For Whom Wealth Matters
September 10, 2018 Leave a comment
Wondering what the 2 numbers in the title are ?
The the business code for filing Income Tax Returns for AY 2018-19 for bloggers in India is 14005 – Other IT enabled services.
Vs. the option available to US and Canadian bloggers:
NAICS (North American Industry Classification System ) Code 519130 – Internet publishing and broadcasting and web search portals Read more of this post
March 21, 2018 Leave a comment
The financial year is the period between 1 April and 31 March in which you earn an income. Assessment year is the following year in which this income is assessed and taxed.Income is earned in FY and taxes on that income is paid in AY.
Financial year (FY) in Hindi is called वित्तीय वर्ष and assessment year (AY) in Hindi is called निर्धारण वर्ष.
Both AY and FY begin on the 1st of April and end on the 31st of March.
Since income for any particular financial year is evaluated and taxed in the assessment year, income tax return forms have AY. Read more of this post
December 29, 2016 Leave a comment
Income of bloggers engaged in the profession of blogging is through:
1.Advertisements
2.Affiliate Sales
3.Services like Blog Consultancy, Blog Designing, SEO Services, Content Services etc
4.Any other Source like Freelance income etc.
While computing the income on which tax is to be paid, the total of all incomes earned by a blogger is taken into account. However, Income Tax is not payable on the Total Revenue earned but is payable on the Total Income earned. Total Revenue is the Gross Amount received and Total Income is the amount earned after Depreciation and Payment of Expenses incurred for the purpose of earning the Revenue. Read more of this post
September 24, 2013 6 Comments
If you are carrying on a business or profession one of the major instruments of reducing taxes is to claim depreciation on the purchase of your vehicle.
Any expenditure incurred for the purpose of the business is allowed as a deduction from your business profits; as such, expenditure incurred on a vehicle used in the business viz fuel expenses, repairs & maintenance expenditure, vehicle insurance are allowed as deductions. Besides, in computing income from business one of the most important items of allowances is the allowance for depreciation, provided by Section 32 of the Income Tax Act.
Depreciation is a non-cash expense which results from the reduction/diminution in the value of certain capital assets including vehicles etc. This deduction towards depreciation is very essential to arrive at the Income from Business/profession of the taxpayer and also to amortize the capital cost of the amount invested in business assets like factory building, machinery, plant, furniture, vehicles etc. The purpose of allowing depreciation is to provide in the course of time for replacement of the asset which is allowed to be depreciated over a period of time. Read more of this post
August 2, 2013 Leave a comment
If you tender your shares in an open offer, if you have held them for over a year , you will have to pay 20% capital gains tax with indexation benefit, and 10% tax without indexation .If you tender shares within a year, you will have to pay income tax as per your tax slab.
If shares are sold in the open market after a year, they do not attract any capital gains tax, but if they are sold before a year, they attract 10% capital gains tax.Shares sold via the bourses however are subject to the STT.
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