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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...

  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 ca...

  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 rec...

  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 ca...

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. ...

  The Benefit of Filing Income Tax Return. Income Tax Return (ITR) filing due date for Assessment Year 2022-2023 is July 31st, 2022. As per the Income Tax rules, any individual having an annual income above Rs 2.5 lakh should file ITR. Income up to Rs 5 lakh is tax-free. Experts advise that even if you have no tax liability, you should file ITR on time for enjoying several benefits . 1.  Save Interest Not filing ITR on time may lead to an interest in the tax payable. However, as per the provisions under Sections 234A and 234B, you can save interest applicable on the payable tax by filing ITR on time. There is no relief on penalty for late filing of ITR. Taxpayers are required to pay interest for delays in the ITR filing. As per the Income Tax rule, if a taxpayer has not paid advance tax or paid less than 90% of his/her liability then he/she would have to pay interest under Section 234B at the rate of 1% per month or part of the month till the date of payment of tax. ...

  21 Ways to Save Tax From Salary: You must pay special attention to the financial items that can reduce your tax liability if you want to save a sizable portion of your income in India. Sections 80C, 80CCC, and 80CCD in India allow professionals who are salaried to reduce their tax obligations. It’s highly likely that you have not planned your taxes adequately if you feel like you have been paying a significant portion of your income in taxes. There are many legitimate strategies to reduce your tax liability. The Income Tax Act of India enables citizens to reduce their tax obligations through deductions. When filing their tax returns, people can claim the deductions. For Assesses, submitting an Income Tax Return (ITR) is a difficult process. Long documentation procedures, keeping track of numerous documents, and matching requirements compel people to make mistakes frequently. How to Save Tax From Salary:  Here are some suggestions to help you cut your tax bil...

Your Comprehensive ITR Filing Checklist: Top 10 Documents for Tax Filing Success It’s that time of the year again – tax season is upon us! As you gear up to file your Income Tax Return (ITR), having a well-organized checklist of essential documents is key to a smooth and stress-free filing process. Let’s delve into the top 10 documents and best practices that make up your ITR filing essentials. 1. PAN Card: The cornerstone of your tax identity, ensure your Permanent Account Number (PAN) card is readily available. It’s a must-have for all tax-related transactions. 2. Form 16 – Your Salaried Lifeline: For employed individuals, Form 16 is your go-to document. Issued by your employer, it provides a detailed summary of your salary, deductions, and TDS (Tax Deducted at Source). 3. Bank Statements: Compile comprehensive statements from all your bank accounts. These statements serve as a financial trail, validating your income and expenditure. 4. Investment Proofs: Gather do...