If you’ve been following the rise in Bitcoin prices and the booming crypto market, you might be wondering how your crypto profits are taxed in India. As cryptocurrency continues to gain popularity, it’s essential to understand how the government treats gains from digital assets like Bitcoin, Ethereum, and Dogecoin. In this guide, we’ll break down the basics of crypto taxation in India, covering everything from capital gains to airdrops, and … Read More » about How Taxation on Crypto Assets and Bitcoin Works in India: A Simple Guide
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Income Tax
Complete Guide to TDS (Tax Deducted at Source) on Salary
If you're unfamiliar with the term TDS (Tax Deducted at Source), it might sound a bit confusing. But don't worry—this guide will explain everything about TDS on salary, how it's calculated, and how it affects you. Whether you're employed, a business … Read More » about Complete Guide to TDS (Tax Deducted at Source) on Salary
Can You File Your Income Tax Return After the Due Date?
Filing an income tax return (ITR) is an important responsibility for every taxpayer, but many people miss the due date due to busy schedules, lack of time, or personal reasons. If you’ve missed the due date, don’t worry! You can still file your … Read More » about Can You File Your Income Tax Return After the Due Date?
Income tax deduction for disabled individuals – Section 80U
An individual suffering a disability can claim tax deduction under section 80U of the Income tax act, 1961. In this article, we will be discussing what are the tax benefits an individual with disability can claim and what are the conditions such … Read More » about Income tax deduction for disabled individuals – Section 80U
Income tax rates for FY 2021-22 and 2022-23-Applicable to an individual
Income tax rates are defined based on the type of assessee and total income earned for the financial year starting from 1st April to 31St March. In this article, we will tell you income tax rates applicable to a resident individual for the … Read More » about Income tax rates for FY 2021-22 and 2022-23-Applicable to an individual
Tax deduction on interest on residential house loan – Section 80EE
Home buyer can get additional tax deduction up to Rs 50000 on interest on loan taken for residential house property if all the conditions of section 80EE are satisfied. As per the present tax laws, a home buyer can claim both interest and … Read More » about Tax deduction on interest on residential house loan – Section 80EE
House rent Allowance or HRA Exemption U/S 10 (13A)
House rent allowance granted by an employer to his employee is tax exempted to the extent provided under section 10 (13A) of income tax act 1961. Employees in India, receive house rent allowance from their employer every month as a part of their … Read More » about House rent Allowance or HRA Exemption U/S 10 (13A)
House Rent Allowance (HRA) – Tips to lower your taxes
House rent allowance is a grant provided by the employer to the employee to meet the cost of living in a rented house. Its also referred to as HRA allowance. HRA allowance forms part of the salary that the employee receives from the employer … Read More » about House Rent Allowance (HRA) – Tips to lower your taxes
When to file company tax return and which form to use
Companies in India are required to file tax return by September 30th of the year following the close of its tax year. If you have incorporated a private or public limited company then also September 30 is the due date for filing income tax return … Read More » about When to file company tax return and which form to use
Form 12BB – Investment Declaration Form for Income Tax
Employees are required to provide a declaration at the beginning of the financial year or at the time of joining the organization showing proposed investments and expenses eligible for tax deductions. At this point, you are not required to submit … Read More » about Form 12BB – Investment Declaration Form for Income Tax
When to pay late filing fee for your Income tax return in India
If you are taxable in India, then your income tax return must be filed on or before the due date of filing i.e. 31st July of the following financial year. In case you missed it, you can still file your ITR on or before the end of the assessment year. … Read More » about When to pay late filing fee for your Income tax return in India
GST
Accounts and Records to be maintained by Registered person under GST Law
Every tax payer under GST law is required to self-assess the tax payable by him or for the business and furnish periodical return with the government stating all the details. After filing the return, department will carry on compliance … Read More » about Accounts and Records to be maintained by Registered person under GST Law
What is Input tax credit under GST – Explained with examples
The main reason of bringing GST law into India is to reduce the cascading tax effect. As per the present law, at each stage of the entire supply chain, registered taxable persons are eligible to take input tax credit. Input tax means the taxes … Read More » about What is Input tax credit under GST – Explained with examples
Audit under Goods and Services Tax Law – GST
The purpose of audit under GST law is to assess the compliance with the provisions of GST and to verify the correctness of turnover declared, tax paid, input tax credit availed and refund claimed. Audit is a process of examining records, returns … Read More » about Audit under Goods and Services Tax Law – GST
Tax invoice – Invoicing under GST Law
Tax Invoice is a crucial document given by the supplier of goods or services to the recipient with details of the transaction for recording different components in the books of accounts. GST law requires every supplier of taxable goods to issue a … Read More » about Tax invoice – Invoicing under GST Law
When composition scheme under GST law is applicable
Small suppliers whose aggregate turnover from supplying goods for a year is less than Rs 40 lakhs are not required to register under GST. This limit is Rs 20 lakhs for supply of services and Rs 10 lakhs for north east states. However, if you have … Read More » about When composition scheme under GST law is applicable
What is intra-state supply of goods and/or services under GST
Section 8 of IGST Act, 2017 says when supply of goods and/or services will be treated as intra-state supply. As per section 8, supply of goods will be treated as Intra-state supplies if the location of the supplier and the place of supply of goods … Read More » about What is intra-state supply of goods and/or services under GST
What is inter-state supply of goods and/or services under GST
GST law clearly says when supplies of goods and/or services shall be treated as in the course of inter-state trade/commerce and when it should be treated as in the course of intra-state trade/commerce. This differentiation is important as based on … Read More » about What is inter-state supply of goods and/or services under GST