What documents are required for a business tax return?

It depends on constitution of the business👇

For non-audit cases of proprietorship:

🔹GST Turnover,
🔹Purchase value & Closing stock value
🔹Sundry debtors & creditors value (as of 31st March)
🔹Bank statements👇

What about other cases?

In addition to above documents:
🔹Balance Sheet,
🔹Digital signature,
🔹Stock market-related information, if invested,
🔹Shareholder details,
🔹Partner details,
🔹Tax saving investments, etc.

Is it possible that I sell my house & invest that amount in shares/mutual funds👇

And avoid capital gains tax in India?

No, tax can be avoided only if you are investing the proceeds in buying or constructing another residential house🏘

Within the time stipulated, u/s 54✅

If jewellery (gift) is received from relatives

Whether it is taxable & where to disclose it?

If gifts are received from relatives, then gift is not taxable

No need to disclose, provided income is not > ₹50L p.a.
If income > ₹50L, then provide the details as on Mar 31 in ITR-2/3
Relatives means

🔹Individual & spouse
🔹Brother/sister of individual/ spouse of individual
🔹Brother or sister of either of the parents of individual;
🔹Lineal ascendant/descendant of the individual/spouse of individual
🔹Spouse of the person referred above👆

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y father has a house on home loan; if he gifts (registered gift deed) it to me

🔹Will I be eligible to claim tax benefits?

Father cannot gift you property until & unless he repays the home loan👇

Home loan must be sanctioned in your name for you to claim tax benefits

Here are some key things to watch out for when filing your ITR for 2024:

Gather All Necessary Documents: Make sure you have all your income statements, deduction proofs, and other relevant documents ready before you start the filing process.
Not Keeping Records: Maintain records of all documents, receipts, and proofs related to income, investments, and deductions. These may be required for verification or in case of any future tax scrutiny.
Double-Check Personal Information: Ensure that your name, address, PAN, and bank account details are correct. Any discrepancies here can cause issues.
Accurate Income Reporting: Include all sources of income, such as salary, rental income, interest from savings, and investments. Omitting any income can lead to penalties.
Correctly Claim Deductions and Exemptions: Be thorough in claiming eligible deductions under various sections like 80C, 80D, etc. Incorrect claims can result in rejections or legal troubles.
Match TDS Details with Form 26AS: Verify that the TDS (Tax Deducted at Source) details in Form 16 match with those in Form 26AS. Any mismatch can lead to discrepancies in your tax calculation.
Choose the Right ITR Form: Select the appropriate ITR form based on your income sources. Using the wrong form can invalidate your return.
Not Verifying the ITR: Failure to verify may render the filing invalid. Don’t miss this step or your return will be considered invalid.
Verify Before Submission: Always recheck your return for any errors before submitting it.
Consult a tax professional if needed. Don’t be reluctant to seek help.

Section 24(b)

Deduction from Income from house property on interest paid on housing and housing improvement loans. In the case of self-occupied property, the upper limit for deduction of interest paid on a housing loan is Rs 2 lakh. However, this deduction is not available for people opting for the new tax Regime.

80C

A combined deduction limit of Rs 1,50,000

Life Insurance Premium
Provident Fund
Subscription to certain equity shares
Tuition Fees
National Savings Certificate
Housing Loan Principal
Other various items

Donations are eligible for deduction under the below categories:

Without any limit

100% deduction
50% deduction
Subject to qualifying limit

100% deduction
50% deduction

Relief from payment of Advance Tax

As per Section 208, every person whose estimated tax liability for the year is Rs 10,000 or more, shall pay his tax in advance, in the form of advance tax. But, Section 207 gives relief from payment of advance tax to a resident senior citizen. Thus, a resident senior citizen, not having any income from business or profession, is not liable to pay advance tax.

Income tax deduction on interest on bank deposits

Section 80TTB of the Income Tax Act allows tax benefits on interest earned from deposits with banks, post offices or cooperative banks. The deduction is allowed for a maximum interest income of up to Rs 50,000 earned by the senior citizen. Both the interest earned on saving deposits and fixed deposits are eligible for deduction under this provision.

