I was paid â‚ą10 lakh as a joining bonus, which I was required to refund if I left the employment within three years. The same was included in my form No. 16, and tax was deducted at source on this joining bonus amount. I decided to quit my employment before completing three years, and therefore…
But, some experts warn it may not be a blanket benefit available to all businesses and professionals eligible for presumptive taxation schemes.  How does presumptive taxation work? Presumptive taxation for businesses and professionals is covered under Section 44AD and Section 44ADA, respectively. Under Section 44AD, small businesses with a turnover of up to â‚ą2 crore, whose…
Money rule changes from April 1 2025: March 2025 is coming to an end, ushering the beginning of a new financial year from April 1. The financial year 2025-26 will start from April 1, affecting citizens and taxpayers across India. New income tax rule changes, credit card rule change, UPI rule change and a host…
Though the announcement was widely welcomed, it failed to address a critical question – does income from capital gains affect a person’s eligibility for the rebate? In other words, if a person with a â‚ą12 lakh salary earns an additional â‚ą1 lakh from capital gains, will they lose the rebate or will they only have…
Is long-term capital gain from the sale of jewellery taxable for an individual whose income is lower than the basic exemption limit? If yes, what is the rate of tax on such capital gains? Answer: Jewellery is treated as a capital asset, and any profit made from the sale of a capital asset is taxed…
Starting October 1, 2024, significant changes will be implemented in the taxation of share buybacks, shifting the tax burden from companies to shareholders. Companies are taxed at 23.296 per cent on buyback transactions, covering surcharges and cess, while shareholders face no tax on the buyback proceeds. Under the new rules, buyback proceeds will be treated…
