifying profits from futures and options (F&O) trading from ‘business income’ to ‘speculative income’ …
Sources suggest that reducing personal income tax in the budget could spur consumption and increase savings among the middle class. In a bid to boost consumption, the Indian government is considering a reduction in income tax rates in the budget …
The economic agenda of the Budget aims to accelerate reforms, positioning India as a USD 5-trillion economy in the near future and transforming the nation into a ‘Developed India’ by 2047. PTI reports that the Union Budget for the fiscal …
A threshold will be established to determine which minor offences to decriminalise. In a landmark move aimed at boosting the ease of doing business, the Indian government is likely to decriminalise minor income tax offences within the next 100 days. …
Understanding Advance Tax: Due Dates, Calculation, Interest Charged & More Advance tax is a system of paying income tax in instalments throughout the financial year, instead of paying a lump sum at the end. These payments are made according to …
The Income Tax (I-T) department is on track to complete reassessments for 170,000 notices by March 2025. These reassessment notices, issued between March 2021 and March 2024, pertain to undisclosed income from past assessment years. The Central Board of Direct …
Non-compete fees received by a taxpayer will be a non-taxable capital receipts up to the financial year 2002-03: ITAT Mumbai The Income-tax Appellate Tribunal (ITAT) Mumbai has recently ruled that non-compete fees received by taxpayers up to the financial year …
CBDT Notification No. 50/2024 Dated 6 June 2024 In a significant update, the Central Board of Direct Taxes (CBDT) has issued Notification No. 50/2024 on June 6, 2024. This notification revises the jurisdiction of the Directorate of Income Tax (Intelligence …
Brett Lee Granted Tax Relief by ITAT Delhi In a significant ruling, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has granted relief to former Australian cricketer Brett Lee in a tax dispute. The case involved an income …
Income Tax Scrutiny: Criteria behind Selection of ITRs for scrutiny I-T Scrutiny: The Income Tax Department recently released guidelines outlining how they will select tax returns for scrutiny in the financial year 2024-25. These guidelines offer taxpayers greater transparency, helping …