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 …
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 …
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 …
What to do if you missed your tax filing deadline… Filing tax returns is every Indian citizen’s duty as long as they fall within the taxable income limits. Any individual assessee with an annual income of Rs.500,000 is obliged to file his/her returns. Normally, the last date for filing returns is the last working day …
From a policymaker’s perspective, there were a fair amount of negative expectations built around the Union Budget. More so, from a capital market perspective! Interestingly, the budget refrained from most of these negative expectations which was well received by the market. Normally, budgets are not just evaluated in isolation but with reference to the expectations …
Direct taxation is normally one of the key areas to be watched in any budget. Broadly this budget is likely to focus on 2 key themes. Firstly, the focus of the Union Budget will be on mitigating the pain of the small and medium sized tax payers to compensate them for the difficulties they had …
