Migration of Form MGT-7 / MGT-7A to MCA V3 Portal – Required Action for Annual Return Filing In Pursuant to the provisions of the Companies Act, 2013, the Ministry of Corporate Affairs has migrated the Annual Return filing Forms MGT-7 and MGT-7A to the MCA V3 portal with immediate effect. Ministry of Corporate Affairs (MCA), …
Capital Gains Taxation – Key Concepts Applicability: Capital Gains Tax applies on the transfer of a capital asset. Types of Capital Assets: Long-Term Capital Asset (LTCA) & Short-Term Capital Asset (STCA) Holding Period to Determine LTCG or STCG Category Type of Capital Asset Before 23/07/2024 On/After 23/07/2024 A i) Listed securities, units of UTI, equity …
The default regime is the new regime for ITR filing. Default Regime for ITR Filing: The new tax regime is the default for all taxpayers (as per the Finance Act, 2023). Form 10IEA Filing Requirements (AY 2024–25 onwards) ITR Form Requirement to file Form 10IEA Switching Between Regimes Notes ITR-1 Not required Allowed every year …
Important tax rules for F&O (Futures & Options) and Intraday Trading Why Must Gains or Losses from F&O Be Reported in ITR? Mandatory Compliance: Income tax authorities have full access to trading data through exchanges. Non-disclosure may trigger notices and penalties. Tax Optimization: Reporting losses allows you to set them off against other incomes and …
Eligible & Ineligible expenses while calculating Capital Gain Overview of eligible and ineligible expenses while calculating Capital Gains on property sales and highlights specific rules for NRIs and under different tax regimes. Eligible Expenses (Allowed for Capital Gains Calculation) These can be added to the cost of acquisition/improvement: Brokerage/Commission Structural Renovation (if part of a …
Tax Regime Specific to Mutual Fund Investors in India applicable for the FY 2024-25 Equity-Oriented Mutual Funds (EOFs) (Excluding Equity Oriented Fund of Funds) Condition: STT must be paid on purchase and sale. Investor Type STCG (≤ 12 months) LTCG (>12 months) Dividend Taxation TDS on Cap Gains TDS on Dividend Resident Individual / HUF …
ICAI officially restricts the tax audit limit to 60 Tax Audits per partner w.e.f 01.04.2026 ICAI has formally announced that starting from April 1, 2026 (i.e. FY 2026–27), each chartered accountant—whether practicing individually or serving as a partner in a CA firm—will be limited to signing a maximum of 60 Income tax audit assignments u/s …
How income from house property is taxed in India under the Income Tax Act. Income from House Property – Section 22 to 27 (Overview) Basic Conditions to Qualify as Income from House Property: Income is taxable under “Income from House Property” if you are the owner (legal or deemed) of the property. The property includes …
Complete guide on how to make early PPF withdrawals before the 15-year maturity period PPF Withdrawal Rules: Early, Partial, and Premature Partial Withdrawal (After 6 Years) When allowed: From the 7th financial year onwards. Limit: Up to 50% of the balance at the end of the 4th year preceding the withdrawal year, or 50% of the …
Update in ITR Utility—New Codes Introduced for “Nature of Business/Profession” The Income Tax Department has updated the Income Tax Return (ITR) utility with new codes under the “Nature of Business/Profession” section to align with evolving sectors and taxpayer activities. These changes are applicable for Assessment Year 2025–26. The Tax Dept has updated the ITR-3 utility with …