Posted On:  5 months ago


How profit from Bitcoin will be taxed in India?

Bitcoin is the buzzing word on social media and all want to become rich by investing in the crypto currency. Many Indian despite RBI warning has invested in to Bitcoin few months back and have made handsome gains. The question now remains is the gains on sale of Bitcoin is taxable under Income Tax Act? If yes then it shall be taxed as business Income or Capital Gains or something else ? Any gain on Bitcoin is taxable as any gain on account of Bitcoin exchange is certainly (100%) taxable because the definition of income u/s 2(24) under Income Tax Act is inclusive, which mean every kind of income unless clearly exempt .

article author CA Chirag Chauhan

Posted On:  9 months ago


Why it is right time to invest and switch to 8% RBI Bonds?

Recently RBI has reduce interest rate and going by inflation figures there is all the possibility of further reduction of interest rate in near future by 2018. The rate of interest on fixed deposit of banks are reducing below 7% making them non attractive in terms of returns post tax.  Rate of interest on fixed instrument with government guarantee are at all-time low,

article author CA Chirag Chauhan

Posted On:  9 months ago


Why it is right time to invest and switch to 8% RBI Bonds?

Recently RBI has reduce interest rate and going by inflation figures there is all the possibility of further reduction of interest rate in near future by 2018. The rate of interest on fixed deposit of banks are reducing below 7% making them non attractive in terms of returns post tax.  Rate of interest on fixed instrument with government guarantee are at all-time low,

article author CA Chirag Chauhan

Posted On:  11 months ago


Return filing procedure under GST

1. Every registered person is required to file (i) Details of Outward Supply; (ii) Details of Inward Supply; and (iii) Return for the prescribed tax period. 2. UN agencies have to file return for the month during which they make purchases. They would not be required to file regular return. 3. Common return is pre

article author Kailash Dave

Posted On:  1 year ago


Composition scheme under the GST

The word ‘composition’ comes from the Latin componere, meaning "put together". It is a feature of Indirect Tax laws that in order to provide a comfort to assessee from complying with the requirement of paying tax on value addition by maintaining detail of ‘inputs’ and ‘outputs’, a option is provided to go for a put together scheme.

article author KUNAL BUDHRAJA

Posted On:  1 year ago


Your PAN number will be Invalid and you will not able to file tax return, if not linked to Aadhaar card by 1 July 2017

How smartly the government has used Aadhaar to reduce corruption from direct benefit transfer for LPG in which the subsidy on LPG cylinders will be credited directly to consumers' Aadhaar-linked bank accounts, KYC verification process to recently launching “Aadhaar Pay” on 14th April 2017, a payment system which will enable people to carry out bank transactions just by using their thumb impressions. While the law had empowered the Centre to mandate use of Aadhaar in most of the center funded schemes, since then the corruption level has significantly reduce. In recent Finance Act 2017 government has mandated use of Aadhaar for filing returns and linking of all existing PAN Number with Aadhaar Number.

article author CA Chirag Chauhan

Posted On:  1 year ago


Exchange of old notes for those who were out of India B/W 10.11.2016 to 30.12.2016

In terms of Section 4 (1) of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 of the Government of India dated December 30, 2016 and their Notification S.O. 4251(E) dated December 30, 2016 thereunder, the captioned facility has been formulated by the Reserve Bank to afford an opportunity to those Indian citizens who could not avail facilities of exchange of SBNs under the earlier facility, as they were not present in the country during No

article author One Roof Consultant

Posted On:  2 years ago


Different ways in which remittance can be done by Non Resident Individual – NRI

Remittance is something that we have heard about but how many of us know what it actually is and how can it facilitate Non- Resident Indian’s or Persons of Indian Origin or Foreign Nationals. Remittance simply means transfer of money by a foreign worker to an individual in his or her home country. This money sent home works as an international aid as one of the largest financial inflows to developing countries. It’s glad to know that now Indian rupee has become fully convertible. Therefore, NRI’s no more have to hesitate and can now look forward to good investments opportunities in their home country without the fear of whether they would be able to move the funds aboard as and when the need may so arise.

article author CA Chirag Chauhan

Posted On:  2 years ago


Streamlining the process of No Objection Certificate and voyage assessment in the case of Foreign Shipping Companies (FSCs).

