Category: Income Tax

post-TDS & TCS on Foreign Remittance – 10% & 20% (with example)
TDS & TCS on Foreign Remittance – 10% & 20% (with example)

TCS of 20% is applicable on all foreign remittances made under the Liberalised Remittance Scheme after 1st Oct 2023. Earlier the rate of TCS was 5% but it has now been increased to 20% with effect from 1st Oct 2023....

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post-Capital Gain Tax Harvesting: Is it legal in India?
Capital Gain Tax Harvesting: Is it legal in India?

Capital Gains Tax Harvesting is strategy in which the Investor sells the Capital Asset to take the benefit of Tax Exemptions. By following this strategy, a person can easily save upto Rs. 10,000 in each financial year and a lot...

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post-Mainland vs Freezone in Dubai – 7 Practical Differences
Mainland vs Freezone in Dubai – 7 Practical Differences

The first thing to consider before registering a company in Dubai or in any other emirate of UAE is whether you should incorporate a company in the Mainland or in the Freezone. In some cases, Freezone companies are considered to...

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post-15 Countries which levy Zero Income Tax or Corporate Tax
15 Countries which levy Zero Income Tax or Corporate Tax

If you are planning to register your company in a foreign land, then here is the list of the Top 15 Tax-Free Countries in the World. These are the countries where there is completely Zero Tax. Neither do they levy...

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post-Tax Implications if Professional Income is more than 50 Lakhs
Tax Implications if Professional Income is more than 50 Lakhs

If the professional receipts of a person are more than Rs. 50 Lakhs – the benefit of Presumptive Tax under Section 44ADA cannot be taken. In such a case, the person would be required to prepare a Profit & Loss...

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post-How to save Tax on Sale of Bitcoin & Cryptos in 2024 (Legally)?
How to save Tax on Sale of Bitcoin & Cryptos in 2024 (Legally)?

Flat 30% Tax has been levied on the sale of cryptos in India from 1st April 2022. Some people have started finding unique ways to legally save this tax and the same is explained below in detail. Topics Covered 30%...

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post-Dubai Company Formation: 7 Things Indians shd check in 2024
Dubai Company Formation: 7 Things Indians shd check in 2024

A lot of Indians opt for Dubai Company Formation as it is not only tax free but it doing International Business from Dubai is also easier as compared to doing it from India. However, before a person starts the process...

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post-2 Types of Standard Deduction in Income Tax for 2023
2 Types of Standard Deduction in Income Tax for 2023

A Standard Deduction is basically a deduction allowed in Income Tax irrespective of the expense incurred or the investment made by the Individual. No Disclosures/ Investment Proofs/ Expense Bills are required for this type of Income Tax Standard Deduction as...

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post-How to avail Max Home Loan Tax Benefit in India in 2023?
How to avail Max Home Loan Tax Benefit in India in 2023?

The maximum benefit of Home Loan which can be claimed as a Deduction in India is as follows:- Section Deduction allowed Allowed for Section 24 Rs. 2,00,000 Interest repayment Section 80C Rs. 1,50,000 Principal repayment Section 80EEA Rs. 1,50,000 Interest...

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post-Section 54, 54EC, 54F: Capital Gain Tax Exemption in 2023
Section 54, 54EC, 54F: Capital Gain Tax Exemption in 2023

Capital Gains Exemption can be claimed under the Income Tax Act by reinvesting the amount in either purchasing/ constructing a Residential House or by reinvesting the amount in Capital Gain Bonds. The seller of the asset either has the option...

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