Applicable GST GST extra as applicable” indicates that the price mentioned for a product or service does not include the Goods and Services Tax imposed by the government. The GST amount will add separately to the quoted price, and the final price will include in it. So the GST amount will add to the quoted… Read More »
TDS deduction you can follow these steps: Gather necessary documents: Collect all relevant documents, including the TDS certificate issued by the bank or financial institution where you have the FD, and the Form 26AS, which reflects the details of TDS deducted. Calculate TDS deduction: Determine the total TDS amount deduct on the interest… Read More »
Capital gain tax in India Capital gains tax is a tax levied on the profit realized from the sale of an asset. In India, capital gains tax is divided into two categories – short-term capital gains and long-term capital gains. Short-term capital gain tax in India is applicable when an asset sell within 2 years… Read More »
Is tax on capital gains to be paid separately from income tax Yes, tax on capital gains is calculated and paid separately from income tax. Capital gains tax is a tax levy on the profits earn from the sale of capital assets, such as property, stocks, and other investments. The tax rate and rules for… Read More »
What is Section 24 of Income Tax Act? Section 24 of the Income Tax Act is relate to the deduction of interest on home loans for taxpayers who own a house property. The section provides for two types of deductions – a deduction of up to Rs. 2 lakh for interest paid on a self-occupied… Read More »
ITR can be revised ITR can be revise, Yes, it is possible to revise an income tax return after it has been process by the Income Tax Department. Under Section 139(5) of the Income Tax Act, 1961, taxpayers have the option to revise their ITR if they discover any errors or omissions in… Read More »
Tax implications of future trading Tax implications of future trading, Future tradings is a type of derivative trading that involves buying or selling a contract to buy or sell a specific asset (such as commodities, stocks, or currencies) at a future date at a predetermined price. The tax implications of future trading can vary… Read More »
What does ITNS mean in income tax ITNS stands for “Income Tax Challan Non-System”. It is a type of challan used for payment of income tax, where the payment is made offline through banks or at the designated collection centers. This challan contains details such as the name of the taxpayer, address, PAN number, assessment… Read More »
Capital Gains Tax Capital gains tax is a tax imposed on the profit earned by individuals or corporations when they sell an asset at a higher price than its original purchase cost. This tax applies specifically to assets classified as “capital assets,” including stocks, bonds, real estate, and various investments. When an individual sells a… Read More »
GST for Freelancers GST (Goods and Services Tax) number is not mandatory for all freelancers. Whether GST freelancers need to obtain a GST number or not depends on their specific circumstances and the nature of their work. To Visit https://www.gst.gov.in/ In general, if a freelancer’s annual turnover exceeds the threshold set by the government, which… Read More »
