Income Tax Archives - TaxIndiaUpdates In

Cost Inflation Index for Financial Year 2024-25 (AY 2025-26) is 363

May 24, 2024May 26, 2024 TaxIndiaUpdates In16 comments105465 views

CBDT Notified Cost Inflation Index for Financial Year 2024-25 (AY 2025-26) is 363 The Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary Notification No. 44/2024/F.No.370142/10/2024-TPL dated 24-05-2024 the Cost Inflation Index for … Continue Reading →

Income Tax

Capital Gains: Taxation & Exemptions in India

April 10, 2023April 26, 2023 TaxIndiaUpdates In0 comments2460 views

A taxpayer can claim exemption from certain capital gains by re-investing the amount of capital gain into specified asset. The following table highlights the assets in respect of which the benefit of re-investment is available: Section Eligible Assessee Gain eligible for claiming exemption Asset in which the capital gain is to be … Continue Reading →

Income Tax

Tax Audit Requirements and Presumption taxation [AY 2022-23]

April 29, 2022June 1, 2022 TaxIndiaUpdates In0 comments4729 views

Tax Audit Provisions for Income from any Business Tax Audit Turnover Limit Condition Total sales, turnover or gross receipt from the business during the previous year exceeds Rs.10 Crore. Cash receipt and Cash payment made during the previous year does not exceed 5% of total … Continue Reading →

Income Tax

E-filing of Income Tax Returns for AY 2021-22 started at www.incometax.gov.in/iec/foportal

July 9, 2021December 23, 2021 TaxIndiaUpdates In1 comments11782 views

E-filing of Income Tax Returns for AY 2021-22 ITR filing due date The CBDT vide Circular no. 17/2021, dated 09-09-2021, has extended due dates for filing returns (ITRs) for Assessment Year 2021-22 (Financial Year 2020-21). The revised due dates for filing of ITRs for various types … Continue Reading →

Income Tax

Income Tax Rates for AY 2021-22 & AY 2022-23

June 10, 2021November 30, 2021 TaxIndiaUpdates In0 comments12965 views

Income Tax Rates for AY 2021-22 & AY 2022-23 The income Tax Act, 1961 provides different tax rates for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab rates whereas, companies are taxed at fixed rate, … Continue Reading →

Income Tax

Income Tax depreciation Chart

June 1, 2021November 29, 2021 TaxIndiaUpdates In0 comments8546 views

Income Tax depreciation Chart Rates of depreciation as per Income Tax Act, 1961 Block of assets Depreciation Rate (in %) PART A Up to AY 2017-18 AY 2018-19 onward TANGIBLE ASSETS I. BUILDING (1) Buildings which are used mainly for residential purposes except hotels … Continue Reading →

Income Tax

Depreciation Companies Act

June 1, 2021January 16, 2022 TaxIndiaUpdates In0 comments6274 views

Schedule II of the Companies Act 2013 has provides useful life of assets tangible in nature. On the basis of useful life of asset, we calculate Depreciation Chart as per Companies Act: Nature of Assets Useful Life Rate Rate (I) Buildings (a) … Continue Reading →

Income Tax

Restrictions on Cash Transaction under Income Tax Law

April 29, 2021December 29, 2021 TaxIndiaUpdates In0 comments1485 views

There are certain provisions in the income tax law which discourages or restrict the usage of cash, some sections create the disallowance the of expense and other penalise the person doing the cash transaction, some of which are given as follows: (1.) Taking or … Continue Reading →

Income Tax

Tax Planning Tools In India for AY 2021-22

January 29, 2021December 24, 2021 TaxIndiaUpdates In0 comments13417 views

Tax Planning Tools In India for AY 2021-22 There are various scheme introduced by Government in their budget. Followings are most popular Tax Planning Tools In India for AY 2021-22 which is useful for salaried Individual assessee: Life Insurance Life Insurance Policy is widely … Continue Reading →