Taxability of Profit on Sale of Shares / Securities
Selling shares for a profit is akin to a mini jackpot in the stock market. Capital gains tax is due on profits, affecting the net gain. Profits from shares held over a year may be taxed at a lower long-term capital gains rate, offering a “patience pays off” discount. Profits from shares sold within a […]
Direct Taxes Proposals – Budget 2023
DIRECT TAX PROPOSALS – BUDGET 2023 1. New Cooperatives – 15% Tax Rate. 2. Higher limit of cash deposit & TDS (3 lakhs) limit for Primary Cooperatives etc. 3. Start Ups benefits extended by 1 year to 1.4.2023. 4. No Capital Gain on gold conversion to bonds. 5. TDS on EPF Reduced. 6. Relief 87A […]
All You Need To Know About Startups In India
On January 16, 2017, Prime Minister Narendra Modi launched the ‘Startup India Initiative’. The initiative was launched to support entrepreneurs in India as new startups were blooming in almost all business sectors. The initiative gave budding entrepreneurs fresh hope since they perceived it as government support for their start-up companies. The government released a notification […]
Income & MSME Updates – Finance Bill 2022
INCOME — The government will tax income from digital asset transfers at 30% — No deduction allowed while computing income except the cost of acquisition — Loss cannot be set off from any other income — Gift of cryptocurrencies to be taxed at receiver’s end — A new provision to allow taxpayers to file an […]
Quick GST Changes Update – Finance Bill 2022
1. Time Limits u/s 16(4), Section 34 & Section 37, Section 52 has been extended by two months. Impact: ITC can be claimed by November of next financial year instead of September of next financial year. 2. Section 42, 43 & 43A of the CGST Act are omitted to do away with two-way communication in […]
Budget 2022 – Quick Summary
DEFICIT/EXPENDITURE 1. Proposes fiscal deficit of 4.5% of GDP by 2025/26 2. Projects fiscal deficit of 6.4% of GDP in 2022/23 3. Revised fiscal deficit for 2021/22 at 6.9% of GDP 4. Total expenditure in 2022/23 seen at 39.45 trillion rupees 5. States will be allowed a 4% fiscal deficit to GDP in FY23 6. […]