Taxation - Angel One

With income comes tax. Whether you are salaried or self-employed, when your income exceeds a certain threshold, you must pay Income Tax. The threshold or limits are known as ‘tax slabs and are revised by the Government of India every year. The taxes collected help with the funding of government welfare schemes and other public …

You don’t need an IT Clearance Certificate (ITCC) to conduct most transactions within the geographical boundaries of India. But it is still good to know about Income Tax Clearance Certificates and who might need them.  Before the Permanent Account Number (PAN), IT Clearance Certificate was needed in cases like bidding for government projects, making real …

What is wealth tax Wealth tax, also called equity tax, net worth tax or capital tax was a 1% tax imposed on earnings of over Rs. 30 lakhs per annum of Indian residents, companies and Hindu Undivided Families (HUFs). It was a tax imposed on the net wealth as of 31st March i.e. total wealth …

What is windfall tax? A windfall is an unearned, unanticipated gain in income through no additional effort or expense. A tax imposed on such an unexpected rise in profits is called a windfall tax. They are usually imposed when there is a sudden increase in profits in a particular sector. They are also imposed if …

Investors who invest in the Indian market are well aware of the tax implications. But what about taxation when you invest in US stocks. Taxation remains the primary concern for Indian investors exploring international investments. The tax policies are critical to understanding if the net return is worth the effort. If you are exploring investment …

According to a government official, a taxpayer will be allowed to submit just one revised return every assessment year. CBDT Chairman JB Mohapatra, speaking at a CII event, said that the purpose of this provision is to assist persons who have truly missed submitting their taxes. According to Mohapatra, such taxpayers “may only submit one …

As proposed by Finance Minister Nirmala Sitharaman in her Budget 2022-23 speech, virtual digital assets (VDA) shall be taxed at a flat rate of 30%. This gave confidence to traders in cryptocurrency and other virtual digital assets about its recognition in India. Since the government is considering taxation of these assets, the banning of cryptos …

2021 has been an outstanding year for India’s stock market, with an unprecedented bull run. Resultantly, investors have booked profits throughout the year. However, there are income tax implications associated with it, depending on the nature of the trades. Mentioning salary, rental income, interest incomes, and likes is a common practice while computing taxes, factoring …

The Union Budget for the fiscal year 2022-23 will be presented on February 1, 2022. The budget should aim to put more money in the pockets of the common man. While we discuss the budget, let us not forget the challenges that the country has been facing due to Covid-19. Although the government has been …

The current fiscal year will shortly come to a close, and the next fiscal year will begin on April 1. Certain income tax regulations have been effective for transactions beginning in the current fiscal year, and taxpayers should be aware of them. Let’s take a look at some of the significant changes that will affect …