Withdrawal of Rs.2000 note from circulation

-


 

Comments

Post a Comment

Popular posts from this blog

OLD VS NEW TAX RATES FOR FY 2023-24/ AY 2024-25

-
Understanding about tax regimes for the Financial Year 2023-2024/ Assessment Year 2024-2025. Tax Slab rates Under both the regimes for Financial Year 2023-24. OLD TAX REGIME NEW TAX REGIME TAX SLAB (IN Rs.) TAX RATE TAX SLAB (IN Rs.) TAX RATE 0-250000 0% 0-300000 0% 250001-500000 5% 300001-600000 5% 500001-1000000 20% 600001-900000 10% >1000000 30% 900001-1200000 15%     1200001-1500000 20%     >1500000 30% Tax Rebate U/s.87A for the Financial Year 2023-24 under both the regimes. TAX REBATE U/s.87A OLD REGIME NEW REGIME AMOUNT OF REBATE Rs.12,500 if total income does not exceed Rs.5,00,000. Rs...
Read more

Intra Day trading and taxation

-
  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...
Read more

Budget Highlights 2023-24

-
Let us discuss about the key points from the budget presented today. This budget will be effective for the Financial Year 2023-24. Let us understand the FM's speech concerning Personal income tax.  1) Currently, those with income up to Rs.  5 lakh do not pay any income tax in both old and new tax regimes. I  propose to increase the rebate limit to Rs.7 lakh in the new tax regime. Thus,  persons in the new tax regime, with income up to Rs7 lakh will not have to  pay any tax. If an employee choses NEW TAX REGIME, then there is NO tax if the Gross salary and Other taxable income is less than Rs.7 lacs. 2)  I had introduced, in the year 2020, the new personal income tax regime  with six income slabs starting from Rs.2.5 lakh. I propose to change the tax  structure in this regime by reducing the number of slabs to five and  increasing the tax exemption limit to Rs.3 lakh. The new tax rates are: Income in Rs.          Tax ...
Read more