With days to go before the new tax regime around crypto assets kicks in, several investors are reportedly either booking profits, rejigging their portfolios or moving their crypto assets to their private wallets outside of India. Starting April, gains from trading in crypto and other virtual assets like non-fungible tokens (NFTs) will be taxed at a flat 30 per cent, as announced in the Union Budget. And, 1 per cent of tax will be deducted at source (TDS) on every transaction involving crypto and other virtual assets. The new tax regime also bars investors from offsetting losses from one crypto asset (such as Bitcoin) against gains from another (say, Ethereum).
CBDT asks for urgent action, especially with respect to recovery of arrears and current demand, to achieve the collection target.
From road transport to health insurance, tax rules have changed from October 1.
The taxman asked users to secure their password with at least eight characters in length and a combination of lower case, upper case, numeric and special characters.
The court had on July 21 issued summons to the firm, Maran and Natrajhen and directed them to appear today after taking cognizance of two I-T complaints filed against them.
The government has become used to accounting for TDS as its income even though it knows a significant portion needs to be returned as refund
The tax authorities have been piling pressure for a long time against Mallya and on Kingfisher Airlines to cough up the dues.
You are all set to file your I-T returns. But have you checked the Form-16 itself for accuracy? Here's how to do it...
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The simplified form will comprise details of taxpayers' mutual fund transactions, pending and completed income tax proceedings, status of income tax demand, besides tax deducted at source and tax collected at source. Form 26AS is an annual tax credit statement containing details of various taxes deducted on income.
Having a single point KYC that is automatically used across all financial and non-financial entities is a single piece of reform that should be an easy win to achieve, points out Harsh Roongta.
The Income Tax department has trained its scanner on the burgeoning 'e-commerce' business in the country.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Tax Guru Anil Rego answers your personal income tax queries
The government on Thursday extended the due date of filing income tax returns for 2020-21 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) has also extended the ITR filing deadline for companies by a month till November 30. As per the income tax law, for individuals whose accounts are not required to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms the deadline to file ITR is July 31. The deadline for taxpayers, like companies or firms, whose accounts are required to be audited is October 31.
TDS merely means the bank will pay you the entire interest amount without forwarding the tax on it to the government.
The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year, led by better indirect tax mop-up, compliance measures, and recovery in most sectors following the second wave of the Covid pandemic. Personal income and corporate tax collections (net of refunds) grew 74 per cent to Rs 5.70 trillion in the first half of the current financial year, driven mainly by advance tax and TDS payments. The target for the current fiscal year is Rs 11.08 trillion; higher taxes are paid usually towards the end of a fiscal year.
The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
Employers will now need to furnish detailed break-up of exemptions that an employee has claimed.
Finance Minister Arun Jaitley takes a protectionist stance in favour of domestic companies, increases customs duty on certain products.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
Tax Guru Anil Rego answers your personal income tax queries.
There are millions of taxpayers, all of whom are susceptible to this frustrating situation.
You filed your income tax returns for 2017-2018 and think you tax problems are over for now. But have you paid your advance tax this quarter, asks Samkit Maniar.
I-T department raises tax demand on them for unpaid tax deducted at source
Pan card has to be submitted for financial transactions. Otherwise, tax burden will go up.
'Not a single bullet was fired, but we were warning the enemy not to continue with their antics!' IAF Veteran Air Commodore Nitin Sathe finds out how the Light Combat Helicopter, which will be inducted into the IAF on October 3, was designed, developed and flown.
Ensure you don't get benefits that get reversed, while filing returns.
Under Section 80D, you can avail of deduction on payment made towards preventive health check-ups.
Alternative Investment Fund refers to any fund established or incorporated in India which is a privately pooled investment vehicle that collects funds from sophisticated investors, whether Indian or foreign.
Maran challenged reports that he and another company official have been summoned as accused by a Delhi court in two tax evasion cases
Truckers on Thursday proceeded on a nationwide indefinite strike.
Last year's Budget had created uncertainty about the quantum of tax to be withheld on dividends paid to non-residents, as the exact tax rate was not specified under section 195.
High volatility in the stock market coupled with falling inflation has brought back fixed deposits as an attractive investment avenue for the investors who are looking for fixed returns.
'We have already given Rs 1.59 trillion to states.' 'So, there is no question of giving them more.'
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
Tax Guru Anil Rego answers your personal income tax queries.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
