Detailed Guide to Accessing TRACES for Deductors and Taxpayers
The Tax Deducted at Source (TDS) Reconciliation Analysis and Correction Enabling System (TRACES) is an online platform developed by the Income Tax Department. It facilitates various stakeholders, including deductors and taxpayers, in managing TDS-related activities efficiently. This guide provides insights into the login process, troubleshooting common issues, and accessing essential features on the TRACES portal. [...]
Comprehensive Guide to GST in India
The introduction of the Goods and Services Tax (GST) marked a transformative shift in India’s taxation framework. Initially conceptualized in 2000 under the leadership of Prime Minister Atal Bihari Vajpayee, a dedicated committee was formed to evaluate its feasibility. The formal proposal was introduced in Parliament in 2006, with an initial implementation target of April [...]
Understanding Tax Provisions for Capital Gains on Agricultural Land Sales
Selling agricultural land can result in significant capital gains, leading to tax implications under the Income Tax Act. However, provisions exist to reduce or exempt these taxes in specific scenarios. Here's a comprehensive guide to help you navigate the tax implications and exemptions available on such transactions. Recent Budget 2024 Updates Effective FY 2024-25, the [...]
Income Tax on EPF Withdrawal
Key Budget Update: In cases where PAN is unavailable, the TDS rate on the taxable portion of EPF withdrawals has been lowered from 30% to 20% as per the 2023 budget. The Employees' Provident Fund (EPF) is a retirement savings initiative tailored for salaried individuals. Employers and employees both contribute 12% of the employee’s basic [...]
Managing Your EPF Account as an NRI
Moving abroad for better career opportunities and a higher standard of living is a choice many professionals make. This significant step often brings financial matters into focus, including the status of your Employee Provident Fund (EPF) account as a Non-Resident Indian (NRI). This article outlines the key aspects of NRI PF withdrawal, covering withdrawal processes, [...]
Comprehensive Guide to TAN: Understanding Its Role, Who Needs It, and How to Apply
Tax Deduction and Collection Account Number (TAN) is a vital identification number issued by the Income Tax Department (ITD) for individuals and entities responsible for deducting or collecting taxes at source. This ten-digit alphanumeric code plays an essential role in ensuring a smooth and traceable taxation process. Below, we cover the key aspects of TAN, [...]
Section 54F: Utilizing Capital Gains for New Residential Property Investments
Budget 2024 Updates: Capital Gains Taxation Amendments Changes in the Finance Bill 2024 The Finance Bill 2024 reintroduced the option for taxpayers to claim indexation benefits on immovable property sales. Taxpayers can now choose between: 12.5% tax rate without indexation 20% tax rate with indexation benefits This flexibility helps taxpayers reduce their liability by selecting [...]
Section 54EC – Capital Gain Bonds Under the Income Tax Act
Selling capital assets at a profit can led to substantial tax liabilities due to capital gains tax. However, the Income Tax Act provides various methods to reduce or avoid this tax burden. One such method is by investing in capital gain bonds specified under Section 54EC. This detailed guide explores Section 54EC and its relevance [...]
Section 54 of the Income Tax Act: Capital Gains Exemption
Investing in real estate remains a preferred option for individuals seeking stable returns with minimal risk. However, profits from property sales attract capital gains tax, which can significantly impact earnings. To provide relief, the Income Tax Act offers various exemptions, including Section 54. Section 54 enables individuals selling a residential property to reinvest the proceeds [...]
Returns under Goods and Services Tax (GST)
GST returns are formal documents that detail the income, sales, purchases, and taxes of a taxpayer registered under the Goods and Services Tax (GST) system. These returns are necessary for the authorities to compute the tax liabilities of a business and ensure compliance with the regulations of GST. This article explores the various types of [...]