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Professional Tax in India

Professional Tax in India

  Professional Tax in India The term “Professional Tax” can be easily found written in your salary payslip or Form 16. Since the name does not justify its real meaning people often misinterpret it as an error or fault of paying additional tax by an employee to the government. In this article, for the basic understanding of the concept, we have tried to answer most of the commonly asked questions related to Professional Tax. What is professional tax? The concept…

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Which ITR to file? Know the Correct Income Tax Form

Which ITR to file? Know the Correct Income Tax Form

  Depending on the type of income, the category the taxpayer falls under (Individual, HUF, Company etc.), and the income that the taxpayer makes, there are different types of Income Tax Returns (ITR) Forms which needs to be filed. In case taxpayers choose the wrong form, they will have to go through the process of filing their ITR again. To help the taxpayers pick the correct form, a brief synopsis of the applicable tax return forms has been tabulated below:…

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Changes in Income tax act effecting an Individual Tax Payer

Changes in Income tax act effecting an Individual Tax Payer

The Finance minister in her speech said, “Currently the Income Tax Act is riddled with various exemptions and deductions which make compliance by the taxpayer and administration of the Income Tax Act by the tax authorities a burdensome process. It is almost impossible for a taxpayer to comply with the Income-tax law without taking help from professionals. Hence, the main aim of new tax reforms is to Simplify tax structure Bring ease of compliance Reduce litigation” This article is aimed…

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Synopsis: Union Budget 2020-2021

Synopsis: Union Budget 2020-2021

GENERAL: Finance Minister says: This Budget Theme: Aspiration, Development, Compassion National security is the top priority of the government A new and simplified GST return system coming this April 2020 Central govt’s debt has come down to 48.7% in March 2019 from 52.2% in March 2014 Government to incentivize farmers to go solar ‘TB Haarega, Desh Jeetega’ mission to be launched Swachch Bharat Abhiyan to get ₹12,300 crore Data is the new oil. A policy to be announced to enable…

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Key Highlights of Union Budget 2020

Key Highlights of Union Budget 2020

Presenting the first Union Budget of the third decade of 21st century, Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and long-term measures. The Key Highlights of Union Budget 2020-21 are as follows: Three prominent themes of the Budget •    Aspirational India – better standards of living with access to health, education and better jobs for all sections of the society •    Economic Development…

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ICAI offers its infrastructure to Income Tax Appellate Tribunal (ITAT)

ICAI offers its infrastructure to Income Tax Appellate Tribunal (ITAT)

The Institute of Chartered Accountants of India (ICAI) recently got into an arrangement with Income Tax Appellate Tribunal (ITAT) at New Delhi whereby ICAI has extended the facility of using ICAI infrastructure for conducting hearings of ITAT at some of ICAI branches & offices across the country including Srinagar & Ladakh. ICAI, being a true Partner in Nation Building has always collaborated with various initiatives of the Government, Regulatory authorities, etc.  for facilitating the implementation of various policies/ measures for development of…

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Section 194M- TDS summary on payment to resident contractors and professionals

Section 194M- TDS summary on payment to resident contractors and professionals

A lot of modifications have been noted in the Finance Act recently. In particular, in the tax area –income tax or GST. Some parts are modified and some are launched lately. Let’s see one of the 194 M section of the freshly launched TDS. Q. What is section 194M? This section was implemented to provide a 5% TDS tax on the amount paid or credited in a year due to contract job or professional service in a financial year above…

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Income Tax on selling of Shares and Securities

Income Tax on selling of Shares and Securities

An investment in knowledge always pays the best interest. With that knowledge, we all invest in many things for a period of time. These all things are not left from the tax. Share and securities are part of them. But what about the taxation of income from sale or purchase of shares? Gain earned at the time of transfer of capital asset is taxable to Income Tax under the head “Capital Gains”. Income from capital gains is classified as “Short…

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