A cryptocurrency can be defined as a decentralised digital asset and a medium of exchange based on blockchain technology. What Are CryptoCurrencies?In layman's terms, cryptocurrencies are digital currencies designed to buy goods and services, similar to other currencies. However, they have largely been controversial due to their decentralised nature, meaning their operation without any intermediary like banks, financial institutions, or central authorities.Today, more than 1,500 virtual currencies, such as Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple, Matic, etc., are traded in the digital currency world. The investment and trading volume of cryptocurrencies has increased multifold.  Is Crypto ‘Currency’ Or An ‘AssetCrypto and NFTs were categorised as "Virtual Digital Assets", and Section 2(47A) was added to the Income Tax Act to define this term. The definition is quite detailed but mainly includes any information, code, number or token (not Indian or foreign fiat currency) generated through cryptographic means. In simple words, VDAs mean all types of crypto assets, including NFTs, tokens, and cryptocurrencies, but they will not include gift cards or vouchers.Is Crypto Taxed In India?Yes, gains from cryptocurrency are taxable in India.

Taxpayers filing their return after the due date will have to pay interest under Section 234A and a penalty under Section 234F.  When is the last date to file ITR?ITR filing last date for Financial Year 2023-24 (AY 2024-25) is July 31, 2024. However, if you miss filing within the due date, you can still file a belated return before December 31, 2024.Click here to file income tax returnWhat are Financial Year (FY) and Assessment Year (AY)?The return you will file in the upcoming year is for the income you earned in FY 2023-24, i.e. for the income earned between 1 April 2023 and 31 March 2024. The assessment year is the review year for FY 2023-2024, where you file your returns and declare your returns by declaring all the incomes, exemptions, deductions, losses etc., already made or incurred during the year for tax assessment. . For the income earned during the FY (here FY 2023-24), the assessment year would be the immediately next year, i.e.

New sections were introduced in the Finance Bill, 2021 to deduct TDS (tax deducted at source)/ collect TCS (tax collected at source) at higher rates when the amount is paid to specified persons who have not filed their income tax returns. Section 206AB is inserted after section 206AA of the income tax act. The latter provides for the deduction of TDS at higher rates for those who do not provide/furnish their Permanent Account Number (PAN). Similarly, section 206CCA for TCS is inserted after section 206CC of the Income Tax Act. Read on for a detailed explanation covering the recent CBDT circular no. 10/2022, the compliance check functionality and more.What is section 206AB and 206CCA?Section 206AB– Deduct TDS at higher rates than usual when you make payments to those who have not filed their income tax return in the last year.Section 206CCA– Collect TCS at higher rates than usual from the amounts received from buyers.Rate of TDS under section 206AB or Rate of TCS under section 206CCA?TDS under section 206ABIf payment is made to a specified person as mentioned above, then tax shall be deducted at source (TDS) at higher of below rates:2 times the rate given in the Income Tax Act or Finance Act or5%If the person provides the PAN, but has not filed the return for the last 3 years then the above rate shall apply. Just to save from this if he doesn’t provide the PAN then tax shall be deducted at 20% or much higher rate as per section 206AA.TCS under section 206CCAThe tax shall be collected at source (TCS) on higher of the following: 2 times the rate given in the Income Tax Act or Finance Act or.5%If the person provides the PAN but has not filed the return for the last 3 years, then the above rate shall apply.

The income tax department introduced the TDS tax deduction system to collect taxes quickly and conveniently. As per the Finance Act, 2013, any HUF or individual purchasing real estate worth at least Rs 50 lakh must deduct TDS when paying the seller. This TDS amount must be paid to the government by filing Form 26QB within a specific time frame. In this article, we have explored everything related to online Form 26QB. Scroll down and read further.What Is 26QB Form?The Income Tax Act of 1961 has set specific rules for purchasing and selling immovable property. Under Section 194-IA of the income tax, a buyer should deduct TDS at 1% of the sum or the stamp duty value of such property, whichever is higher, only if the property value for transactions exceeds  Rs 50 lakh. For instance, if a buyer purchases a property for Rs 90 lakh, then the TDS deduction will be initiated on the property's value (i.e., 90 lakhs) and not on Rs 40 lakh (90-50). 26QB is an online statement cum challan form used for the payment of this TDS to the government.

