Professional Updates

  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...

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...

 Here's understanding the difference between all three, and which one is most suited in what context... 👉🏼 An Employee Stock Option Plan (ESOP) gives the employee the right to purchase a few shares of the company at a discounted pre-determined price on a later date. Say, the company issues you ESOPs at Rs 10 per share, and there is a buy back plan or IPO after 4 years when the share price is Rs 100 per share... If the employee decides to purchase the ESOP after 4 years, he has to pay just Rs 10 for an item that's valued at Rs 100... making him Rs 90 per share. 👉🏼 A Restricted Stock Unit (RSU) is when the company grants you a few shares depending on the time elapsed in the organization... at the end of the vesting period, you don't have the right or option to buy the shares of the company as in the case of ESOPs... Instead shares of the company are transferred to you without you having to purchase them at a pre-determined price. So, RSUs are a guarantee to number of shar...

Every employer deducts tax on the salary based on the declarations made by the employee. It is that time of the year where you need to upload the proofs in the HR portal so that the employer can calculate the TDS appropriately. In the absence of proofs declaration, employer may deduct a HIGHER TDS and your take home may be DECREASED for the upcoming months. However, this TDS can be claimed as TAX REFUND by filing income tax returns based on valid proofs available with you. It is always advised to upload all the valid documents upfront so that your in-hand salary is higher and you need not wait for IT refunds from the department. Here is the list of EXPENSES and INVESTMENTS that can be declared for tax purpose: 1) Rent paid to landlord     Rental Agreement and PAN if rent declared is between Rs.1-6 lacs per annum.     Rental receipts if  rent declared is less than Rs.1 lac per annum.     Rental Agreement, PAN and copy of TDS return if rent declared...

January 2024 JAN 7- TDS Payment for December 2023 JAN 10- PT Payment for December 2023 JAN 11- GSTR 1 (Monthly) for December 2023 JAN 13- GSTR 1(QRMP) for Oct-Dec 2023 JAN 15- TCS return in form 27EQ for Oct-Dec 2023 JAN 15- PF&ESI returns for December 2023 JAN 18- CMP-08 (composition) for Oct-Dec 2023  JAN 20- GSTR 3B (Monthly) for December 2023 JAN 31- TDS return in 24Q,26Q and 27Q for Oct-Dec 2023 February  2024 FEB 7- TDS Payment for January 2024 FEB 10- PT Payment for January 2024 FEB 11-  GSTR 1 (Monthly) for January 2024 FEB 15- PF&ESI returns for January 2024 FEB 20- GSTR 3B (Monthly) for January 2024 March 2024 MAR 7- TDS Payment for February 2024 MAR 10- PT Payment for  February  2024 MAR 11-  GSTR 1 (Monthly) for  February  2024 MAR 15- PF&ESI returns for  February  2024 MAR 15- Advance Tax Payment for Jan-Mar 2024 MAR 20- GSTR 3B (Monthly) for  February  2024 MAR 22- Trade license renewal for FY 24-25 MA...

 

Do you wonder why an assessee will receive a notice for non-filing of return/ non-inclusion of certain information? Department can send a notice in case the information provided in SFT is not included in the income tax returns. Hence be careful while carryout the financial transactions and make sure the transactions are in harmony. We are all aware that we are under the lens of income tax department with respect to most of the financial transactions. Let me go through few of the transactions which are being reported by the financial intermediaries. What is SFT? SFT stands for Specified Financial Transactions OR Statement of Financial Transactions is a report filed by SPECIFIED PERSONS mentioned under the Act. The report is filed every year by the Specified Persons on or before 31st May. Does bank/post office report all the transactions to the department? NO. Only certain specified transactions within the specified limits will be reported by them. Hence, make sure you file an income ret...