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Budget 2025 highlights

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Let us discuss about the key points from the budget presented today. This budget will be effective for the Financial Year 2025-26. Personal Income- tax Reforms with special focus on middle class There is no change in income tax rates under Old regime. There will be no income tax payable upto income of Rs.12 lakh (i.e. average income of Rs.1 lakh per month other than special rate income such as capital gains) under the new regime. This limit will be Rs.12.75 lakh for salaried tax payers, due to standard deduction of Rs. 75,000.   In the new tax regime, the tax rates will be as below. Rebate on income-tax  Resident individual with total income up to Rs.7,00,000 do not pay any tax due to rebate under the new tax regime. It is proposed to increase the rebate for the resident individual under the new regime so that they do not pay tax if their total income is up to Rs.12,00,000. Marginal relief as provided earlier under the new tax regime is also applicable for income marginal...

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

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 ...

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...

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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