# income
12 posts in `income` tag
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Understanding TDS: An In-Depth Look at Section 194F
An extensive summary of Section 194F of the Income Tax Act in India can be found in this blog post. It describes the main points, the methodology used to compute TDS for various forms of income, and how it affects investments in mutual funds. The blog also covers investor tax preparation techniques and exemptions.
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By Krishna
Understanding Section 50C of the Income Tax Act: Capital Gains on Real Estate Sales
Property sellers are prohibited by Section 50C of the Income Tax Act from undervaluing real estate transactions in order to avoid paying taxes. If the stamp duty value is more than the real consideration, this clause treats it as the considered selling price. This blog offers a thorough explanation of Section 50C's operation, as well as its consequences for capital gains, exemptions, dispute settlement procedures, and the safe harbor limits that have been included in more recent modifications.
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By Krishna
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The Income Tax Act's Section 35AB: A Comprehensive Guide for Businesses
This blog post provides a detailed guide to Section 35AB of the Income Tax Act, which offers tax deductions for capital expenditures on acquiring know-how. It covers the benefits, requirements, and advantages of this provision, making it a valuable resource for businesses looking to invest in innovation and growth.
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By Krishna
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Section 54D: Capital Gains Exemption for Compulsory Acquisition of Industrial Property
Section 54D of the Income Tax Act gives firms significant tax breaks on capital gains resulting from the compulsory acquisition of industrial property or structures. This blog discusses the qualifying criteria, investment conditions, and processes for reinvesting compensation to benefit from the exemption. Learn how to use this helpful clause to minimize taxes while also ensuring business continuity.
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By Krishna
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Form 1 of DTVSV 2024: Online Filing, Deadlines, and Penalties
Form 1 for the Declaration of Taxable Value of Securities (DTVSV) 2024 is now available for online submission. By October 31, 2024, taxpayers who own securities as of March 31, 2024, must submit this form. Up to December 31, 2024, a late return may be submitted; however, there will be a ₹1,000 penalty. In the event that the form is not submitted by the stipulated deadline, there will be a penalty of ₹10,000 and potential interest on unpaid taxes. Find out how to easily file Form 1 online and make sure you're following the DTVSV rules.
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By Krishna
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Key insights into how new income tax regulations can impact shareholders
For shareholders, the proposed increase in the corporate tax rate from 21% to 28% might have significant ramifications. Reduced capital gains, dividends, and corporate earnings might put stockholders at risk of higher taxes and slower market expansion. Higher taxes, though, may also lessen income disparity and boost public coffers. This blog examines the possible advantages and disadvantages of the new income tax laws for shareholders and offers advice on adjusting to these adjustments.
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By Krishna
The Most Important Changes to the New TDS Regulations for 2024
The Income Tax Department will implement new TDS (Tax Deducted at Source) laws on October 1, 2024, with the goal of reducing tax evasion and enhancing compliance. Raised TDS thresholds for independent contractors, new real estate sales regulations, cash payments, and rent payments to non-resident landlords are some of these modifications. To ensure that taxpayers stay compliant, this blog offers a thorough summary of all the latest regulations and how they affect different transactions.
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By Krishna
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October 7, 2024, as the new deadline for income tax returns: Major advantages for taxpayers
The deadline for filing income tax returns for the assessment year 2024–25 has been extended by the Central Board of Direct Taxes (CBDT) to October 7, 2024. This blog discusses the rationale for the extension, who stands to gain from it, and how taxpayers should use the additional time to make timely and proper filings in order to avoid fines. It is recommended that people and businesses take early action to prevent last-minute issues.
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By Krishna
A Complete Guide to Changes in Income Taxes Starting on October 1, 2024
The Union Budget 2024 introduces several critical changes to the Indian income tax structure, set to take effect from October 1, 2024. These updates include a hike in Securities Transaction Tax (STT), new TDS rates on government bonds, higher taxes on specific transactions, and revised capital gains tax rates. The standard deduction for salaried employees has also been increased. This blog breaks down each of these changes, helping taxpayers understand the impact on their financial planning and compliance
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By Krishna
Comprehending Income Tax Act Section 25A: Unrealized Rent and Rent Arrears Taxation
The Income Tax Act's Section 25A deals with the taxation of unrealized rent and rent arrears that property owners recoup. This clause permits a 30% reduction prior to taxation and makes it clear that arrears remain taxed even after the property is sold. To assist property owners in understanding their tax responsibilities, this blog offers a thorough explanation of Section 25A's application, as well as an analysis of its main clauses and useful examples.
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By Krishna
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All the Information You Require to Understand the September 30, 2024 Income Tax Audit Deadline
September 30, 2024 is the deadline for submitting income tax audit reports for AY 2023–2024. This article covers who must submit an audit report, what happens if the deadline is missed, and how to make sure the report is submitted accurately and on time. To stay out of trouble and make sure you're following the tax laws, get professional guidance and support from myITRonline.
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By Krishna
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Knowing the Income-tax Act of 1961's Section 2(22): Deemed Dividends and Their Consequences
The Income-tax Act, 1961's Section 2(22) discusses the idea of presumed dividends and makes sure businesses don't evade taxes by giving shareholders advances or loans in lieu of dividends. This area affects the financial health of a corporation as well as dividend taxes. To ensure financial stability and compliance with tax laws, become aware of the important clauses and their implications.
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By Krishna