Can I adjust indexed long-term loss against long-term capital gains on the sale of shares? Yes, you can adjust indexed long-term capital losses against long-term capital gains on the sale of shares. Here’s how it works: Long-term capital gains refer to profits from the sale of assets held for more than one year, such as stocks or mutual funds. Long-term capital losses refer to losses incurred from the sale of assets held for more than […]

Form GSTR-9 Simplified: List of Changes Made As Per CBIC Notifications The government keeps amending the act and forms as and when required. The aim is to simplify them so that taxpayers can file their returns on time and comply with the law’s provisions without any hassle. As the due date for filing the annual return in the form GSTR-9 and reconciliation in the form GSTR-9C for FY 23-24 is approaching, you must understand the latest changes to file […]

PAN 2.0 Project: The Future of India’s Tax Services Economic Boost with the New ₹1,435 Crore Investment The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the Income Tax Department’s PAN 2.0 Project, valuing ₹1,435 crore. This significant investment aims to technologically transform taxpayer registration services, promising: Ease of Access and Improved Service Delivery: Faster services with enhanced quality. Reliable Data Consistency: A single source of truth for taxpayers. […]

Maximizing Tax Savings from Stock Market Losses Stock market losses—whether from direct equities or mutual funds—can be disheartening. However, they present a rare opportunity to mitigate your overall tax liability through capital loss set-offs. Here’s how strategic investors can take advantage of this benefit. Set-Off Against Gains Understanding Set-Off Capital losses can be set off against capital gains to reduce taxable income: Short-term capital losses (STCL): Can be set off against both short-term and long-term […]

A Comprehensive Guide to Calculating and Maximising Input Tax Credit with a GST Calculator Running a successful business transcends delivering excellent products and services. It requires effective financial management. Business owners consistently explore ways to enhance cash flow, reduce costs, and boost profitability. Under the GST regime, one significant avenue to achieve these objectives is by claiming your input tax credit (ITC). Navigating the complexities of GST can be daunting. Therefore, how can you ensure […]