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CA Aditi Bhardwaj 🇮🇳 Profile picture
@CAAditiBhardwaj
May 10 • 6 tweets • 4 min read Twitter logo Read on Twitter
Step by step process for computation of total income and tax payable (with respect to an individual assessee)

New practicing CAs and professionals may also use this.

#usefulsummary #icai #caintermediate #castudents #taxation #incometax #icaiexams #caexams #superradacademy ImageImage


Figure 1 reference for residential status
Table 2 reference - Clubbing of Income provisions Image
Figure 3 reference for Carry forward and Set off of losses

Table 4 reference with respect to deductions under chapter VI A

Table 5 reference for Advance tax provisions

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More from @CAAditiBhardwaj

CA Aditi Bhardwaj 🇮🇳 Profile picture
Dec 4, 2022
How are ESOPs taxed in India?

Employee Stock Options are equity shares granted to valued employees of an organisation for fulfillment of certain milestones set by the company.

Once these shares are vested, employees can “exercise” their right over these ESOPs.

(1/9)
Once exercised, ownership of equity shares gets transferred to the employee.

➡️Taxability on acquiring ownership

Since ownership of these valuable shares comes free of cost or at a nominal price, it is considered as an employment perk or a “perquisite” in taxation terminology.
This perquisite is taxable as part of your salary under section 17(2) of the Income-tax Act. TDS is adequately deducted by the employer based on slab rates (Refer to Form 16 Part B).

This is the tax effect at the time of acquiring ownership,ie. on exercise of the ESOPs.

(3/9)
Read 9 tweets
CA Aditi Bhardwaj 🇮🇳 Profile picture
Dec 2, 2022
What is the difference between LTCG under section 112A and 112 of the Income Tax Act, 1961?

A brief understanding:

Section 112A deals with primarily two types of assets -

✅Listed equity shares;
✅Equity-oriented funds (mutual funds having 65% or more equity).

(1/7)
If the listed shares/ units are held for > 1 year, then gains arising on sale of such assets are long term.

Gains in excess of Rs 1 lac shall be taxable u/s 112A @ 10% without benefit of indexation.

Rebate u/s 87A not available.

Chapter VI A deductions not available.

(2/7)
If above listed shares/units were acquired before 1.2.2018, then FMV as on 1.2.2018 needs to be considered as below for determining Cost of Acquisition (CoA)

1) Compare sale consideration and FMV as on 1.2.2018 - Choose lower

2) Compare Step 1 with actual CoA- Choose higher
Read 7 tweets
CA Aditi Bhardwaj 🇮🇳 Profile picture
Jul 24, 2022
We urge and request the govt to extend due dates today. Delay in decision is impacting the professionals greatly. Loss of clients and mental peace with risk of making errors while filing in haste.

#Extend_Due_Dates_Immediately #IncomeTaxReturn @nsitharamanoffc @IncomeTaxIndia
Taxpayers are unknown to portal hassles. They hard bargain on fees, expect speedy work & also quality at the same time.

You are well aware how AIS, portal issues & form 16s have been delayed this year. Please do not turn your backs on us. Ease of doing business is your mantra.
We CAs have always communicated positive news about our taxation system to clients. We make them aware how govt is supporting small businesses. We assist in tax collections for you and ensure all incomes are reported.

Then why the delay in helping us ma'am @nsitharamanoffc
Read 4 tweets
CA Aditi Bhardwaj 🇮🇳 Profile picture
Jan 10, 2022
Case 1: In October month, 80TTA/B was being erroneously allowed as a deduction inspite of savings interest being set off with business losses.

In January, this got corrected in the utility, thereby adding to the liability of the assessee (along with the additional 234A interest)
Case 2: Speculative losses were being set off with non-speculative gains in the month of August 2021. Now, the utility shows a tax liability after making amends.
These are tax audit cases where assessees were relying on the utility and paying taxes. We couldn't expedite filing in August or October coz of DSC issues.

Owing to these updates happening so late, assesses are ending up pay taxes with interest now. These are only few instances.
Read 5 tweets

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