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
Income Tax
How to check if TCS deducted on foreign remittance is deposited before filing tax return
Please remember, TCS is not a tax payment. It's deducted in advance from your foreign remittances, which can be settled when you file your tax return with the government. This means, TCS can be used by an individual to adjust the net tax liability while filing annual Income Tax Return. You must make sure that your tax document reflects this amount.If you don’t know … [Read more...] about How to check if TCS deducted on foreign remittance is deposited before filing tax return
Government guidelines for TCS on LRS scheme of RBI
The Finance ministry has issued a circular 10/2023 and FAQs regarding changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on the purchase of overseas trip deals.Here are the FAQs and the government’s guidelines for TCS on LRS. Question 1: Whether payment through an overseas credit card would be counted in … [Read more...] about Government guidelines for TCS on LRS scheme of RBI
Understanding TCS on Foreign Remittance in India: A Complete Guide
TCS stands for Tax Collected at Source. It's a type of income tax collected by the seller of selected goods and services from the buyer. In case of foreign remittance transactions, tax is collected from you when you send money abroad.In simple terms, when you send money overseas, your bank may keep some for taxes, depending on what you’re paying for.Starting October 1, … [Read more...] about Understanding TCS on Foreign Remittance in India: A Complete Guide
When is the last date to file an income tax audit report
As per our tax laws, certain taxpayers are mandatorily requried to conduct audit under section 44AB of the Income tax act, 1961. These are in general referred to as tax audit. If you are liable to get your accounts audited under section 44AB, then you need to contact a practicing chartered accountant.In this article, we will be discusing the last date of submitting tax … [Read more...] about When is the last date to file an income tax audit report