# tax
12 posts in `tax` tag
A Closer Look at Section 54C: Tax Benefits for Property Sellers in India
The Income Tax Act's Section 54C, which allows tax exemptions on long-term capital gains on the sale of residential property, is thoroughly explained in this blog. For taxpayers wishing to reinvest in newly constructed residential properties, it describes the qualifying standards, investment needs, and filing methods. The blog also offers helpful examples of how to compute the exemption and what paperwork is required in order to claim it.
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By Krishna
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Understanding Section 194A: Tax Deduction on Interest Income
The Income Tax Act's Section 194A, which requires the deduction of tax at source from interest income, is examined in this blog. It addresses filing methods, TDS rates, exclusions, and the section's application. For individuals and corporations to maintain compliance and efficiently handle tax liabilities, it is imperative that they comprehend Section 194A.
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By Krishna
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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
Restoring Archived GST Return Data: An All-Inclusive Guide for Taxpayers
This blog explores the importance of providing Indian taxpayers with access to their historical GST return data. It gives taxpayers a step-by-step tutorial on how to obtain and analyze their prior returns and describes the goals and extent of the restoration procedure. It highlights the advantages, like improving compliance, maximizing taxes, and fixing mistakes. In order to reduce penalties, the essay also emphasizes the significance of prompt action and expert counsel.
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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
Taxpayer Relief: Significant CGST Section 16 Amendments for 2024
Taxpayers have benefited greatly from recent changes to CGST Section 16, which include extended ITC claim deadlines and unambiguous capital goods criteria. Exporters, SMEs, and lawful taxpayers gain from these adjustments, and the integrity of the system is maintained by stronger fraud protection measures. It is recommended that businesses become acquainted with these improvements in order to enhance compliance and capitalize on the increased availability of ITC.
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By Krishna