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4 days ago · If the trader sells the shares on the same day, the intraday STT rate of 0.025% will apply. As a result, STT = 0.025*30*500 = Rs.375. Similarly, the appropriate STT for futures and options is 0.01%. If a trader buys 5 lots of Nifty futures at Rs.5,000 and sells them at Rs.5,010, the STT is calculated as follows:
5 days ago · Tax on Dividend Income: Know dividend income tax rate, exemption, limit, calculation example and double taxation. As per Finance Act, 2020 from April 1, 2020 dividends are taxable in the hands of recipient investors/shareholders. Also, for dividend income paid in excess of Rs 5,000 from a company or mutual fund 10% TDS will be applicable.
5 days ago · The FM has proposed to reduce the highest surcharge rate on income above 5 crores from 37% to 25%, which will reduce the Maximum Marginal rate of Tax from 42.74% to 39% of income. This will be applicable only under the new tax regime from 1st April 2023. A tax rebate is introduced on income upto 7 lakhs in the new tax regime.
3 days ago · Union Budget 2024 Highlights: PDF Download, Key Takeaways, Important Points. Get Union Budget 2024 Highlights, Summary and Latest News Updates on Budget Allocation, new tax regime, old tax regime, Income Tax Slab Changes, Section 80C, 80D, Standard Deduction, GDP Growth, Surcharge Rate and Much More.
5 days ago · From 1st April 2023 the capital gains tax exemption under Section 54 and 54F will be restricted to Rs.10 crore. Earlier, there was no threshold. The above conditions are cumulative. Hence, even if one condition is not fulfilled, then the seller cannot avail the benefit of the exemption under Section 54.
4 days ago · An NRE account is tax-free (no income tax, wealth tax, or gift tax) in India. On the other hand, the interest earned in NRO accounts and credit balances is subject to respective income tax bracket. They are also subject to applicable wealth and gift tax. You can avail the reduced tax benefit under the Double Taxation Avoidance Agreement (DTAA).
5 days ago · Services provided by coaches for sports activities are notified as professional services under section 194J. The remuneration is more than Rs 30,000 per annum. Therefore, the Badminton Club is liable to deduct TDS under section 194J from the remuneration payable to the Coach, Mr Pravin.
