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Jun 21, 2024 · Failure to Maintain Books of Accounts and Other Documents. If a taxpayer fails to keep, maintain, or retain books of accounts as required by the Act, the penalty leviable is ₹25,000. In case the taxpayer is a person who has entered into an international transaction, the penalty will be 2% of the value of such international transactions.
2 days ago · Short-term Capital Gain/Loss. Short-term capital gains are taxed as per the income tax slab rates applicable to the individual. For instance, if the short-term capital gain is Rs 6 lakh and the person falls in the 30% tax bracket, then he/she has to pay 31.20% on Rs 6 lakh, i.e. Rs 1,87,200. Gain/loss from the sale of the property is calculated ...
Jun 21, 2024 · Section 80G of the Indian Income Tax Act provides provisions for the same. As per 80G, you can deduct your donations to Central and State Relief Funds, NGOs and other charitable institutions to arrive at your taxable income. In this article, we will tell you how and when to claim deductions on donations made to Charitable Trusts and NGOs and ...
2 days ago · FMV is determined as per the highest bid you receive from a buyer. As per the Indian Accounting Standard, the Fair Market Value of a property refers to the price a seller earns by selling it. However, the market value of a property depends on certain conditions. First, buyers and sellers must be aware of the property on sale and proceed in ...
3 days ago · Professional tax is a kind of tax levied by the state government on salaried or self-employed individuals. As per Clause 2 of Article 276 of the Indian Constitution, it is applicable to all kinds of professions, employment, and traders in the particular state. Only 17 states impose a professional tax in India, and Karnataka is one of them.
Jun 11, 2024 · TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax. But the government with the help of Tax Deducted at Source ...
Jun 20, 2024 · Under Section 80C of the Income Tax Act, 1961, employees can claim tax benefits of up to Rs.1.5 lakh on VPF contributions. The interest on VPF is also exempt from tax subject to the threshold limit of Rs 2,50,000 in contribution. The maturity proceeds of VPF are tax-exempt when withdrawn after five years of opening the VPF account.
