Top Highlights of Budget 2024-25: Capital Gains Taxes: – Short-term gains: 20% on all financial assets. – Long-term gains: 12.5% on all assets. – Exemption on profits up to ₹1.25 lakh a year. Standard Deduction: – Increased from ₹50,000 to ₹75,000. Family Pension Deduction: – Increased from ₹15,000 to ₹25,000. New Income Tax…
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F&O Income: Non-Speculative Business Income F&O income is classified as non-speculative business income, i.e., normal business income. Declare your F&O profits or losses under the “Profits and Gains from Business” head. For example, if you earned ₹50,000 from F&O trading, it should be reported as business income. Using the Correct ITR Form Use…
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Prepaid Insurance Calculator Prepaid Insurance Calculator Premium Amount (₹): Period Type: MonthsDays Prepaid Period (months): Prepaid Period (days): Calculate
Key Recommendations made by the 53rd GST Council meeting held today: 1. Waiver of Interest and Penalty 2. Extended Time Limit for ITC 3. Monetary Limits for Appeals 4. Reduced Pre-Deposit for Appellate Authority 5. Reduced Pre-Deposit for Tribunal 6. Amendment in Appeal Time Limits 7. Extension of GSTR-4 Filing Deadline 8. No Interest on…
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Basic checklist for 31st March, 2024. Income Tax: Goods and Services Tax: Others: For any doubts mail us at – caanshul@mail.ca.in or anshul@karwaansassociates.com
Summary: When you rent a property from an NRI landlord in India, you are required to deduct TDS on the rent you pay. The TDS rate for rental income of an NRI is 31.2%(As per Section 195 of Income Tax Act, 1961). You can deduct TDS by filing Form 16A with the Income Tax Department.…
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Service Recipient can also Apply for AAR – Judgement of AAAR Rajasthan
Key Points: Summary: Have any Questions or Received a notice, get in touch with us to resolve it. Contact – anshul@karwaandassociates.com
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