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Online Tax University

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Online Tax University

Online Tax University
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Making Tax Planning Simple

Tax planning is the analysis and creation of a financial plan to ensure tax efficiency with a goal to minimize tax liability. It also includes planning future investments and tracking returns from various tax saving financial instruments available in the market so that all aspects of the financial plan work effectively to save tax.

How Tax Planning Works

Tax planning includes analysis of income size, expenditures, and investments in consideration with tax filling status, Government policies, income tax slabs and deductions available under the various sections of Income Tax Act of India. Basis these aspects a tax saving plan is created for a given period.

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What is long-term capital gain tax in India?

Have you ever invested in real estate or held a property for two years before selling? If you sold it after two years, you must have heard the phrase long term capital gain tax from your accountant. If not, or if you haven't heard of this before, this article will tell you all you need to know about income on long term capital gains and its tax treatment.

Capital Assets can be grouped into many different categories. These categories receive a different treatment when taxes are calculated on the profits you earn from them.

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Tax is a responsibility. It’s a mandatory payment made by the people to the government. The taxes paid by us are used by the government to pay for various services such as street lighting, roads, police, etc., that are offered to us. The amount is not only used for infrastructural development but is also used for paying state and central government bodies. Income tax is the amount paid by an individual on the total income earned in India. As per the Income Tax Act, anyone who earns an income beyond a certain threshold is liable to pay income tax to the Central government, subject to exemptions.

Taxes can be classified into two different types: direct and indirect taxes. Direct taxes, as the name suggests, are the taxes paid directly to the government. Any individual whose annual income exceeds the maximum exempt limit is liable to pay direct tax as per the Income Tax Act. This includes income tax, corporate tax, capital gains tax, etc.

On the other hand, indirect taxes are imposed on the purchase of goods and services and are collected by those who sell the product or offer the service. These taxes are not directly paid by an individual to the government. For example: GST, excise duty, customs duty, etc.

Filing an income tax return is no longer a tedious task that it used to be. Here’s a step-by-step guide that will help you file income tax without any hassles –

Step 1: First visit the income tax department website i.e., https://incometaxindiaefiling.gov.in.

Step 2: Log in or register to file your income tax return.

Step 3: Choose the ITR of the relevant assessment year.

Step 4: Fill in all the details and validate. The details include name, address, PAN, mobile number, e-mail ID, bank details, and other taxable income.

Step 5: The next step is to calculate tax. If any tax is due, then make sure you pay it immediately.

Step 6: Now click ‘SUBMIT’

As per Income Tax Act, 1961, all companies, whether domestic or foreign are liable to pay corporate tax on the income earned by them. According to the law, a domestic company pays tax on its net income whereas a foreign company pays tax only if the income earned by them is earned within India. The net income of the company that is charged under corporate tax includes

  • Capital profits
  • Income earned from rent property
  • Income earned from lotteries, dividends, etc.
  • Profits earned from the business
Calculation of short term and long term capital

The profit from the sale of an asset attracts capital gains tax. Depending on the holding period of the asset, the tax has been categorized into short-term and long-term capital gains tax.

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