Income Tax

Tax on Crypto Transactions – Budget 2022

Tax on Crypto Transactions - Budget 2022

Nirmala Sitharaman, India’s Finance Minister, ensures that the government will implement a Digital Rupee in the fiscal year 2022-23 and levy a tax of 30% on virtual assets during her presentation of the Union Budget 2022. Thus, crypto trade lovers in India now have to face Tax on Crypto Transactions. In this article, let us … Read more

Difference between Form 16 and Form 16A

Difference between Form 16 and Form 16A

Form 16 and Form 16A are both required for Income tax return filing. These forms are furnished by the employers to the employees specifying the tax deduction during the assessment year.  However, there is a significant difference between Form 16 and Form 16A. In this article, you will understand the difference between Form 16 and … Read more

Difference between 15ca and 15cb

Difference between 15ca and 15cb

Every international transfer made for business purposes must file Income Tax Forms with the Income Tax Portal, including the amount of the remittance, currency, recipient country, and nature of the transaction for which payment is required. In this article, we will understand the difference between 15ca and 15cb. Furthermore, if international remittance exceeds a certain … Read more

Income Tax Return Filing Due Date Extended for AY 2021-22

Income Tax Return Filing Due Date Extended for AY 2021-22

There is a relief for corporates as well as individual taxpayers in India. Once again, the CBDT has notified Income Tax Return Filing due to date extension via press release. The notification was released on January 11, 2022, and is applicable to the assessment year 2021-22. In this article, we will understand the latest notification … Read more

How to use Digital Signature for Income Tax

How to use Digital Signature for Income Tax

In this new technical age, everything has gone online. It is also true for ITR Filing. Now, everyone can file ITR at the comfort of their home or office. However, there are some prerequisites to fulfill when filing ITR online. For example, individuals and professionals with an annual gross receipt of more than INR 25 … Read more

Income Tax Return Filing for Deceased person in India

Income tax return filing for deceased person in India

One of the most interesting things that amazes people is Income Tax Return Filing for deceased persons in India. It’s true that a deceased person can be taxed in India. Thus, Death and Taxes are inevitable. Legal Heir or any other representative needs to do Income Tax Return Filing on the behalf of taxable income … Read more

Income Tax Dept Raids on contractors in Bengaluru

Income Tax Dept raids on contractors in Bengaluru

An important news for taxpayers: start ITR Filing on time and in the correct manner otherwise face grave situations. The Income Tax Department is getting stringent on tax dodgers as well as tax fraudsters. Recently, the Income Tax Department conducted raids on Contractors in Bengaluru. In this article, we will read the highlights of  Income … Read more

Western Union Profit Not Taxed In India

Western Union Profit Not Taxed In India

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) declared that the Western Union is to do ITR Filing for profits earned in India. The business of the assessee includes the transfer of money across international borders: the assessee, a US company, deals in the business of rendering money transfer services In this article, … Read more

Single Transaction of Buying and Selling of Shares can’t be Business Activity

Single Transaction of Buying and Selling of Shares can't be Business Activity

The Income Tax Appellate Tribunal (ITAT) Chennai bench recently ruled that a single trade of sale and purchase of equities cannot be classified as a commercial activity to levied ITR Filing on a citizen. In this article, we shall discuss the latest notification relating to the single transaction of Buying and Selling of Shares can’t … Read more