Go AD-Free with CAclubindia Pro and Daily Mobile Updates. Subscribe Now!

INPUT GST ITC

NARENDRA (ACCOUNTS MANAGER) (2181 Points)

28 January 2025

If any Company trading in equity means buying & selling shares , can the company get the itc of it ??

Reply
Follow
Share

2 Replies

Rama chary Rachakonda (Master in Accounts & high court Advocate) (8598 Points)
Replied 28 January 2025

To address the senior citizen's situation, let's break down the key suggestions: Assessment of Total Income -

*Re-calculate total income*: Ensure only taxable income is included, excluding exempt income like interest from tax-free bonds or dividends from domestic companies. -

*Verify tax deductions*: Confirm all eligible tax deductions are claimed, such as Section 80C (PF contributions, life insurance premiums), Section 80D (health insurance premiums), and Section 80TTB (senior citizen's interest income).

Advance Tax Payment - *Re-compute advance tax liability*: Based on the revised total income calculation, re-compute the advance tax liability, considering the senior citizen's tax slab and applicable tax rates.

- *Adjust advance tax payments*: If the re-computed advance tax liability is lower, adjust the advance tax payments to avoid overpayment. Exemptions and Deductions -

*Claim senior citizen exemptions*:

Ensure the senior citizen claims exemptions like Section 80TTB (exemption on interest income from deposits) and Section 197A (exemption from TDS on interest income from deposits). - *Optimize tax deductions*: Help the senior citizen optimize tax deductions by investing in tax-saving instruments like Section 80C (PF, life insurance premiums, ELSS mutual funds) and Section 80D (health insurance premiums).

Compliance and Review - *Verify tax compliance*: Ensure all tax-related documents, such as Form 26AS, are accurate and up-to-date. - *Review tax strategy*: Periodically review the senior citizen's tax strategy to ensure it remains optimized and aligned with their financial goals. By following these steps, you can help the senior citizen optimize their tax situation, minimize advance tax payments, and ensure compliance with tax regulations.

sabyasachi mukherjee (27849 Points)
Replied 29 January 2025

Compute and revert.

Please enable the querry more elaborate.

CCI Pro

Recent Topics

More recent discussions | Post

Related Threads

Popular Discussion

Start a New Discussion

CCI Pro

Meet our PRO Members

Srikanthan S

PRO MEMBER

Naga Upendra

PRO MEMBER

Vijaya Kumar

PRO MEMBER

Partha Pratim Sen

PRO MEMBER

Albert Kurian

PRO MEMBER

Subscribe to CAclubIndia Pro

Trending Online Classes

GST Demands and Recoveries: Navigating Through the Tides

CA Nipun Arora

Enroll Now

17 July 2025
Fake ITC & Penalties under GST Act - Patanjali Ayurveda Case

CA Shruti Singhal

Enroll Now

25 July 2025
Certification Course on GSTR-3B Reconciliation with GSTR-2B through AI Tools

CA Deepak Gupta

Enroll Now

15 July 2025

view all classess

Follow us

Subscribe to the latest topics :

Search Forum:

Forum Home

Popular Threads

Recent Posts

Unreplied Threads

Settings