Learn about the taxation of virtual digital assets (VDAs) and the set-off of losses on the sale of one VDA against the profit on the sale of another VDA. Explore the provisions under section 115BBH, the confusion surrounding set-off rules, and the implications for Bitcoin transactions. Gain insights into the classification of VDAs, the treatment of NFTs, and key considerations for taxation.
Every year the government brings out and/or make provisions for introduction, amendment , deletion etc. of laws which are necessary under the circumstances then obtaining. In addition, certain explanations / clarifications /provisos are also inserted/ modified /deleted. Many a times it becomes difficult to understand if these changes of law would operate prospectively or retrospectively.
Explore the potential pitfalls and opportunities of the new income tax amnesty scheme. Learn how to convert black money into white without facing taxes. Understand the implications for individuals and the economy.
Financial Action Task Force (FATF) is an inter-governmental body, responsible for setting global standards on anti-money laundering (AML) and combating the financing of terrorism (CFT). India became Observer at FATF in the year 2006. Since then, India has been working towards full-fledged Membership of FATF.
Under the amended PMLA, Chartered Accountants, Company Secretaries & Cost Accountants are covered within the definition of the Reporting Entity. Understand the obligations, verification processes, and confidentiality requirements. Stay compliant with the latest regulations.
Money laundering is illegal process of concealing origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions.
Understanding the new conditions for income tax exemption to registered charitable & religious Trust under section 11 of the Income Tax Act.
Understanding tax audit criteria normal and presumptive. Learn about the provisions under section 44AB and 44AD for beneficial taxation schemes.
Article explains Taxation of Cryptocurrency, Virtual Digital Assets, Non-Fungible Tokens under section Section 115BBH of Income Tax Act, 1961
An appeal is filed with the CIT(A) from Appealable Orders listed in Section 246A of the Act and the procedure in appeal before the CIT(A) and the powers of the CIT(A) are governed by Sections 250 and 251 of the Act respectively.
