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Income tax on Profit/ Loss from Intraday share trading
Information
CA. Kavit Vijay

Income tax on Profit/ Loss from Intraday share trading

Trading in the share market has increased a lot and not only persons who are engaged in hardcore share trading, other persons also invest funds in the share market. Every income in India is liable to Income tax. Similarly, profit or loss earned from share trading is also liable to income tax.

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Income Tax/ Capital gains on sale of inherited property
Income Tax
CA. Kavit Vijay

Income Tax/ Capital gains on sale of inherited property

Inheritance of property is a very common scenario and these properties are sold subsequently as well. In India, the sale of inherited property can have potential tax implications, particularly regarding capital gains. Capital gains tax is levied on the profit earned from the sale of an asset, including inherited property.

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Gifts received by Individual/HUF- Taxation & Exemption under Income Tax Act, 1961
Information
CA. Kavit Vijay

Gifts received by Individual/HUF- Taxation & Exemption under Income Tax Act, 1961

To provide some clarity on this matter, we have provided a detailed overview of how gifts are taxed in India and what all exemptions are available related to gifts. In this article, you can gain knowledge about various provisions relating to the taxability of gift received by an individual or a Hindu Undivided Family (HUF) i.e. sum of money or property received by an individual or a HUF without consideration or a case in which the property is acquired for inadequate consideration.

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SCHEMES UNDER UNION BUDGET 2023-24
Finance Budget
CA. Shilpi Goyal

SCHEMES UNDER UNION BUDGET 2023-24

The Union Minister of Finance and Corporate presented the first Union budget of “Amrit Kaal” 2023-24 in Parliament 01.02.2022. This budget brought funds for various schemes to achieve the vision of “Atmanirbhar Bharat”. It focused on the empowerment of women, enhancing the skills of artisans, green energy, and various other segments to provide a whole growth to the country.

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Union Budget-2023-24| Changes for Salaried Assessee
Finance Budget
CA. Vipin Tyagi

Union Budget-2023-24| Changes for Salaried Assessee

This budget focused toward capex expenditure wherein priority was given to building roads, railways and highways. This budget also brought relief for the middle class in form of higher exemption slabs, more clarity on the new regime and the old regime. Also, the highest slab of surcharge has been reduced from 37% to 25% thereby reducing the maximum rate of income tax from 42.744% to 39%. Also, some products were made more economical and some were made more expensive.

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Union Budget-2023-24| Income Tax Amendments
Finance Budget
CA. Shilpi Goyal

Union Budget-2023-24| Income Tax Amendments

Union budget 2023-24 has proposed various amendments in the Income tax act such as Change in slab rates, extended benefits to MSME Enterprises, relaxation in tax audits threshold limits, Relaxations for cooperative societies etc.

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