The VPF or Voluntary Provident Fund is a non-compulsory investment made by salaried employees over and above the EPF i.e. Employees Provident Fund. The major advantage is that it is a government-backed savings scheme with low risks and high returns. The VPF, full form is Voluntary Provident Fund. Learn more about VPF in this article. What is Voluntary Provident Fund?Voluntary Provident Fund (VPF) aka Voluntary Retirement Fund is a voluntary fund contribution from the employee towards his Provident Fund (PF) account.

Buying a house? Then you must definitely read this article. When it comes to buying or selling property in India, taxes are an important part. One such tax is the Tax Deducted at Source (TDS) on the sale of property under Section 194-IA. Property here refers to only immovable property like land and buildings. Before making a payment to the seller, buyer has to deduct tax at the time of purchasing property. While making a purchase of the property, the buyer has to deduct tax before making a payment to the seller. Let's dive deeper into what is the rate of TDS on sale of property under Section 194IA, who is responsible for deducting it and how to file TDS on sale of property.Union Budget 2022 updatesNew Section 194S- A person is liable for Tax Deduction at Source (TDS) at 1% at the time of payment of the transfer of virtual digital assets.Sale of immovable property under Section 194-IA- It is proposed to amend the amount on which TDS should be deducted.

Budget Day is an eagerly anticipated event in India, with both businesses and the general public waiting with baited breath to understand the schemes and initiatives that could potentially benefit them. This year, in light of the upcoming elections, Budget 2024 has been substituted with an Interim Budget. Nevertheless, the honourable Finance Minister, Smt. Nirmala Sitharaman, has not failed to deliver on schemes and benefits, much to the satisfaction of the general public. The FM announced on 1st February 2024 that the theme for this year’s Budget would be “Viksit Bharat Budget 2024”. She reiterated that the country continues to strive towards Atmanirbhar Bharat.

The income tax slabs are different under the old and the new tax regimes. Further, the slab rates under the old tax regime are divided into three categoriesIndian Residents aged < 60 years + All the non-residents 60 to 80 years: Resident Senior citizensMore than 80 years: Resident Super senior citizensWhat Is an Income Tax Slab?In India, the Income Tax applies to individuals based on a slab system, where different tax rates are assigned to different income ranges. As the person's income increases, the tax rates also increase. This type of taxation allows for a fair and progressive tax system in the country. The income tax slabs are revised periodically, typically during each budget.

ITR stands for Income Tax Return. The Income-tax Act,1961 releases all the ITR forms and specifies the procedures to be followed. This article provides an in-depth understanding of the definition of ITR and the types of ITR forms..What is ITR?Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable, to the income tax department.The department has notified 7 forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer should file his ITR on or before the specified due date.

According to the IT Act, pensions come under the head “Income from Salaries”. Thus, if a person’s pension income falls above the exemption level, filing the ITR for pensioners is necessary. In this regard, individuals can submit the ITR-1 (Sahaj) form. What’s more, they can file the return both online and offline. Keep reading to know more!How To File Income Tax Returns For Pensioners In India?To file ITR for pensioners online, follow the steps given below:Step 1: Visit the Income Tax e-filing official website and log in by typing in your credentials.  Step 2: Navigate to the “e-File” tab, and from the drop-down menu, select “Income Tax Returns”Step 3: Click on “File Income Tax Return”Step 4: Select the Assessment Year and select the online mode of filing and Click on ‘Continue’.Step 5: Now, if you already have a pre-filled ITR, select “Resume Filing”; otherwise, click on “Start New Filing”. Step 6: Choose your applicant status and press “Continue” to proceed with your application.