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Section 54F of the IT Act provides capital gains exemption, excluding residential house sales, subject to conditions: invest net sales in new residential property within specified timelines, not owning more than one residential house.
As we all know nowadays Stock trading & investments are increasing rapidly & it is important to know about the taxability of these transactions.
As we all are aware Hotel Industry is one of the dominating Industries in India Having Market size(2024) of 247.31 Billion USD & which will be around 475.37 Billion USD by 2029 with CAGR of 13.96%. Pre-GST Hotel industry need to pay municipal taxes (VAT, luxury tax, and service tax) under the previous VAT regime.
The Ministry of Finance recently issued a clarification regarding media reports suggesting a special drive by the Central Board of Direct Taxes (CBDT) to reopen cases linked to House Rent Allowance (HRA) claims. These reports, according to the Ministry, are not grounded in reality, and there is no substantial evidence to support claims of a large-scale reopening of cases.
We all know due date has arrived for deposition of Tax deducted at source for the month of March i.e. 30th April 2024. It is important to understand the consequences for deduction of TDS of deductee whose Pan Aadhaar is not linked.
Let’s talk about the utilities provided by Income tax department to simplify the return filling process.
Under GST regime for quick and easy Movement of goods across India without any hindrance, all the check posts across the country are abolished. However to track the movement of goods &controlling any Tax evasion E-way Bill system has been introduced.
Let’s highlight some of common mistakes that one should avoid while Filling Income tax returns.
Let's talk about some tips & tricks that I have personally applied & able to clear my exams.
LUT (Letter of Undertaking) issued during the Financial year 2023-24 expires on 31/03/2024.
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