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
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.
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 […]