Tax Updates
Bitcoins Taxability in India Hi Reader, in this Article we discussed about Bitcoins Taxability in India i.e. how to pay tax on Bitcoins transaction in India. Before we start let’s understand the basis concept about Bitcoins. Bitcoins – Bitcoins is virtual currency and considered more secure than real money. Bitcoins was the first ever crypto …
GST provide 15 digit alphanumeric unique identification number to a person who gets registered under the GST Law. The allocation of GST Number to the taxpayer is based on Pan and State of the applicant. The First Two code of a GST Registration number represents the GST State Code. (Please check below GST State Code …
TDS on Purchase of Goods 194Q:- The Finance Bill 2021 has introduced a new provision Section 194Q in Income Tax Act. According to provision 194Q, TDS has to be deducted in case of purchase of goods. For more information on Section 194Q and its implications on buyers and sellers please read below full article on …
Income Tax Slab for AY 2021-22 for Individuals, Special Income Tax Slab for AY 2021-22 for Individuals, Special tax rates under Chapter XII..
Assessments under GST Assessments under GST:- As per section 2(11) of CGST act, “Assessment” means determination of tax liability. Assessment includes self assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment. In this Article, we discussed about various types of assessments under GST. Types of Assessments under GST: – There are following type of …
OIDAR Services under GST Definition of OIDAR: – OIDAR stand for “Online Information Database Access and Retrieval services.” OIDAR services under GST is defines in IGST Act. According to IGST Act, Online information database access and retrieval service (OIDAR services) mean the services whose delivery is mediated with the help of information technology over the …
Tax Exemptions for Startups Meaning of Startup: – In general terms startup mean an entity formed by a group of entrepreneurs with idea of introducing a new product / service or a new innovative idea or a big improvement of something already exiting in the market. Government provides various schemes and tax exemptions for startups. …
Equalisation Levy with example Equalisation Levy: – The Equalisation levy was introduced by Finance Act 2016 (effective from 1st June 2016). Equalisation levy is governed by Finance Act 2016 and it is not a part of Income Tax Act 2016. The purpose of introducing the equalisation levy is to levy tax on consideration of certain …
GST refund on inverted duty structure Inverted Duty Structure: – Inverted duty structure is a situation where in the inputs GST rate is more than the output or finished goods GST rate. For example in Type industry the GST rate on rubber type (output) is 5% and GST rate on natural rubber (inputs) is 10%. …
TDS rate chart for FY 2021-22 Section Nature of Payment TDS Limit TDS Rate 192 Salary As per Slab Rate As per Slab Rate Employees shall choose an option between New tax slab regime and old tax slab regime. 192A Premature withdrawal of employee Provident fund INR 50,000 10% 10% in case of resident and …