In our earlier article, we have already discussed how tax is collected at the rate of 20% on foreign remittance. This is called TCS, which stands for Tax Collected At Source. Do you know, income tax laws also require a seller of bike, cars, EVs and certain other capital goods and services to collect tax on the payments received above a specified amount?Tax collected at … [Read more...] about Tax collected at source (TCS) applicable to bikes, Car and EV
Income Tax
How to claim tax deduction on donation under section 80G
An individual can claim tax deduction under section 80G of the Income tax act, 1961 for donations made during the financial year to certain specified institutions. Tax deduction under section 80G can be claimed only if you have opted for the old tax regime. If you have opted for a new tax regime, then benefits of Section 80G will not be allowed.In this article, let us … [Read more...] about How to claim tax deduction on donation under section 80G
How to respond to a defective notice for your income tax return
A defective income tax return under section 139(9) of the Income tax act, 1961, occurs when your income tax return either omits certain information or data entered are inaccurate.In the following situations, the income tax department may issue a defective notice for your income tax return (ITR) in order to rectify the mistake from the tax return filed by you.Above … [Read more...] about How to respond to a defective notice for your income tax return
Which section code to use in TDS Return Filing
It’s mandatory to enter section codes in the field “section under which payment made” while preparing TDS return 24Q and 26Q. Therefore, for your ready reference here are all the section codes given to use while preparing your TDS return.SectionNature of PaymentSection Code192APayment of accumulated balance due to an employee192A193Interest on … [Read more...] about Which section code to use in TDS Return Filing
Taxation on Cryptocurrency: A Guide to Crypto Taxes in India
Cryptocurrency is a form of digital currency that exists virtually and uses cryptography to secure transactions. At present we have more than 1000 virtual digital currencies such as Bitcoin, Ethereum, Litecoin, etc.The Government of India has categorized cryptocurrency as virtual digital assets under section 2(47A) of the Income tax act, 1961. Therefore Bitcoin, Ethereum, … [Read more...] about Taxation on Cryptocurrency: A Guide to Crypto Taxes in India