Also, u/s 194A of the Income Tax Act, no tax is deducted at source (TDS) on interest payment of up to Rs 50,000 by the bank, post office or co-operative bank to a senior citizen. This limit is to be computed for every bank individually.

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Tax benefits to medical insurance and expenditure

According to Section 80D of the Income Tax Act, senior citizens may avail a higher deduction of up to Rs 50,000 for payment of premium towards medical insurance policy. The limit is Rs 25,000 in case of non-senior citizens.

Further Section 80DDB of the Income Tax Act allows tax deduction on expenses incurred by an individual on himself or a dependent towards the treatment of specific diseases as stated in the act. The maximum deduction amount in case of a senior citizen is Rs 1 lakh (Rs 40,000 for non-senior citizen taxpayers).

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Eligible Investment In New House Property Capped To ₹10 Crore: Understanding The Limit


https://facelesscompliance.com/62336/eligible-investment-in-new-house-property-capped-to-rs-10-crore-understanding-the-limit

Dear All CBDT notifies 56 types of Incomes & Expenses to be reflected in AIS of IT Portal:

1. Salary
2. Rent received
3. Dividend
4. Interest from savings bank
5. Interest from deposit.
6. Interest from others.
7. Interest from income tax refund
8. Rent on plant & machinery
9. Winnings from lottery or crossword puzzle u/s 1158B
10. Winnings from horse race u/s 115BB
11. Receipt of accumulated balance of PF from employer u/s 111
12. Interest from infrastructure debt fund u/s 115A(1)(a) (ia)
13. Interest from specified company by a non-resident u/s 115A(1)(a)(aa)
14. Interest on bonds and government securities
15. Income in respect of units of non-resident u/s 115A(1) (a)(ab)
16. Income and long-term capital gain from units by an offshore fund u/s 115AB(1)(b)
17. Income and long-term capital gain from foreign currency bonds or shares of Indian companies u/s 115AC
18. Income of foreign institutional investors from securities u/s 115AD(1) (1)
19. Income of Specified Fund from securities u/s 115AD(1)(1)
20. Insurance commission
21. Receipts from life insurance policy.
22. Withdrawal of deposits under national savings scheme
23. Receipt of commission etc. on sale of lottery tickets
24. Income from investment in securitization trust
25. Income on account of repurchase of units by MF/UTI
26. Interest or dividend or other sums payable to government
27. Income of specified senior citizen
28. Sale of land or building
29. Receipts for transfer of immovable property.
30. Sale of vehicle
31. Sale of securities and units of mutual fund
32. Off market debit transactions
33. Off market credit transactions
34. Business receipts
35. GST turnover
36. GST purchases
37. Business expenses
38. Rent payment
39. Miscellaneous payment
40. Cash deposits
41. Cash withdrawals
42. Cash payments
43. Outward foreign remittance/purchase of foreign currency
44. Receipt of foreign remittance
45. Payment to non-resident sportsmen or sports association u/s 1158BA
46. Foreign travel
47. Purchase of immovable property.
48. Purchase of vehicle
49. Purchase of time deposits
50. Purchase of securities and units of mutual funds
51. Credit/Debit card
52. Balance in account
53. Income distributed by business trust
54. Income distributed by investment fund
55. Donations received
56. Receipt on transfer of Virtual Digital Assets
57. Winning from Online Games u/s 115 BBJ

The Old Tax Regime is the age-old tax structure that has been in place for decades. Taxpayers can claim various deductions and exemptions under different sections of the Income Tax Act. There are around 70 deductions and exemptions available under this scheme that help minimise your taxable income. It also allows a deduction of Rs 1.5 lakh under Section 80C.

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Salaried individuals and business professionals have the choice of switching between the previous and current tax regimes.
Those who do not fit into these categories, however, are only permitted to switch between the old and new regimes once in their lives.