Income Tax : Learn how to use Form 29D to claim a refund of tax deducted under Section 195 for non-residents. Find out about the recent amendme...
Income Tax : Updated Income Tax Return has been introduced by inserting a new sub-section (8A) to Section 139 of Income Tax Act, 1961 to prov...
Income Tax : Analyze Section 194R of the Income Tax Act, 1961 and its applicability from 01/07/2022. Learn about TDS on benefits or perquisites...
Income Tax : Understand the concept of Updated Return under section 139(8A) of the Income Tax Act. File corrected returns, reduce losses, and r...
Income Tax : The President has given assent on 31 March 2022, to the Finance Bill, 2022 passed by the Parliament with certain amendments. The k...
Income Tax : 1. Income Tax Department brings reforms for Cooperatives! Alternate Minimum Tax for cooperative societies reduced to 15% to bring ...
Income Tax : Union Finance Minister Government has proposes 39 amendments to Finance Bill, 2022 Smt. Nirmala Sitharaman has proposed 39 amendme...
Finance : Union Finance Minister Nirmala Sitharaman said that Union Budget 2022-23 recognises and encourages the potential of youth, their...
Finance : Finance Minister Nirmala Sitharaman chairs post-Budget meeting with heads of Banks, NBFCs and Financial Institutions. Finance Mini...
CA, CS, CMA : We here in, would like to bring to your kind notice, few of the issues which might be faced by taxpayers and Chartered accountants...
Income Tax : Dhanwan Leasing and Finance Vs ITO (ITAT Indore) Section 68 of the Act provides that where any sum is found to be credited in the ...
Goods and Services Tax : Central Government hereby appoints the 1st day of October, 2022, as the date on which the provisions of sections 100 to 114 of Fin...
Income Tax : CBDT Notifies vide Notification No. 48/2022-Income Tax Dated- 29.04.2022 Form and Manner for filing updated Income Tax return. Upd...
Income Tax : Finance Act, 2022 received the assent of the President on the 30th March, 2022. Full text of the same is as follows:- MINISTRY O...
Custom Duty : Circular No. 3/2022-Customs No. CBIC-190354/262/2021-TRU Section-CBEC Government of India Ministry of Finance Department of Revenu...
Income Tax : FM Nirmala Sitharaman’s presented her fourth budget today i.e. on 1st February 2022. In budget FM has introduced Tax on Virtua...
We know the budget finance bill 2022 was presented on 1st February 2022. In this budget no changes was made in income tax slabs for individuals and it remains as below: Old Regime New Regime Assessment Year 2023-24 2023-24 Basic Exemption upto Rs Rs 2,50,000 Rs 2,50,000 Tax @ 5% Rs 2.50 lac to 5 […]
What is a Virtual Digital Asset, how will it be taxed and what are the various uncertainties affecting it’s taxation? Amidst the craze and fanfare of cryptocurrencies and NFTs, while the crypto and NFT traders, investors and enthusiasts were consumed in experiencing the daily ups and downs of the market, the Govt of India has […]
Amidst high inflation risk and continuing Covid uncertainties, Union Budget 2022 has provided a booster dose of CapEx spending with an objective of achieving an economic multiplier effect to inoculate against future disruptions. With hardly any room for changes to the personal and corporate income tax structure, the spotlight is on ease of doing business […]
In Budget 2022, the government has officially termed digital assets including crypto assets under ‘Virtual Digital Assets’ (VDA’s) comprising of all the cryptos such as Bitcoin, Ethereum etc, and other digital assets such as Non-fungible tokens (NFTs).
There is no change in the personal income tax rates of the individuals and HUF for Financial Year (‘FY’) 2022-23 in reference to Assessment year (‘AY’) 2023-24. Individuals and HUF have an option same as last year to choose between the Old tax regime and the New Tax regime as introduced in in Budget 2020.
Finance Minister Smt. Nirmala Sitaraman has announced the introduction of Digital Currency into the Indian Economy in Budget 2022. It would be Central Bank Digital Currency (CBDC). RBI will bring this New Format of Currency in the Upcoming Financial Year. CBDC is a big move for the Indian Economy and India will become the first […]
The Budget 2022 has witnessed a renewed push for digital India – be it digital rupee, e-passport, e-Vidya, digitization of land records, digital banking, digital universities, the Government has laid out a digital vision towards new India. The Government has rightly always sought to immerse technology in the optimum manner in it’s pursuit towards ease […]
1) Before analysing the newly inserted sub-section (8A) to Section 139 for filing of updated return, brief overlook of the existing provisions of U/S. 139 of filing of Return.
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 […]
