Vineet Kapoor and Associates

Today, we proudly mark the 32nd Foundation Day of Vineet Kapoor and Associates, a journey defined by trust, integrity, and unwavering commitment to excellence. Since our inception in 1993, we’ve grown from a vision to a trusted name in the world of chartered accountancy, serving clients with dedication and expertise.

Over the past three decades, we’ve navigated evolving financial landscapes, empowered businesses, and built lasting relationships. From startups to industry leaders, our team of seasoned professionals has delivered innovative solutions, ensuring compliance, financial clarity, and sustainable growth. We’ve embraced technology, adapted to global standards, and stayed true to our core values of accuracy and client-centricity.

We owe this journey to our incredible clients, dedicated team, and supportive community. Your trust fuels our passion to deliver excellence every day.

If you are a salaried individual with additional income from other sources or likely to come into some inheritance, then the provisions of Hindu undivided family (HUF) can help you make significant tax savings.

If you fail to file your ITR by today, you lose the opportunity to file or revise your return for AY 2024-25. Non-compliance may lead to notices from the Income Tax Department and additional penalties for default.

The extended deadline for filing belated or revised income tax returns for Assessment Year 2024-25 is fast approaching. For the fiscal year 2023–2024, taxpayers have until January 15, 2025, to complete their tax obligations.

Individuals receiving a family pension are eligible to claim a deduction of Rs 15,000 or 1/3rd of the pension amount, whichever is lower. This deduction has been increased to Rs 25,000 for the new regime starting from FY 2024-25.

No tax deduction at source (TDS) under Section 194Q will be required for purchases made from units of International Financial Services Centres (IFSC), provided both buyers and sellers meet specific conditions.

Previously, shareholders were exempt from paying tax on buyback proceeds (under Section 10(34A)), while the company had to pay a 20% tax (plus surcharge and cess) on the net buyback amount.
Now, individual shareholders will have to pay tax on buyback proceeds, similar to dividends, at their applicable income tax slab rates.

With the increase in the long-term capital gains (LTCG) exemption limit from Rs. 1 lakh to Rs. 1.25 lakh, investors should consider strategically selling investments to book profits within this limit annually. This approach helps in minimizing future tax liabilities while keeping investment portfolios balanced.

When a property is sold, the buyer is required to deduct TDS from the total consideration paid to the seller. In the context of joint owners selling a property, the TDS liability is typically divided among the co-owners in proportion to their ownership share.