Category: Uncategorized

1 Oct 2024 1 Aug 2024

Here is a comparison of NRI (Non-Resident Indian) and NRO (Non-Resident Ordinary) bank accounts in India in a tabular format: Parameter NRI Bank Account (NRE – Non-Resident External) NRO Bank Account (Non-Resident Ordinary) Purpose To park overseas earnings in India in Indian Rupees (INR). To manage income earned in India […]

Below is the table that outlines various remuneration methods for directors, their maximum limit (where applicable), and whether tax is applied or not. Remuneration Type Maximum Limit Tax Applied Business-Related Reimbursements Actual expenses incurred No Medical Reimbursements ₹15,000 per year No Dividend Income ₹10 lakh per year (tax-free) Yes, beyond […]

Here’s what you can do to change your phone number on your Wise account: Please follow these steps to update your phone number successfully. If you continue experiencing issues, there might be specifics we need to address on a case-by-case basis. You can also give us a call if you […]

Scenario Overview: Imagine you’re a business owner who has successfully exported services and received payment within the stipulated timeframe. However, you suddenly realize that you didn’t file a Letter of Undertaking (LUT) for the financial year (FY) 2019-20. While you’re applying for an LUT for FY 2020-21, this oversight comes […]

The terms “Demand paid and challan has CIN (without open challan details)” and “Demand paid and Challan has CIN (with open challan details)” refer to the status of the payment of a tax demand and how it is reflected in the Income Tax Department’s records. Here’s what they mean: 1. […]

Understanding the Issue: It seems that when you filed your Income Tax Return (ITR) and paid the tax, you did not enter the details of your Self Assessment Tax payment in the relevant section of the ITR form. This means that although you paid the tax, the system didn’t account […]

The image you provided is a warning about keeping your card away from objects that emit magnetism, which can render the card unusable. Here’s a breakdown of the key points: The general advice is to keep your card away from all these types of devices or items to avoid any […]

Introduction Technical analysis involves examining past market data to predict future price movements. Unlike fundamental analysis, which evaluates a company’s financial health, technical analysis focuses on price action and volume. It has evolved significantly over the years, becoming an essential tool for traders worldwide. Understanding technical analysis can help investors […]

Chennai, the vibrant capital of Tamil Nadu, is a city where tradition and modernity blend seamlessly. Whether you’re a resident seeking new adventures or a traveler eager to explore, Chennai offers a rich array of experiences that promise to captivate and inspire. Here’s your ultimate guide to discovering the best […]

: You want to generate a new challan for the payment of the pending tax including surcharge, cess, and interest without having a prior challan number. Here is how you can do it on the Income Tax e-filing portal: Steps to Generate a New Challan for Pending Tax: Manually Distributing […]

The Micro, Small, and Medium Enterprises (MSMEs) are a critical component of India’s industrial ecosystem, contributing significantly to economic development, job creation, and exports. The Government of India recognizes their role in fostering growth and introduced the MSMED Act of 2006, which formalized their classification and provided a framework for […]

Information About Deduction Claimed Against Capital Gains of Deduction under 54F during ITR filing Section 54F of the Income Tax Act, 1961 Section 54F provides tax exemption on long-term capital gains (LTCG) arising from the transfer of any long-term capital asset (other than a residential house property) if the gains […]

Section 54EC of the Income Tax Act, 1961 Section 54EC provides tax exemption on long-term capital gains (LTCG) arising from the transfer of any long-term capital asset if the gains are reinvested in certain specified bonds. Here are the key details about Section 54EC: Eligibility: Conditions: Amount of Exemption: How […]

Section 54B of the Income Tax Act, 1961 Section 54B provides tax exemption on capital gains arising from the transfer of agricultural land, provided the gains are reinvested in purchasing new agricultural land. Here are the key details about Section 54B: Eligibility: Conditions: Amount of Exemption: Capital Gains Account Scheme: […]

Information About Deduction Claimed Against Capital Gains of Deduction under 54 during ITR filing Section 54 of the Income Tax Act, 1961 Section 54 provides tax exemption on long-term capital gains (LTCG) from the sale of a residential property if the gains are reinvested in purchasing or constructing another residential […]

Why is Surcharge Added? Surcharge is an additional charge on the tax payable by individuals with high income. The surcharge rates vary based on the level of income. For the financial year 2023-24, the surcharge rates are: In your case, since your tax payable is ₹60,45,058, it falls in the […]

Are you eligible to claim exemption in respect of transport allowance to commute between the place of his residence and the place of his duty [ Refer Section 10(14)(ii) read with Rule 2BB(2)(11) ] Section 10(14)(ii) This section of the Income Tax Act provides exemptions for specific allowances granted to […]

Are you eligible to claim exemption in respect of expenditure incurred on cost of travel on tour or transfer or helper etcAre you eligible to claim exemption[ ReferSection 10(14)(i)read withRule 2BB(1)(a) to (c)] What is This? This question relates to claiming tax exemptions for certain expenses. Applicability It is applicable […]

ITR1 (Sahaj) Applicability: Resident individuals with total income up to ₹50 lakh ITR2 Applicability: Individuals and HUFs not having income from business/profession ITR3 Applicability: Individuals and HUFs having income from business/profession ITR4 (Sugam) Applicability: Resident individuals, HUFs, and Firms (other than LLP) opting for presumptive taxation Key Points to Note: […]