Income tax clearance mandatory to leave India? Centre issues a clarificationI
The requirement applies only under specific circumstances. According to the CBDT’s Instruction No. 1/2004, dated February 5, 2004, a tax clearance certificate is necessary only for individuals involved in serious financial irregularities or those with significant direct tax arrears exceeding Rs. 10 lakh, provided these arrears have not been stayed by any authority. In such […]
High Capital Gain Tax
A detailed calculation showing how LTCG reduction without indexation is not good news for people. “Suppose you bought an apartment in January 2009 for Rs 50 lakhs. Fifteen years later, you sold it today for Rs 1.5 crore. With indexation, the Rs 50 lakhs you paid 15 years ago is considered to be worth Rs […]
Tax increased on stock market gains
Be prepared because the time to gather courage and patience has come. – Short term capital gains (STCG) increased from 15% to 20% – Long term cap gains (LTCG) increased from 10% to 12.5% – Limit of exemption for capital gains will be set at Rs 1.25 lakh per year – Buy Back is taxed
Seventh Budget speech of FM Sitharaman
FM Nirmala Sitharaman will present the India Budget 2024 in Parliament on July 23, 2024. Sitharaman is expected to begin the Budget 2024 speech at 11:00 AM. This will be the seventh Budget speech of FM Sitharaman. #cainmahavirnagar #incometaxreturn #finance #gst #companyincorporation
GST Update
GST Update. The GST Council has recommended extending the deadline for availing input tax credit (ITC) on any invoice or debit note under Section 16(4) of the CGST Act. This extension applies to any GSTR 3B return filed for the financial years 2017-18, 2018-19, 2019-20, and 2020-21, with the new deadline deemed to be 30.11.2021. […]
Dhwanik Shah & Co. CA In Mahavir Nagar , Tax Expert
India in early stages of equity cult; budget eyed for populism: Chris Wood Any changes to the capital gains tax for equities – both long-term and short-term – in Budget 2024 scheduled to be announced on July 23, he believes, can trigger a bigger correction that what the markets witnessed post the Lok Sabha election […]
Dhwanik Shah & Co. CA In Mahavir Nagar , Tax Expert
n the 53rd GST council meet held on Saturday, the government decided to exempt both penalty and interest provided they pay the principal tax demand by March 31, 2025. The notices covered under this exemption are for tax escaped during the period between FY18 and FY20. The exemption will only apply to cases where there […]
Dhwanik Shah & Co. CA In Mahavir Nagar , Tax Expert
The Institute of Chartered Accountants of India (ICAI) recently wrote a letter to the Income Tax Department, stating that tax professionals and individual taxpayers are facing technical glitches on the income tax e-filing portal, so the ITR filing deadline should be extended.
Protecting My Equity Portfolio: Hedging with Futures and Options
In the face of rising global uncertainties — including tariff wars, geopolitical tensions, and India-Pakistan issues — market volatility over the next three months seems inevitable. To proactively manage this risk, I am implementing a hedging strategy using equity futures and options. My goal is simple: protect the value of my portfolio and avoid any […]
7 Things to Keep in Mind While Filing Your ITR
### *By CA Dhwanik Shah & Co.* ### **1. Review Your AIS (Annual Information Statement)** Ensure all your income sources and high-value transactions are correctly reflected and match with your actual records. — ### **2. Carry Forward Capital Losses (STCG/LTCG)** Report short-term and long-term capital losses on time to carry them forward for future tax […]