According to the Income Tax Act, movable property or land is regarded as a capital asset. When a taxpayer sells an immovable object or a piece of land, they must report the profit or loss as capital gain on sale of property in their ITR and pay tax as per calculation. Capital Gain on Sale …
How to calculate Capital Gain on Sale of Property? Read More »
ITR for salaried person must be filed if their salary income exceeds the basic exemption threshold, which is Rs. 250,000 for FY 22–23 and Rs. 300,000 for FY 23–24. As a result, if the employee’s taxable pay exceeds the exemption threshold, they must file an income tax return. Section 17(1) of the Income Tax Act …
Aadhaar Pan linking last date is March 31, 2023; a penalty cost of Rs.1000 must be paid to start the linking process. If individuals with Aadhar PANs that are not linked cross this deadline of March 31, 2023, their PANs will no longer be active or legitimate. What Advantages do the Aadhaar and PAN links …
According to the Finance Minister’s announcement of Budget 2022, Taxpayers now have the option to correct their ITR or file an ITR that was previously left by ITR U filing (Updated Income Tax Return). The Finance Bill 2022 was the vehicle through which the finance minister enacted Section 139(8A) of the Income Tax Act. Often times …
Webcast by PM Modi Dated 13th August 2020 Hon’ble Prime Minister Narendra Modi on August 13, 2020, launched the “Transparent Taxation” platform while announcing multiple reforms to improve Tax compliance, faceless assessment, and ease of filing returns. As part of rehaul, the government has also proposed to reduce the threshold of the various transactions for …
TDS on Cash Withdrawal TDS on cash withdrawals came with Section 194N of Income Tax Act which was introduced by Finance (No. 2) Act, 2019. And was made applicable with effect from 01st September 2019. Sec 194N had a limited scope of TDS on cash withdrawal above 1 crore rupees @ 2%. The Finance Act …
