TAX DESTINATION

A New Section 194R has been introduced through The Finance Act, 2022 which deals with the d eduction of tax at source on benefit or perquisite provided in respect of business or profession. So, Today let's discuss everything about this section- Section 28(iv) of the Income Tax Act, 1961 provides that the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession  shall be chargeable to tax under the head "Profits and gains of business or profession" in the hands of the recipient. There have been many instances where these recipients do not disclose the receipt of such benefits in their return of income and the tracking of such benefits will become very difficult for the Government. In order to keep a check on these transactions, Central Government has introduced this section. This section will have the effect from 1st July 2022. Thus, Tax at source is not deductible on  the benefit or perquisite which h

A New Section 194R has been introduced through The Finance Act, 2022 which deals with the d eduction of tax at source on benefit or perquisite provided in respect of business or profession. So, Today let's discuss everything about this section- Section 28(iv) of the Income Tax Act, 1961 provides that the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession  shall be chargeable to tax under the head "Profits and gains of business or profession" in the hands of the recipient. There have been many instances where these recipients do not disclose the receipt of such benefits in their return of income and the tracking of such benefits will become very difficult for the Government. In order to keep a check on these transactions, Central Government has introduced this section. This section will have the effect from 1st July 2022. Thus, Tax at source is not deductible on  the benefit or perquisite which h

In today’s blog, we are going to discuss various aspects relating to the taxation of income from trading in listed Shares, Futures & Options. All the information provided in the current discussion is relevant for Assessment Year 2022-23. Taxation of Income from Trading in shares listed in Recognized Stock Exchange: Trading in shares can be of two types-    • Intra-day Trading    • Delivery Trading  First of all, we need to understand the definition of Speculative Transaction – According to Section 43(5) of the Income Tax Act, 1961 – “Speculative transaction means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips” Intraday Trading in the cash market – Intraday trading means  buying and selling stocks on the same trading day . Intraday trading is also known as Day Trading. Share prices keep fluctuating throughout th

In today’s blog, we are going to discuss various aspects relating to the taxation of income from trading in listed Shares, Futures & Options. All the information provided in the current discussion is relevant for Assessment Year 2022-23. Taxation of Income from Trading in shares listed in Recognized Stock Exchange: Trading in shares can be of two types-    • Intra-day Trading    • Delivery Trading  First of all, we need to understand the definition of Speculative Transaction – According to Section 43(5) of the Income Tax Act, 1961 – “Speculative transaction means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips” Intraday Trading in the cash market – Intraday trading means  buying and selling stocks on the same trading day . Intraday trading is also known as Day Trading. Share prices keep fluctuating throughout th

FORM ITR-U (INDIAN INCOME TAX UPDATED RETURN) : Hello everyone, Welcome back to TAX DESTINATION Blog, we are here to bring to you one more important concept for this ITR Filing. During the Union Budget 2022, A new sub-section (8A) in section 139 is proposed to be introduced to provide for the furnishing of updated returns under the new provisions. The Finance Bill 2022 has been passed in the houses of parliament and CBDT has inserted a new Rule 12AC in the Income-tax Rules, 1962 w.e.f 1 st April 2022. Persons eligible to file Form ITR-U: Any person, whether or not he has furnished a return under- Section 139(1) – ITR filing until the due date Section 139(4) – Belated Return Section 139(5) – Revised Return for any assessment year may furnish an updated return of income under section 139(8A) within 24 months from the end of the relevant assessment year. According to Rule 12AC of Income-tax Rules, 1962 – The above eligible persons may furnish a return of income under section 139(8A) rela

FORM ITR-U (INDIAN INCOME TAX UPDATED RETURN) : Hello everyone, Welcome back to TAX DESTINATION Blog, we are here to bring to you one more important concept for this ITR Filing. During the Union Budget 2022, A new sub-section (8A) in section 139 is proposed to be introduced to provide for the furnishing of updated returns under the new provisions. The Finance Bill 2022 has been passed in the houses of parliament and CBDT has inserted a new Rule 12AC in the Income-tax Rules, 1962 w.e.f 1 st April 2022. Persons eligible to file Form ITR-U: Any person, whether or not he has furnished a return under- Section 139(1) – ITR filing until the due date Section 139(4) – Belated Return Section 139(5) – Revised Return for any assessment year may furnish an updated return of income under section 139(8A) within 24 months from the end of the relevant assessment year. According to Rule 12AC of Income-tax Rules, 1962 – The above eligible persons may furnish a return of income under section 139(8A) rela