Posts

Filing ITR with No Income is Smart

Image
  Why Filing ITR with No Income is Smart?   Every year, more than 5 crore people file income tax returns that have no tax liability. So why are people who don’t need to file ITR spending time filing income tax returns when they can relax on their sofa and watch Netflix?  If you are a salaried individual with no tax liability, you don’t need to file an ITR, but if that’s the case, why are 15-20% of all ITRs are Nil ITRs? Whenever we talk about filing income tax returns, the first vision that comes to everyone’s mind is a lot of documents, complex calculations and a lot of confusion; that’s why the general public gets a bit baffled when it comes to ITR filing. Who needs to file ITR in India? Should I file ITR even if I have no income? The first question that comes to everyone’s mind is who should file an ITR. Don’t worry. Here’s a breakdown of who needs to file ITR: Mandatory Filing:  The Government has set Mandatory income tax filing for individuals that exceed the basic exemption limit
Post a Comment
Read more

First-Time ITR Filer in 2023-24?

Image
  First-Time ITR Filer in 2023-24? Essential ITR Filing Tips for New Taxpayers: There will be more than 53 lakh first-time ITR filers in the financial year 2023-24, which is excellent news, and chances are that you are also one of them. Filing ITR feels like an achievement as it shows that you’ve entered a new life phase and can contribute to nation-building. From the outside, we all are proud and excited, but we all can agree that we are equally nervous and confused in our minds. The financial terminologies scare the majority of us, and filing online ITR feels like climbing a mountain. No need to worry; here are some essential tips that will help newbies file ITR like a pro. Filing ITR is way easier and simpler if you follow these tips: 1. Get the basics right It is a human tendency that we feel we know a lot, but in reality, we know way less than we think. Forget taxes, most people don’t even know how zip’s work. So, if you want a stress-free ITR filing experience, start with the bas
Post a Comment
Read more

CALCULATION OF TURNOVER FOR STOCK MKT. TRADER /INVESTOR.

Image
  CONTACT FOR EXPERT ADVICE ON TAXATION MATTERS. http://www.karsaathi.in/ Contact: 7838639095 (WhatsApps No.) CALCULATION OF TURNOVER FOR STOCK MKT. TRADER /INVESTOR. Any person having income from trading in shares and securities should report it as income from business and profession. To determine the applicability of Tax Audit as per the Income Tax Act, we should calculate Trading Turnover for such income. Equity Intraday Trading: For all speculative transactions, the aggregate or absolute sum of both positive and negative differences from trades is considered a turnover. On 5/12/2021 you buy 100 shares of TATA MOTOR at Rs. 500 and sell them on the same day at Rs. 490. Loss = (490-500)*100 = Rs. -1000 On 15/01/2022 you buy 20 shares of RBL Bank at Rs. 600 and sell them on the same day at Rs. 620. Profit = (620-600)*20 = Rs. 400 Trading Turnover = Absolute Profit Trading Turnover (1000+400 ) = Rs. 1400. NOTE: IN THIS CASE INCOME FROM THE SALE OF SHARES IS TAXABLE AS BUSINESS SPECULATI
Post a Comment
Read more

15 Benefits of Investing in the United States

Image
  15 Benefits of Investing in the United States:   1. Large and diverse economy: The United States has the largest economy in the world, with a GDP of over $20 trillion. It is also one of the most diverse economies, with industries ranging from technology and finance to agriculture and manufacturing. This diversity provides investors with a wide range of opportunities across different sectors and industries. Additionally, the US economy is known for its resilience and ability to recover quickly from economic downturns, providing a level of stability for investors. 2. Strong currency: The US dollar is considered a strong currency and is widely used as a reserve currency around the world. This means that it is widely accepted and in demand, providing investors with a level of security when conducting transactions. Additionally, the US dollar is relatively stable in comparison to other currencies, which can help to mitigate the risks associated with currency fluctuations. This can be part
Post a Comment
Read more

Why digital trust is so important in 2023?

Image
  Why digital trust is so important? Digital trust is important for a number of reasons: Security: Digital trust ensures the security of transactions and data by using advanced cryptographic algorithms to secure the information stored on the blockchain. This makes it virtually impossible to alter or tamper with the information, which reduces the risk of fraud and hacking. Transparency: Digital trust ensures transparency in transactions by providing a decentralized and open-source system for recording and verifying transactions. This allows all parties involved in the transaction to access and verify the information, which increases transparency and reduces the risk of fraud or manipulation. Decentralization: Digital trust ensures decentralization by eliminating the need for a central point of control. This reduces the risk of single point of failure and makes the system more resilient to attacks. Efficiency: Digital trust can increase efficiency by automating the process of recordi
Post a Comment
Read more

15 Benefits of Investing in the United States-2023

Image
  15 Benefits of Investing in the United States:   1. Large and diverse economy: The United States has the largest economy in the world, with a GDP of over $20 trillion. It is also one of the most diverse economies, with industries ranging from technology and finance to agriculture and manufacturing. This diversity provides investors with a wide range of opportunities across different sectors and industries. Additionally, the US economy is known for its resilience and ability to recover quickly from economic downturns, providing a level of stability for investors. 2. Strong currency: The US dollar is considered a strong currency and is widely used as a reserve currency around the world. This means that it is widely accepted and in demand, providing investors with a level of security when conducting transactions. Additionally, the US dollar is relatively stable in comparison to other currencies, which can help to mitigate the risks associated with currency fluctuations. This can be part
Post a Comment
Read more

T.D.S ON SALE OF IMMOVABLE PROPERTY 2022

Image
Section - 194IA, Income-tax Act, 1961-2022 Payment on transfer of certain immovable property other than agricultural land. 1.   194-IA.  (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier,  deduct an amount equal to one   percent  of such sum   [or the stamp duty value of such property, whichever is higher , ]  as income-tax thereon. (2) No deduction under sub-section (1) shall be made where the consideration for the transfer of an   [ immovable property and the stamp duty value of such property, are both, ]   less than fifty   lakh rupees.  (3) The provisions of section 203A shall not apply to a person
Post a Comment
Read more