While filling of income tax Return by individuals, they surprised that after adding agricultural income into ITR; Income Tax calculation shows increase in tax without increase of Taxable income. If a person’s Taxable Income is below Exemption Limit but after Agriculture income (which is Exempt) add into ITR then ITR shows Tax Payable. This is … Read more
As per the Memorandum of Finance Bill, 2022; Taxable income as per Clause (iv) of Section 28 of the Act, the value of benefit or perquisite paid in money or not and arising from business or profession is to be charged as Taxable Income in hand of recipient of such benefit/perquisite. But, in major cases … Read more
Section 43B(h) of Income Tax Act introduced in Finance Act, 2023 for protect the interest of micro and small scale business or Enterprises. This Amendment effective from 1st April, 2024 and applies to all assesses. This section introduced by Finance Ministry for Timely payment to small Businesses which is very crucial for economy as well … Read more
Hi! Folks! Have you ever heard about something called HRA? It is like a secret weapon when it comes to save your hard-earned money when you file your Income Tax Return. HRA means House Rent Allowance. Imagine: You are working and living in a rented place like a Bengaluru city. Your company give you HRA … Read more
Are you perplexed by the complexities of Double Taxation Avoidance Agreements (DTAAs)? Do you find it challenging to navigate through the intricate provisions and legal jargon? Fear not! In this article, we will guide you through the process of reading and comprehending a DTAA, helping you unlock the secrets and benefits hidden within its pages. … Read more
Income tax is a crucial component of a country’s revenue system, and India is no exception. The Indian tax system is designed to collect taxes from individuals based on their income, commonly referred to as income tax. When it comes to salaried individuals, understanding the nuances of income tax on salary income and the deductions … Read more
Depreciation under section 32 allowed as percentage of Written Down Value (WDV) (excluding Power Generating Units where depreciation allowed as per straight line method). Below Depreciation Chart applicable from Assessment Year 2018-19 and updated time to time with respective Finance Acts. For easily find Rate Use Search Funtionality. Conditions Before Claiming Depreciation Act also allow an Addition Depreciation … Read more
The highest price of equity share quoted on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on 31-Jan-2018 is given in this table. If there is no trading in an equity share on BSE/NSE on 31-Jan-2018, the highest price of such share on a date immediately preceding 31-Jan-2018 (when such share is … Read more
Below you’ll find the TDS rate Chart for FY 2022-23, which summarises all the TDS provisions of the Income Tax Act, 1961. For Better use of TDS Rate Chart Use Search Funtionality. TDS Full Form is “Tax Deducted at Source“ Tax deduction at source (TDS) means payer to collect income tax due on such income … Read more
Cost inflation index mainly used for calculation of long term capital gain (LTCG). Current Cost Inflation Index Table Indexed Cost of Acquisition Formula Indexed Cost of Acquisition = CII for the year of Transfer * Cost of Acquisition / CII for the First Year or Financial Year 2001-02, Whichever is later Frequently Asked Questions Excel … Read more