Last month’s GST Council meeting saw various new updates and revisions to the GST statute. In addition to making judgements on GST rates for goods and services, the Council also discussed the taxability of GST on casinos, online gaming, and…
Section 112A of Income Tax Act is a section that deals with the tax on long-term capital gains from the sale of certain assets like: These assets should be held for more than one year to be considered as long-term…
The Indian government has introduced taxability regulations for virtual digital assets through the Finance Bill 2022, effective from April 1, 2022. This article explores the tax consequences arising from the transfer of virtual digital assets by assesses. Understanding Virtual Digital…
Discover the game-changing Annual Information Statement (AIS) introduced by the Income Tax Department for individuals and Hindu Undivided Families (HUFs). This comprehensive article unveils the key points and benefits of AIS, replacing the previous Form 26AS. Get ready to simplify…
Equalization Levy (EL) is a tax leviable on consideration received by a non-resident for specified services. Specified Service means online advertising or provision of digital space for online advertisement or any other service for purpose of online advertising. Introduction Equalization…
The government requires people to mandatorily file income tax returns (ITRs) to get information about their income and to check if the tax on the income earned has been correctly paid. The last date for filing ITR for FY 2021-22…
INTRODUCTION Finance Act, 2020 had introduced provisions relating to TCS on sale of goods u/s 206(1H). Finance Act, 2021 introduced provisions relating to TDS on purchase of goods u/s 194Q to cover those transactions which were left uncovered by section…
Why is a income tax audit conducted? The main objective of the tax audit is to ensure the correctness of the books of accounts of an organisation. A qualified chartered accountant checks the financial records from time to time to…
