There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. Accordingly, for the taxation of virtual digital assets, the Government has introduced a Section 115BBH under the Income Tax Act, 1961, which provides that any […]
Union Budget 2022 has been presented today by the Honorable Finance Minister. Highlights of the proposed changes related to GST are summarized as follows: ♦ A new clause (ba) to sub-section (2) of section 16 of the CGST Act is being inserted to provide that input tax credit with respect to a supply can be […]
1. Clause 47A have been inserted in section 2, to provide definition of Virtual Digital Currency. The motive of the insertion is to tax Cryptocurrencies, Non-fungible tokens (NFTs) and the same like instruments. Therefore, the definition of Virtual digital currencies and NFTs have been added in the legislature. Text: ‘(47A) “virtual digital asset” means–– (a) […]
Since Company is a creation of law, therefore, it is to be closed by the prescribed Rules and Regulations of the Companies Act 2013. The owners and directors of the Company can decide various options to close the business of its Company but in this era of Ease of doing business, as introduced by the […]
Unlock the secrets of taxability of income on shares. Understand the three-tier tax structure and how it affects your investments.
Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) related to Amendments In The Fourth Schedule, Change In Effective Rate Of Additional Basic Excise Duty On Unblended Petrol And Diesel, Amendments In The Schedule VII Of The Finance Act, 2001 (NCCD SCHEDULE) an d other Changes [Including Certain Clarifications/Technical Changes]. EXCISE Note: (a) “Basic […]
Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) Relating To Amendments in the CGST Act, 2017, Amendments in the IGST Act, 2017, Amendments in the UTGST Act, 2017 and Retrospective Amendments of GST Rate Notifications. Goods and Service Tax Note: (a) CGST Act means Central Goods and Services Tax Act, 2017 (b) IGST […]
Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) Relating To Amendments in the Customs Act, 1962 Other Legislative Amendments Pertaining To Customs, Amendments in the First Schedule to the Customs Tariff Act, 1975, Pruning and Review of Customs Duty Concessions/ Exemptions, Proposals Involving Changes in Effective Basic Customs Duty Rates In Respect Of […]
A new Section 139(8A) is proposed to be introduced to provide for furnishing of updated return under the new provisions. Time limit: File Updated return within 2 years from the end of Assessment Year – Applicable from AY 2022-23 Eligibility: File updated return of income by any person, whether he has filed a return previously […]
Key takeaways from the Budget speech 2022-23 Direct Tax reform Taxation on transfer of virtual digital Asset : > Taxed @30% > No Deduction allowed on any expenditure or allowance except Cost of Acquisition > Loss on transfer is not allowed to be set off any other income. > TDS @1% on payment for transfer […]
