Cryptocurrencies Taxation in India The income tax department reported that the taxation system for cryptocurrency in India has been established as follows: With effect from April 2022, income generated from cryptocurrency transactions is subject to a 30% tax. No income tax deductions against any expenses whatsoever is allowed. Moreover, crypto businesses are expected to pay …
Bogus political donations & fraudulent claims u/s 80GGC & 80GGB This issue highlights a major concern regarding bogus political donations and fraudulent deduction claims under Section 80GGC (for individuals) and Section 80GGB (for companies) of the Income Tax Act. These sections allow 100% tax deduction for donations made to registered political parties. However, since political …
Newly added High-Value Transactions threshold limits Income Tax Cash Transaction Rules & Regulations Section 269ST – Restriction on Cash Transactions No person can receive ₹2 lakh or more in cash: In a single day from one person. and For a single transaction, even if received on different days. also For multiple transactions related to a single …
ITC denial to Bonafide purchasers due to sellers’ non-compliance The Gauhati High Court’s ruling in the case of National Plasto Moulding Pvt. Ltd. vs. State of Assam & Ors. is a critical development in GST law, addressing the denial of Input Tax Credit to bona fide purchasers due to non-compliance by sellers. This ruling is …
Specific Issues and Challenges Under Valuation under GST, The document titled “Valuation under GST – Specific Issues and Challenges” provides detailed insights into key valuation issues under GST, specifically on topics like post-supply discounts, the concept of pure agents, related party transactions, and damages/compensation. Treatment of Discounts under Section 15 under GST law : Value …
TAX GUIDE FOR SALARIED INDIVIDUALS AY 2025-26 Under this blog outlines the tax guide for salaried individuals for AY 2025–26. Tax Regimes for FY 2024-25 (AY 2025-26): New Tax Regime: Default regime under Section 115BAC (1A). Taxpayers can opt for Old Tax Regime if preferred. Business Income: Option to switch regimes is limited to once …
Companies Act, 2013 – Company Law List of Sections 1- Short title, extent,commencement and application 2 – Definitions 3 – Formation of company 4 – Memorandum 5 – Articles 6 – Act to override memorandum, articles, etc 7 – Incorporation of company 8 – Formation of companies with charitable objects, etc 9 – Effect of …
TDS Rates Chart for the financial year 2024-25 This is the TDS (Tax Deducted at Source) Rates Chart for the financial year 2024-25. Here’s a quick breakdown of the rates and thresholds for various sections: Section 192: Payment of Salary – Based on slab rates; Threshold is the basic exemption limit. Section 193: Interest on …
Indian Govt is preparing to implement social security benefits for gig workers, such as those working with platforms like Zomato, Swiggy, Ola, and Uber. Under this initiative, these platforms will be required to deduct a portion of the workers’ payments and deposit it into the Employees’ Pension Scheme.
This move aligns with the provisions of the Code on Social Security, 2020, which aims to extend social security benefits—including life and disability cover, accident insurance, health and maternity benefits, and old age protection—to gig and platform workers. Additionally, the Govt plans to contribute 3-4% to this scheme.
These efforts reflect a growing recognition of the importance of providing social security to gig workers, who often face job insecurity and income uncertainty. The Govt is actively working to implement the Social Security Code to provide much-needed protection for gig workers.
Key highlight in 55th GST Council Meeting (January 15, 2025) The 55th GST Council Meeting demonstrated a proactive approach to addressing key sectoral challenges, refining tax rates, and simplifying procedural complexities. These updates aim to improve clarity and compliance for taxpayers while simplifying specific processes under GST, particularly regarding annual return filings, ISD mechanisms, and …