YouTube, in recent years, has emerged as a significant source of income. This social media website has transformed from a video-sharing platform to a content-creation platform, opening a lucrative income option to all. Budding vloggers are making money from this social media, but most are unaware of whether this income is taxable as per the Income Tax Act 1961.In this article, we will provide you with a comprehensive guide on taxes applicable to your income from YouTube.It is such a social media platform where there is no age constriction regarding vlogging or content creation. Creative minds can come together to share their experience and knowledge and earn a significant sum. Nature of YouTube IncomeThe nature of income of YouTubers varies as per the posts they make. Here are the types of income earned by YouTubers - YouTube advertisementsAffiliate sales or freelance income from the content createdPayment from YouTube for engaging viewers - assessed mainly as per the number of views, comments and reachConsultancy service for video design, creation, and optimisation, assisting to reach a big audienceIncome Tax Implication on YouTube EarningsThe income tax payable on your YouTube business can be classified under 'Income from Other Sources' or 'Income from Business and Profession'. However, in most cases, the earnings are regarded as business income.

People worldwide were waiting for the changes introduced on Twitter after Elon Musk acquired the social media platform in October 2022. The business magnate and investor changed Twitter’s legal name in April 2023. Now, this famous social media platform is officially known as X Corp. Soon after, Musk made a business decision to share ad revenues with content creators who are active on the rebranded platform. The payment of ad revenues depends on the engagement that creators generate. Read on to know how the income earned by Indian users from X will be taxed. How Content Creators’s Earnings from Twitter Will Be Taxed? Let’s explore how the content creators will earn from X in detail. Musk has recently announced that people who have subscribed to X Premium (blue) are entitled to receive the company’s share.

Every type of asset losses its value over time. Though real estate is considered to be one of the best investment opportunities, it also faces depreciation. The value of buildings may depreciate due to various reasons like poor maintenance, lack of adequate facilities, etc. However, the most important factor is the age of a building.Keep reading to learn more about the depreciation of buildings and land and how to calculate it.Building Depreciation Rate Depreciation of a building is the process by which its recorded cost is reduced in an organised way till its total value falls to zero. Or the value of the building reaches its salvage value.

The monetary value of an asset gets generally reduced over time due to wear and tear or obsolescence and regular usage. This reduced value of the asset is known as “Depreciation”. Not considering the depreciation rate of assets like air conditioners can greatly affect an organisation’s profit and loss statement. As per Income Tax Act, entities/businesses can claim the depreciation as a deduction. It typically depends on the Income Tax Department depreciation rates and the asset's value. Air conditioning is the perfect example of a fixed asset getting older as time passes, and as a result, the value of the asset reduces. So, to know everything about the depreciation rate of air-conditioners, scroll down.Air Conditioner Depreciation RateIn recent years, air conditioning systems have become an integral part of organisations due to scorching heat and rise in temperature. Air conditioner is considered an immovable fixed asset for businesses and falls under the “Office furniture and Equipment” or “Plant and Equipment” asset class.

Tax Collected at Source (TCS) is a system where a seller of certain goods collects taxes from the buyer. Now, if the buyer is not liable to pay any taxes and wishes to inform the seller about the non-deduction of taxes, he/she can submit Form 27C of the Income Tax Act. In this case, the list of specific goods includes timber, scrap materials, tendu leaves, etc.Keep reading to learn how to file Form 27C, its applicability, the documents required and more.  What is Form 27C of the Income Tax Act?As per the Income Tax Act, Form 27C is a declaration form for non-deduction of Tax Collected at Source (TCS) by the buyer of goods to its seller. Rules state that the seller of goods needs to collect taxes from the buyer. However, if the buyer is not liable to pay TCS, he/she can file Form 27C. However, he/she needs to be an Indian resident and use all goods purchased to manufacture, produce or process articles or goods.

