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Taxation on sale of listed equity shares for FY 2024-25

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Understanding the tax implications on sale of equity shares. Taxable Event: When the listed equity shares are sold. Capital Gain: When the sale price is more than purchase price. Capital Gain= Sale Price - Purchase Price - expenses on Sale (brokerage, commission etc) Capital Loss: When the sale price is less than purchase price. Long Term Capital Gain:  Holding Period: Shares are sold after holding them for a period of more than 12 months. Tax Rate: Long term Captial Gains are exempt upto Rs.125,000 per annum (For FY 2024-25) Long Term capital gains will be taxed @12.5% with respect to equity shares sold after 23.07.2024. Long Term capital gains will be taxed @10% with respect to equity shares sold between 01.04.2024 to 22.07.2024. Note : LTCG will be calculated on gains exceeding Rs.125000 only. Short Term Capital Gain:  Holding Period: Shares are sold after holding them for a period of lessthan 12 months. Tax Rate:  Short Term capital gains will be taxed @20% with ...
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Withdrawal of PF

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How to Apply for EPF Withdrawal Online using EPFO portal? Individuals can benefit from the convenience of the withdrawal process of PF online. Prerequisites : 1) Employees should, however, ensure that their contact number used to activate UAN is operational.  2) Besides, KYC verification and linking of the bank account via IFSC code should also be completed for each UAN for the application to proceed. 3) The Universal Account Number (UAN) must be activated, and the mobile number used for activating the UAN should be in working condition. 4)  The  UAN  must be linked with the member’s KYC, such as the Aadhaar card, PAN and bank details with the IFSC code. Online Application Submission To understand how to withdraw PF amount online, follow the steps below- Step 1 : Visit the official portal of EPFO. Step 2:  Use UAN and password to login into the EPF account. Enter the captcha to authenticate the login. Step 3:  Select the ‘Manage’ tab to access available opt...
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Loan against Mutual Funds

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How to Download ITR Acknowledgements

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Checklist for filing Income tax returns of Individuals

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Disadvantages of Credit Cards

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Intra Day trading and taxation

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  What Is Intraday Trading? Shares bought and sold (long trades) or sold and bought (short trades) within a  single trading day  is known as intraday trading. The trader’s purpose in intraday trading is not to own the equity shares, but they want to take advantage of the short-term price movements and make profits the very same day. These profits are taxable. There is no separate speculative income tax rate in India as it is taxed according to your income tax slab.  Speculative Business Income: Intraday transactions are speculative in nature, and hence, the income from these trades is called speculative business income. Income tax on intraday trading profit in India falls under this category. Income Tax Rules On Intraday Trading –  Income Head, ITR Form And Due Date Income Head:   Profits and Gains from Business and Profession. Your income from intra-day trading will be considered as  speculative business income . It is consider...
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