Should Professionals or Business Owners File Form-10IEA for continuing in Old Tax Regime?

In this article, Manmohan Sethumadhavan, answers the question, “Should Professionals or Business Owners File Form-10IEA for continuing in Old Tax Regime for AY 2024-2025 (FY 2023-2024)” and considers several other scenarios. Note that this is only for people with business/ professional income, since others can choose any regime any year without any limits. About the…

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Should I use the new tax regime or the old tax regime for FY 2023-2024 (AY 2024-2025)?

If you are wondering whether you should choose the new or old tax regime for FY 2023-2024 (AY 2024-2025), this free calculator will help you decide. The tax slabs were unchanged in the interim budget presented on 1st Feb 2024. Announcement: ¬†Let’s Get Rich With Pattu! has been selected as one of the Top 15…

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My property sale capital gains tax is 50% lower thanks to indexation benefits

This is an example of how indexation benefits help reduce long term capital gains on property sales. The sold property should be over two years old for applying for indexation benefits. There are several exemptions like sections 54 (reinvest in a new property), 54ec (buy specific bonds) and 54B (sell agricultural land in non-rural areas…

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How REITs and InvITs will be taxed from 1st April 2023

In this article, we shall discuss how REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) will be taxed from 1st April 2023 (FY 2023-2024 or AY 2024-2025). REITs and InvITs invest in commercial real estate properties and infrastructure assets via special purpose vehicles (SPV) through equity or debt instruments. This allows investors to…

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Eight Unusual Ways to Save Tax in India ‚Äď with Examples

Everyone desires to save tax, and Indian investors are particularly motivated by tax savings. Salaried individuals can reduce their tax liability by utilizing Section 80C, Section 80D, and Section 24 (for tax savings on home loan interest). Investing 50,000 annually in the NPS (National Pension Scheme) can also provide further tax benefits. These are the…

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How to upload Equity MF/Share LTCG transactions in ITR2/ITR3 (Schedule 112A)

If you are salaried and have capital gains to report, you must file ITR2. If you are a business person or a professional with capital gains, you must file ITR3. This article discusses uploading Equity MF/Share LTCG transactions in ITR2/ITR3 (Schedule 112A). If you have equity or equity MF transactions purchased after 31st Jan 2018,…

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