Professional Updates

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...

 

 

 

 

  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...