WHAT IS F&O TURNOVER? Computing the turnover on Futures and Options is significant for the purpose of tax filing and F&O trading is mostly reported as business income while filing tax returns. Yet, one needs to analyze their total income, which can be positive or negative value (profit or loss). Expenses like office rent, telephone […]
Section 40(B) of Income Tax Act provides the maximum permissible amount payable to a partner in a partnership firm. The returns of a partner can be in the form of Interest on Capital: Interest payable to partners shall be in accordance with the terms of the partnership deed, however, it shall not exceed 12% per […]
SOURCE: SEBI WHAT IS MUTUAL FUND? A mutual fund is a professionally-managed investment scheme, made up of a pool of money collected from many investors to invest in securities like stocks, bonds, money market instruments, and other assets. Mutual funds are operated by professional money managers, who allocate the fund’s assets and attempt to produce […]
Budget 2022 has hardened the income tax filing norms for regular taxpayers. Under Union Budget 2022, Nirmala Sitharaman announced that the provision of updated return is available in Section 139(8A) of the Income Tax Act. The taxpayers now have a choice to rectify their income tax return by filing an Updated Income Tax Return. The […]
A lively Small and Medium-sized Enterprise (SME) sector is an imperative element for a solid market economy. SMEs assume a significant part in the political economy, assisting to promote and strengthen reforms. There are about 44 million MSME units in India which contribute 45% of the India’s manufacturing output, account for about 35 % of […]
Form 61A is a record of the statement of Specified Financial Transactions which must be furnished under the Income Tax Act, 1961 by certain institutions. Statement of Specified Financial Translations or SFT refers to information related to certain high-value transactions which specified persons are required to report to the income tax department. The SFT was […]
WHAT IS ANGEL TAX? Angel tax essentially derives its genesis from section 56(2) (vii) (b) of the Income Tax Act, 1961. Angel Tax is the tax levied by the government on the start-ups who receive funding from Angel Investors. Angel investors get benefits in the form of taxation as the entire investment made by investors […]
Some notifications issued by the Department to providing relief in current Pandemic Situation (Covid-19) in the country to the taxpayers on 1st May, 2021 Notification No. 08/2021- Central Tax- Relaxation in Interest for the month of March -2021 & April -2021: Notification No. 09/2021- Central Tax-Waiver of Late Fees for specified taxpayers and specified tax […]
Gift tax is an act introduced by the Parliament of India in 1958. It was introduced to impose tax on giving and receiving gifts under certain circumstances which is specified under the act. if the value of the gift exceeds Rs.50,000 then the gift is taxed as income in the hands of the person who […]
India is a nation of close-sewn families and have a great deal of motivations to praise its diversified culture, customs and religion. Various events emerge where gifts are traded. As a matter of fact, gifting each other is a symbol of adoration and warmth and can likewise be an image of societal status. Be that […]