Taxation Related Articles

Aug - 2024

29

Crypto Tax in India: Taxation On Cryptocurrency

Crypto Tax in India: Taxation On Cryptocurrency

Crypto Tax in India: Taxation On Cryptocurrency The Income Tax Department (ITD) has not provided specific guidance on crypto taxes for Indian investors. However, the Income Tax Act includes key provisions—Section 115BBH and Section 194S—that govern the taxation of Virtual Digital Assets (VDAs), suc ...

Dec - 2023

28

Double Taxation Avoidance Agreements (DTAA): Types, Benefits, and Claim Procedures

Double Taxation Avoidance Agreements (DTAA): Types, Benefits, and Claim Procedures

Double Taxation Avoidance Agreements (DTAA): Types, Benefits, and Claim Procedures In our interconnected world, it's common for individuals to reside in one country while their Income is sourced from another. Under the Income Tax Act of 1961 guidelines, earnings are subject to tax obligations. This ...

Dec - 2023

23

Different Depreciation Rates under Companies & Income Tax Act

Different Depreciation Rates under Companies & Income Tax Act

Different Depreciation Rates under Companies & Income Tax Act Depreciation is a key concept in finance and accounting. It helps us manage how the value of assets changes over time. Think of it as a way to spread out the cost of an asset over its useful life. We use depreciation to account for t ...

Sep - 2023

12

GST Exemption

GST Exemption

GST Exemption Since July 1, 2017, the Government of India introduced specific criteria requiring businesses and individuals to adhere to GST Registration regulations. However, particular categories of goods and services are eligible for GST Exemption. Some goods or services also fall under the nil ...

Aug - 2023

24

GST Composition Scheme: A Comprehensive Guide

GST Composition Scheme: A Comprehensive Guide

GST Composition Scheme: A Comprehensive Guide The Composition Scheme is a straightforward and user-friendly arrangement within the GST framework designed to benefit taxpayers. It offers small-scale taxpayers the advantage of escaping the cumbersome GST procedures by enabling them to fulfill their G ...

Jun - 2023

27

Income-tax (Eighth Amendment) Rules, 2023

Income-tax (Eighth Amendment) Rules, 2023

Income-tax (Eighth Amendment) Rules, 2023 The Central Board of Direct Taxes (CBDT) has recently issued a notification on 31st May 2023, introducing the Income-tax (Eighth Amendment) Rules. This amendment clarifies specific income sources that do not require reporting while filing the Annual Income ...

Jun - 2022

16

Difference Between Financial year and Assessment year

Difference Between Financial year and Assessment year

Difference Between Financial year and Assessment year The phrases “financial year” and “assessment year” are two extremely important terms that all taxpayers should be familiar with to file their taxes and tax returns in a smooth and hassle-free manner. Nowadays, tax filing is a simple process t ...

Mar - 2022

31

e-Assessment of Income Escaping Assessment Scheme

e-Assessment of Income Escaping Assessment Scheme

e-Assessment of Income Escaping Assessment Scheme The Finance Bill 2022 has proposed to bring reassessment proceedings within the ambit of faceless assessment. In line with the amendment proposed by the Finance Bill 2022, the Central Board of Direct Taxes (CBDT) vide a Notification No. 18/2022 date ...

Mar - 2022

21

CBDT Relaxes Requirement of e-Filing of Form No. 3CF

CBDT Relaxes Requirement of e-Filing of Form No. 3CF

CBDT Relaxes Requirement of e-Filing of Form No. 3CF Central Board of Direct Taxes, Government of India (CBDT) vide Circular No. 5/2022 dated 16th March 2022 relaxes the requirement of electronic filing of the application in Form No. 3CF for seeking approval under section 35(1)(ii)/(iia)/(iii) of ...

Feb - 2022

07

CBIC Clarification on Applicability of Most Favoured Nation (MFN)

CBIC Clarification on Applicability of Most Favoured Nation (MFN)

CBIC Clarification on Applicability of Most Favoured Nation (MFN) The Central Board of Direct Taxes (CBDT) has received representations seeking clarity on the applicability of the Most Favoured Nation (MFN) clause available in the Protocol to some of the Double Taxation Avoidance Agreements with OE ...

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