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Income Tax Compliance Portal: How Shobha resolved Information mismatch

Did You Know? Just like Google search console is a communication channel to resolve your Website issues on Google search. The Income Tax Compliance portal is a very simplified online communication channel between taxpayers (you) and the Income Tax Department. It points out any information mismatches as per their database and your Income Tax Return …

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Unfold my secret recipe to Save Tax on Long Term Capital Gain on Shares

There was a time when Long Term Capital Gain on the sale of shares was exempt from tax and we thoroughly enjoyed that era as investors in the stock market. Most of my investments always were and are invested for the long term with very little shifting between stocks. And then there came a big …

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How to Calculate Long Term Capital Gain on Property

You may have sold or are planning to sell your residential house property for various reasons. Either you have permanently shifted out of the city, State or country, in need of funds to buy another residential house property, looking to invest in newly constructed house and wanting to dispose off old ancestral property. Whatever the …

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Convert F&O Trading loss into Tax Savings by carry forward for 8 years

F&O Losses may be irreversible, but what if they could offer you some tax savings in the current year and the years to come? -Tanuja Gupta Many Salaried employees are unaware of the benefits of claiming the F&O business loss while filing their income tax returns against all other incomes except Salary Income. This lapses …

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Who Can Benefit from Presumptive Taxation for Small MSME Businesses and Professionals?

You as a small business or Professional generally have to maintain Books of accounts to compute your Profits and Gains from Business & Profession but if you qualify for the Presumptive Taxation scheme subject to certain limits and conditions, then you can easily compute your Profits and gains from your business or profession at a …

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Five Smart Strategies to claim Home Loan Tax exemption

Taking Housing loans is a very common practice when you buy your house. Housing loans are not only to fund 70-80% of your house value but help you in reducing your tax liability too. Principal repayment, interest paid, along Pre-occupation interest are allowed as a deduction with certain limits & conditions but some taxpayers out …

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7 worst mistakes to avoid by salaried when filing income tax returns

Get Income Tax Benefits as per your salary slip which includes 3 salary components earnings, allowances, and deductions. A penny saved is a penny earned but only if done correctly. Salaried employees are no doubt the major chunk of taxpayers in India and have to pay flat taxes as per tax slabs that you fall …

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