The Income Tax Return (ITR) filing deadline is a crucial date that individuals and businesses must keep in mind each year. Filing your ITR within the specified deadline is not only a legal obligation but also a responsible financial practice. However, life can sometimes get busy, and you might find yourself unable to meet the […]
Schedule 112A of the Income Tax Act requires individuals to report any capital gains from the sale of listed equity shares or units on a recognised stock exchange. This information must be included in the individual’s income tax return, along with details of any long-term or short-term capital gains. The main objective of introducing this schedule
A capital gain can be incurred while trading in shares. It can be either a long-term or a short-term capital gain. Usually, a seller is tend to earn a short-term capital gain on shares when he/she sells shares at a price higher than the purchase price. What are Capital Gains Tax on Shares? Capital gains
It is a statement of ‘Specified Financial Transactions’ or SFT transaction that taxpayers are required to submit to the government for a given financial period. Form 61A is generated under Section 285 BA of the ITA and was earlier known as Annual Information Return or AIR. As per Income Tax Rules 1962, Rule 144E states
Section 24 of the Income Tax Act 1961 offers substantial tax benefits for homeowners by allowing deductions on income generated from house property. Given that purchasing a home is a significant milestone for many middle-class Indians, home loan EMIs often become a major financial commitment. Recognising this, the government has introduced provisions under Section 24
TDS or tax deducted at source refers to the process of collecting income tax at source by the government of India. It is a kind of spot deduction of tax from the original source of income. TDS is deducted as per the Indian Income Tax Act, 1961. TDS is controlled by the Central Board for
The Income Tax Act, 1961, levies a tax on every individual who earns an annual income over the tax-exempt limit, at a prescribed rate. In this regard, a senior citizen’s earnings can exist in the form of pension, interest on savings, fixed deposits, rental income, reverse mortgage, etc. According to the ITA, these sources of
The Income Tax Bill 2025, introduced in Parliament, proposes significant changes to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) provisions. These changes aim to simplify the tax deduction and collection process, ensuring better compliance for individuals, businesses, and tax professionals. Understanding TDS & TCS Tax Deducted at Source (TDS) TDS is a mechanism
“The word ‘Charity’ connotes altruism in thought and action. It involves an idea of benefiting others rather than oneself” Supreme Court in the case Andhra Chamber of Commerce [1965] 55 ITR 722 (SC). Charity is a selfless voluntary help either in money or kind to the needy. Hence, there are various Non-Governmental Organizations (NGOs) and
The TDS deduction on the payment of commission or brokerage is covered by Section 194H. When the amount surpasses Rs.15,000 in a year, it requires that the person (other than an individual or HUF) in charge of paying commission or brokerage to residents deduct taxes at the rate of 5%. All individuals and HUFs who need