What are Virtual digital assets Clause 47A has been introduced under section 2 of the Act which defines Virtual Digital Assets. ‘(47A) “virtual digital asset” means– (a) any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital […]
The Finance Minister in Budget 2022 announced a 30 percent tax on income resulting out of transfer of digital assets and loss if any, won’t be set off against any other income. This provision was necessary to keep a check on money that was flowing in cryptocurrency market. Although, the cryptocurrency now falls under tax […]
Employee having valid UAN, need to make sure that his or her date of birth (DOB) details are true and correct in Employees’ Provident Fund (EPF) records and also similar as mentioned in the Aadhaar database. In case of mismatch, the UAN holder may face delay in EPF withdrawal claims. According to EPFO: A. EPF […]
Any person who intends to establish a micro, small or medium enterprise may file Udyam Registration online in the Udyam Registration portal, based on self-declaration with no requirement to upload documents, papers, certificates, or proof. On registration, an enterprise (referred to as ‘Udyam’ in the Udyam Registration portal) will be assigned a permanent identification number […]
Taxation of virtual digital assets- Union Budget 2022 Hello readers, Today I will discuss taxation of virtual digital asset in simplified manner- As we know new scheme of taxation has been introduced for virtual digital asset in the Finance Bill. What is virtual Digital Asset? ‘’Virtual Digital Asset’’ means any information or code or number […]
यह प्रस्तावित 30% आयकर 1 अप्रैल 2022 से और 1% का टीडीएस 1 जुलाई 2022 से प्रभावी होगा, जो वित्तीय वर्ष 2022-23 से प्रभावी होगा। पिछले कुछ वर्षों में डिजिटल संपत्ति में लेनदेन तेजी से बढ़ा है। बजट 2022 में माननीय वित्त मंत्री श्रीमती निर्मला सीतारमण ने वर्चुअल एसेट क्लास में क्रांतिकारी बदलाव की घोषणा […]
Introduction Hon’ble Finance Minister Nirmala Sitharaman has presented her fourth Budget on 01 Feb 2022. The budget proposes a new new set of return concepts known as “Updated Return.” There have been three versions so far: -Original Return, -Revised Return, and -Belated Return, Finance Bill 2022 has introduced new concept of “Updated Return.” Budget proposes […]
Article explains changes vide Union Budget 2022 related to Changes in Input Tax Credit, Additional Condition of taking Input Tax Credit, Auto generated statement – Input tax, Extension of Due date for availing ITC, Availment of input tax credit, Restriction on credit usage, Cancellation of GST Registration, Extension of last date for issuance of credit […]
Key proposed amendments to CGST Act, 2017, which would be effective from the date to be notified, upon enactment of Finance Bill, 2022, unless otherwise specified Customs & SEZ Key Update 1. Inclusion of officers under DRI, audit and preventive formation as the “proper officer” under Customs law, retrospectively. Once the proposed amendment comes into […]
There is an utmost importance of Revisional authorities under Tax laws (both under Income Tax Law and GST Law) to safeguard and protect the interest of revenue as they act as a reviewer of the orders passed by the lower authorities which fall under their respective jurisdictions. Under Income Tax Act, 1961 there exists a […]
