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 – 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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Step-by-step guide to enter MF and share capital gains in ITR2 (or ITR3)

This step-by-step guide discusses entering capital gains from mutual funds or shares in ITR2 or ITR3 for AY 2023-2024 (FY 2022-2023). Salaried taxpayers must use ITR2 if they have any capital gains to declare. Businessmen and professionals must ITR3 for the same purpose. The capital gains schedule and filing procedures are identical in ITR2 and…

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Who is eligible to pay tax only on 50% of income? Section 44ADA: presumptive taxation

The income tax department allows certain “professionals” to pay tax only on 50% of their total income on a presumptive basis under section 44ADA of the IT act (t&c apply)*. However, there is plenty of confusion on who is eligible to file returns under ADA and who is not. A discussion. Disclaimer: No part of this…

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