Taxation - Angel One

What is windfall tax? A windfall is an unearned, unanticipated gain in income through no additional effort or expense. A tax imposed on such an unexpected rise in profits is called a windfall tax. They are usually imposed when there is a sudden increase in profits in a particular sector. They are also imposed if …

Investors who invest in the Indian market are well aware of the tax implications. But what about taxation when you invest in US stocks. Taxation remains the primary concern for Indian investors exploring international investments. The tax policies are critical to understanding if the net return is worth the effort. If you are exploring investment …

According to a government official, a taxpayer will be allowed to submit just one revised return every assessment year. CBDT Chairman JB Mohapatra, speaking at a CII event, said that the purpose of this provision is to assist persons who have truly missed submitting their taxes. According to Mohapatra, such taxpayers “may only submit one …

As proposed by Finance Minister Nirmala Sitharaman in her Budget 2022-23 speech, virtual digital assets (VDA) shall be taxed at a flat rate of 30%. This gave confidence to traders in cryptocurrency and other virtual digital assets about its recognition in India. Since the government is considering taxation of these assets, the banning of cryptos …

2021 has been an outstanding year for India’s stock market, with an unprecedented bull run. Resultantly, investors have booked profits throughout the year. However, there are income tax implications associated with it, depending on the nature of the trades. Mentioning salary, rental income, interest incomes, and likes is a common practice while computing taxes, factoring …

The Union Budget for the fiscal year 2022-23 will be presented on February 1, 2022. The budget should aim to put more money in the pockets of the common man. While we discuss the budget, let us not forget the challenges that the country has been facing due to Covid-19. Although the government has been …

The current fiscal year will shortly come to a close, and the next fiscal year will begin on April 1. Certain income tax regulations have been effective for transactions beginning in the current fiscal year, and taxpayers should be aware of them. Let’s take a look at some of the significant changes that will affect …

The Central Board of Direct Taxes (CBDT) stated on January 11 that the deadline for filing income tax returns (ITR) in audit cases has been extended to March 15, 2022, while the deadline for submitting tax audit reports has been pushed back to February 15, 2022. The decision came after numerous chartered accountant groups urged …

The Association of Mutual Funds in India (AMFI) has pressed the government to enable debt-linked saving schemes for tax deductions, with the Union Budget only a month away. Tax-saving mutual funds are now equity plans. Here’s how the ELSS category as a whole has fared. Is it better to save money on taxes or to …

An Overview Several exporters that took use of government plans to reduce tax outlays in exchange for anticipated export volumes have written to the government, requesting concessions due to ongoing pandemic problems. Due to the pandemic, exporters allege they have been unable to meet their responsibilities. They argue that the government should either extend their …