Previously, there was no definite way to validate the amount of donations received by charitable institutions like colleges, schools or universities. As a result, sometimes claims of donations were proved to be false or fraudulent. To tackle such fraudulent activities, the government introduced the donation statement in Form 10BD Income Tax. Let’s dive deeper into Form 10BD and its related aspects. Form 10BD of the Income Tax ActUnder Section 80G of the Income Tax Act 1961, a deduction on payment of donations is applicable. Accordingly, Finance Act 2021 introduced an amendment where the trust that possesses an 80G certificate needs to submit the statement of particulars of donation in each financial year in Form 10BD to the authority within the stipulated time.

If you are an employee of a company, you must be aware of the term "Form 27A". It is a form where an employer needs to provide information regarding the deducted TDS for a specific financial and assessment year. If you are wondering how to file and download Form 27A, then you have landed on the right page. This article will discuss the necessary topic related to Form 27A. So let's get started.All About Form 27AIn simple words, Form 27A is a summary of e-TDS or TCS return, which contains the statement of deduction or collection of tax at source.

Planning to pay your taxes for the first time? Are you confused between the different sections and provisions of income tax? Then know that you are not alone. Every first-time taxpayer should know the basics of how income tax is levied in India. In this regard, you need to know about certain aspects of the Income Tax Act 1961. The Income Tax Department levies taxes based on this Act passed by the Government of India. Keep reading this article to know more! What is the Income Tax Act 1961?The Income Tax Act 1961 is the set of rules and regulations upon which the Income Tax Department levies, administers, collects and recovers taxes. It contains 298 sections, 23 chapters and several important provisions which contain all the aspects of taxation in India. The nature of the Income Tax Act 1961 is direct i.e.

There might be cases in which you might not agree with the order passed by the Assessing Officer regarding your total income. In this case, the best option would be to fill up and submit Form 35 to the Income Tax Department. Section 246A of the Income Tax Act states the list of orders you can appeal against. Some of them are intimations issued under section 143(1), search assessment orders as per section 153A, etc. Keep reading to know what Form 35 is and how to file it. What is Form 35 of the Income Tax Act?Form 35 is available for assessees or deductors aggrieved by any order of an Assessing Officer (AO). They can file an appeal to the Commissioner of Income Tax (Appeals) against any order of the Assessing Officer by submitting a duly filled Form 35.

According to the Third Amendment of Income Tax Rules 2023, the tax audit report needs to be furnished by charitable trusts, institutions and NGOs to file form 10B. These institutions and trusts must be registered under Section 12A or approved under Section 10(23C) of the Income Tax Act. Keep reading to get a detailed idea about Form 10B of the Income Tax Act.Form 10B of the Income Tax Act Form 10B previously allowed a taxpayer to file an audit report if they were already registered or applied as a charitable or religious trust or institution by filing Form 10A. These trusts or institutions had to be registered under Section 12A.As per Income Tax (Third Amendment) Rules 2023, the focus of applicability of the form for furnishing tax audit reports has a wider scope. Under Section 12A of the Income Tax Act, 1961, form 10B is now concerned with audit reports of charitable funds, universities, educational institutions, hospitals or other medical institutions whose total income in the previous financial year has crossed the threshold of Rs.5 crore. Form 10B ApplicabilityEvery organisation or trust registered under Section 12 must file Form 10B as per the Third Amendment of the Income Tax Act.Form 10B of the Income Tax Act applies to the following cases:If the total income of the trust or institution, without using the provisions of the mentioned clause/section, as applicable-sub-clauses (iv), (v), (vi) and (via) of clause 23C of section 10sections 11 and 12 of the Act,exceeds rupees 5 crores during the previous yearIf any foreign contribution is received during the previous year by any trust or institutionTrusts or institutions applied any part of their income outside India during the previous year. Here are some of the situations in case of which you need to mandatorily file form 10B:If the total income of the trust or institution exceeds Rs.5 crore during the previous fiscal year.In case a trust or institution receives any amount of foreign contribution.