Managing personal finances can sometimes feel overwhelming, but knowing your net worth is a critical first step toward gaining control over your financial future. Your net worth is essentially a snapshot of your financial health at a given point in time. It’s the difference between what you own (assets) and what you owe (liabilities). Many […]
The Importance of Net Worth Computation: Are You Financially Aware? Read Post »
A PAN (Permanent Account Number) card contains a unique identification number assigned to every tax-paying citizen of India. Since taxpayers must have a PAN card, there is a misconception that only persons above 18 years can apply for it. However, the Income Tax (IT) department has not mentioned any age limit to apply for a
Minor PAN Card – Process to Apply PAN Card for a Child Read Post »
You can pay the Self Assessment Income-Tax online using the following steps: Step 1: Visit the Income Tax e-filing portal and log in to your account. Step 2: Click on the “e-File” tab and select “e-Pay Tax” option. Step 3: Now, click on the new payment button. Step 4: Select ‘Income Tax’ from the list of options
How to pay the Self Assessment Income-Tax online Read Post »
Treatment of Dividend in India as per Income-tax In terms of the provisions of the Income-tax Act, 1961, (“the Act”), dividend paid or distributed by a Company on or after April 1, 2020 is taxable in the hands of the shareholders. The Company shall therefore be required to deduct tax at source at the time
Treatment of Dividend in India as per Income-tax Read Post »
Certainly! When it comes to NRIs (Non-Resident Indians) investing in the Indian stock market, there are specific tax implications to consider. Let’s break it down: NRE (Non-Residential External) Account and NRO (Non-Residential Ordinary) Account: NRIs can invest in India through either an NRE or NRO account. The NRE account is an external account, which means funds are fully
What are the tax implications for NRIs investing in Indian stock markets? Read Post »
Certainly! Let’s explore a real-world case study where a business reaped significant benefits from hiring a digital accountant: Case Study: DNA Accountants Embracing Digitalization Firm Name: DNA Accountants Director: Gillian French Background and Challenges: Context: The pandemic-induced uncertainty and England’s lockdown prompted the need for agile financial management. Client Queries: Clients sought answers on cash flow
Case Study: Hiring a digital accountant benefits business Read Post »
Overview Tax-loss harvesting is a strategy that uses the capital losses from one investment to offset taxes owed on capital gains (profit) from another investment. It is permitted under the Indian Income-tax Act. It is used to reduce tax liability on investments. When To Apply this Strategy When you have SOLD a capital asset in loss and holding other
Tax-loss harvesting Strategy Read Post »
For years, F&O traders have been subject to tax audit only because their turnover crossed Rs 10 Crore. But recently the formula for calculating Trading Turnover was updated. Traditionally, the option premium was considered as part of the turnover, often leading to inflated figures that made tax audit mandatory for traders. But now, only positive
F&O Taxation – Points to be noted by F&O trader about Income-tax return filing Read Post »
