Income Tax

Taxation of Virtual Digital Assets (Cryptocurrency)

What are Virtual Digital Assets? Any information, code, number or token (not being Indian currency or foreign currency) generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value …

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Tax Season Tactics: Leveraging Tax Loss Harvesting for Savings

As we approach the end of the financial year, investors review their investment positions in equity shares, mutual funds and strategically sell assets to optimize the tax situation before the year concludes by using Tax Loss Harvesting. What is Tax Loss Harvesting? Tax-loss harvesting is a strategy used to minimise tax liability by selling investments …

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Tax Implications of Selling Agricultural Land: Capital Gains Analysis

Classification of Agricultural Land: Under the Income Tax Act, agricultural land is classified as a capital asset. However, there’s a specific exemption available for agricultural land situated in rural areas in India. Any gains/loss arising from the transfer of agricultural land in rural areas are not subject to capital gains tax. Rural Agricultural Land: Located …

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Adapting to Change: Rethinking Tax-Saving Investments in the Era of New Tax Regime

Adapting to Change: Rethinking Tax-Saving Investments in the Era of New Tax Regime

In the wake of the new tax regime introduced by Finance Minister Nirmala Sitharaman, individuals face a crucial question: Should they continue investing in tax-saving instruments? While the new regime offers lower tax rates, it necessitates foregoing several deductions and rebates available under the old regime.   Opting for either the old or new tax …

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Tax Relief for Senior citizens: Simplifying Income Tax Benefits on Interest Income

Section 80TTB of the Income Tax Act, 1961, provides a deduction for senior citizens on the interest income earned from specified sources. This section was introduced by the Finance Act, 2018, and it became effective from the financial year 2018-19 onwards. Here are the key features of Section 80TTB: Section 80TTB is applicable to resident …

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Tax Savings Investment Options

Tax-saving investments to lower the income tax liability needs to be completed on or before end of each financial year. Some popular tax saving options are listed below: Life Insurance Policies Unit Linked Insurance Plan (ULIP) ELSS Mutual Funds Public Provident Fund (PPF) Sukanya Samridhi Yojana (SSY) National Savings Certificate Tax-Saving Fixed Deposits School Tuition …

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