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Budget Amended Sec 44AD and Sec 44ADA to revise presumptive taxation limits for FY 2023-24 (AY 2024-25) as follows

New capital gains taxation regime: Income tax department releases 13 important FAQs on latest STCG, LTCG rules While other short-term gains continue to be subject to the applicable tax rates, the short-term capital gains tax on equity shares and equity funds increases to 20%. The present rate of 10% or 20%, as applicable, for long-term gains tax is reduced to 12.5%. Listed equity shares, funds, and business trusts gains over Rs 1.25 lakh are taxable from earlier Rs 1 lakh.

Key Highlights of Interim Budget 2024-25: Changes under the Income Tax Law #Budget2024

Timing is a key part of tax planning. Managing when you receive income and pay expenses can significantly affect your tax bills. #TaxPlanning #TaxBills #Finance

#ART 2024 is out now! Go have a look at the findings in the 2024 edition of the Annual Report on Taxation before tomorrow’s official event!

The annual individual income tax (IIT) reconciliation is currently underway. You will find key information for your reference in this article. #Tax #reconciliation #Chinatax #taxcompliance #taxadvisory

📝 How to Choose Lump-Sum Taxation and What is the Lump-Sum Amount? Lump-sum taxation is decided upon during registration with the Business Registers Agency (APR). 📅 Entrepreneurs who do not choose lump-sum taxation immediately cannot apply for it later in the current year. APR automatically forwards your choice to the Tax Administration, so no separate application is needed. ✅ The Tax Administration will issue a decision on your tax and contributions obligations within 48 hours of registration and send it to your tax inbox on the ePorezi portal. 💼📧 The amount of tax and contributions is determined based on the average income in your industry and varies depending on the type of business activity. 🧮 The Tax Administration's decision sets a fixed amount of tax and contributions (the so-called lump-sum), which must be paid monthly regardless of income. 💸 📊 You can estimate the tax and contribution amounts using the calculator on the Tax Administration portal. The lump-sum amount depends on your business activity and often on the local government area where you operate. Taxes and contributions must be paid by the 15th of the month for the previous month or within 15 days of receiving the decision for any past months. 📅 For more information and assistance with lump-sum taxation, contact our team! 📞💼 #Confida #ConfidaSerbia #LumpSumTaxation #Taxes #Entrepreneurs #Finance

Bad news: Equity gains taxation is complex🔻 Good news: You have us🤩 All about equity taxation and how you can save maximum taxes during ITR filing 📈 [1] Period of Holding Tax rates applicable on gains of listed equity shares is dependent upon duration they are held for👇 🔹If shares are held for less than 1 year: Short-term Capital Asset 🔹If they are held for more than 1 year: Long-term Capital Asset [2] Tax rate and exemption 🔹For STCG: 15% * 🔹For LTCG: 10% * Exemption is available for LTCG → No tax is applicable up to gains of ₹1,00,000 * Subject to STT Read on👇 [3] Benefits of basic exemption limit 🔹For STCG: Available 🔹For LTCG: Available What about relief u/s 87A? 👉No relief available on LTCG u/s 87A🤯 [4] Set-off rules Set off of losses means adjusting losses against profit/income of that particular year📆 So, for STCG, loss arising from sale can be set-off against STCG & LTCG But for LTCG, loss from LTCA can be set-off against LTCG only [5] Carry forward of losses For STCL, losses can be carried forward up to 8 A.Y. For LTCL, losses can be carried forward up to 8 A.Y. In both cases, Securities Transactions Tax is not deductible🤯 [6] Benefits of 80C Not available in both cases LTCG❌ STCG❌ If you have any more queries in taxation of listed equity shares, please comment down🤔👇 [7] Are advisory fees deductible? If gains are arising as capital gains, then deductibility of this fee is questionable❌ But if you are into the profession/business, then you can claim such fees as business expense🤯 But which ITR to fill?👇 [8] Which ITR form to file? If you have only salary income and capital gains, file ITR-2 But if you have income from business/profession, file ITR-3 Make sure you bookmark this thread to avoid any penalties later. . Follow us (TaxBuddy.com) for more such insightful content around personal taxation. Repost to spread awareness. To maximise your tax savings before filing, TaxBuddy's tax experts are only a click away.

Buoyant Direct Tax collections: Right time for govt to rewrite the fiscal consolidation target. By Vinay K Srivastava for ETGovernment #buoyanttax #directtax

Below are the FAQ's issued by Income tax department in relation to the change in Capital gain provisions under the Income tax Act. The FAQ have been issued by way of Press release as under:   Q1. What are the major changes brought about in the taxation of capital gains by the Finance (No.2) Bill, 2024?   Ans. The taxation of capital gains has been rationalised and simplified. #budget #capitalgainonsaleofshares #capitalgainonshares #Capitalgaintax #howtocalculatecapitalgaintax #Incometaxupdates #taxontips #unionbudget