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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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GST Show Cause Notice (SCN)

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 GST Show Cause Notice (SCN) A GST Show Cause Notice (SCN) is issued when the tax authorities suspect a violation of GST laws. It asks the taxpayer to explain why action should not be taken against them. This is a critical stage in the GST litigation process, as an inadequate response can lead to further legal consequences. The SCN in GST typically outlines the alleged violation, the tax amount involved, and the potential penalties. The taxpayer is required to respond within the stipulated time frame, providing supporting documents and explanations to counter the allegations. Failure to respond can result in the authorities passing an ex-parte order, which might not be favorable to the taxpayer. READ MORE
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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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