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Deductions Interest Payments U/S 24 2022

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  Deductions from income from house property U/S 24 Income chargeable under the head “Income from house property” shall be computed after making the following deductions, namely: a sum equal to thirty percent of the annual value 79(b) where the property has been acquired, constructed, repaired, renewed, or reconstructed with borrowed capital, the amount of any interest payable on such capital: Provided that in respect of property referred to in sub-section (2) of section 23, the amount of deduction 80[or, as the case may be, the aggregate of the amount of deduction] shall not exceed thirty thousand rupees : Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April 1999 and such acquisition or construction is completed within five years from the end of the financial year in which capital was borrowed, the amount of deduction 81[or, as the case may be, the aggreg...
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Cryptocurrency Taxation -India-Analysis 2022

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  Cryptocurrency Taxation  CONTACT FOR EXPERT ADVICE ON TAXATION MATTERS. http://www.karsaathi.in/ Contact: 7838639095 (WhatsApps No.) INCOME TAX APPLICABLE ON CRYPTOCURRENCY FROM 01/04/2022 From April 1, 2022, all Digital Assets investors will have to pay a flat  30  percent tax on one's income on digital assets. In addition, 1 percent T.D.S. will be deducted by the buyer of digital assets. 1 percent T.D.S. will have to be deducted from the purchase price of the transaction. However, this T.D.S. rule will come into force from July 1, 2022. Apart from this,  digital assets have been included by changing the definition of property from April 1,  2022. Any gift, including digital assets received from non-relatives, will be treated as income if the total value of all gifts exceeds ₹50,000 in the same financial year. Profits on the sale of cryptocurrencies will be taxed at the rate of 30 percent tax. The only deduction from the sale idea could be the ...
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CALCULATION OF TURNOVER FOR STOCK MKT. TRADER /INVESTOR.

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  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 BUSI...
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