Representations have been received in the Board regarding the procedural difficulties faced by foreign shipping companies in issuance of Port Clearance Certificate (PCC) required as per provisions of Section 172 of the Income-tax Act. 1961 (the Act), Board had earlier issued Circular No 732 dated 20.12.1995 to do away with procedure of obtaining NOC for each voyage in cases covered by full DTAA (Double Taxation Avoidance Agreement) relief. However, it has been represented that

article author One Roof Consultant

Posted On:  2 years ago


Deductions under 80C available for Non Resident Individuals (NRI’s)

Contributions by an individual or HUF to specified scheme U/S 80c qualify for a deduction up to an aggregate ceiling of Rs. 150000 from gross total income. There are no ceilings on deductions u/s 80C for individual schemes, unless the rules of the schemes provide for their own limits. These schemes include:

article author CA Chirag Chauhan

Posted On:  2 years ago


Equalisation Levy on Online Advertisement

“In order to tap tax on income accruing to foreign e-commerce companies from India, it is proposed that a person making payment to a non resident, who does not have a permanent establishment, exceeding in aggregate Rs. 1 Lakh in a year, as consideration for online advertisement, will withhold tax at 6% of gross amount paid, as Equalization levy. The levy will only apply to B2B transactions.”

article author PANKAJ KUMAR SHARMA

Posted On:  2 years ago


Stepwise Registration process under MVAT and CST - Maharashtra Value Added Tax and Central Sales tax

1. Introduction Under Maharashtra Value Added Tax Act, 2002, there are two modes of registration viz. (a) when the dealer crosses the threshold limit and; (b) When the dealer makes an application under voluntary scheme of registration (c) Non Resident Dealer (d) Casual Dealer Central Sales Tax is an Act to formulate principles for determining, when a sale or purchase of goods takes place in the course of inter-state trade of commerce, or outside a State or in the course of imports into or export from India, to provide for the levy, collection and distribution of taxes on sales of goods in the course of interstate trade of commerce and to declare certain goods to be of special importance in inter-state or commerce and specify the restrictions and conditions to which state laws imposing taxes on the sale or purchase of such goods is of special importance. Eligibility criteria for CST registration is that the dealer should have entered into inter-state trade of commerce.

article author CA Chirag Chauhan

Posted On:  2 years ago


Union Budget 2016-17 - An Analysis

Dear Reader, The Finance Minister in his Budget presented to the Parliament today has aimed at giving fillip to growth and promoting the new age industries. Please find enclosed herewith our Tax Bulletin analyzing the direct tax proposals as stated in the Budget. Trust you will find it an interesting read.

article author Vispi T. Patel

Posted On:  2 years ago


Resident Status Classification for individual, HUF, Company as per Income Tax and FEMA – FAQ.

The article briefly provides the different class of resident status as per income tax act, how to determine resident status of individual, HUF and Compnay. Taxability of income in hands of non resident and Resident, various provisions of income tax act in relation to above and exemptions applicable

article author CA Chirag Chauhan

Posted On:  2 years ago


Eleven types of Income on Which You Don't Have to Pay Taxes in india

There are certain incomes that are exempt from income tax. If you get your income from these sources, your tax liability will be zero.

article author CA Chirag Chauhan

Posted On:  2 years ago


Provision for Non Resident as per income Tax Act – Frequently Asked Questions

The article briefly provides the different class of resident status as per income tax act, how to determine resident status of individual, tax ability of income in hands of non resident, various provisions of income tax act in relation to non-resident

article author CA Chirag Chauhan

Posted On:  2 years ago


Know all about ECB- external commercial borrowings in India

What is External commercial borrowings in Indian context ? ECB is allowed/permitted to all companies/entities ? OR who is eligible to take ECB ? ECB funds can be utilised for what purposes ?

article author CA Nikesh Sheth

Posted On:  2 years ago


Non Resident Indian Tax Exemption as per Income Tax Act

The article gives you details of Income which is not taxable in hands of Non Resident, Income which is taxable at presumptive rate and other income which are taxable at special rate.

article author CA Chirag Chauhan

Posted On:  2 years ago


Certificate under Rule 37BB of Income Tax Rules, 1962

This article describes major issues about TDS applicability, TDS rates in foreign remittances and recent amendment in Section 195 (6) as also recent decision of Pune ITAT on applicability of Section 206AA.

article author Milind Kulkarni

Posted On:  2 years ago


Rates for Tax Deduction at Source for Assessment year 2016-17

A comprehensive Chart for Tax Deducted at Source (TDS) for Individuals, Non Resident, Domestic Company and Foreign Company for the Financial Year 2015-16 and Assessment Year 2016-17

article author CA Chirag Chauhan