Ektha Surana

Content Writer

Multitasking between pouring myself coffees and poring over the ever-changing tax laws. Here, I've authored 100+ blogs on income tax and simplified complex income tax topics like the intimidating crypto tax rules, old vs new tax regime debate, changes in debt funds taxation, budget analysis and more. Some combinations I like- tax and content, finance & startups, technology & psychology, fitness & neuroscience. Expertise: Income tax, Finance

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The latest articles by Ektha Surana

What is Windfall Tax? Windfall Tax on Crude Oil, ONGC & Oil Companies in India
Updated on Jun 9th, 2023 | 4 min read

Windfall tax came into being in the 1970s with the intent to tax the profit of companies generating huge revenue due to an unprecedented event. However, this tax system has been debated since its initiation. The recent windfall tax on crude oil this year is making headlines. However, looking into a dramatic rise in their yearly profit, Government needs to levy a windfall tax on their income. If you want detailed information on this recent windfall tax story, check out below.Latest updatesThe government has left the windfall tax on petrol, diesel and aviation turbine fuel at zero. The government has cut the windfall tax on crude oil to Rs 4,100 per tonne from Rs 6,400 per tonne, effective from 2 May 2023.What is Windfall Tax?A windfall tax is a higher tax levied by the government on specific industries when they experience unexpected and above-average profits.

PAN Aadhaar Link - How to Link Aadhar Number With PAN Card Online Before Deadline
Updated on Jun 8th, 2023 | 16 min read

Latest UpdateThe last date for linking Aadhaar with PAN is 30th June 2023. PAN will become inoperative from 1st July 2023 if it is not linked with Aadhaar. All citizens having a PAN card should link it with their Aadhaar card by 30th June 2023. The government has made it mandatory for all taxpayers having a PAN card to link it with their Aadhaar card within the deadline. However, a late penalty of Rs.1,000 should be paid before requesting to link PAN-Aadhaar. When the PAN-Aadhaar linking is not done within 30th June 2023, the PAN card will become inoperative from 1st July 2023.

Income Tax Slabs FY 2023-24 (AY 2024-25) & FY 2022-23 (AY 2023-24) – New & Old Regime Tax Rates
Updated on Jun 8th, 2023 | 65 min read

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Taxation on Cryptocurrency: Guide To Crypto Taxes in India 2023
Updated on Jun 7th, 2023 | 21 min read

A cryptocurrency can be defined as a decentralised digital asset and a medium of exchange based on blockchain technology. What are cryptocurrencies?In layman language, cryptocurrencies are digital currencies designed to buy goods and services, similar to other currencies. However, since the beginning, it has largely been controversial due to its decentralised nature, meaning its 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 a ‘currency’ or an ‘assetCrypto and NFTs were categorized 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 it will not include gift cards or vouchers.Is crypto taxed in India?Yes, gains from cryptocurrency are taxable in India.

How to Download and Fill Form 15G For PF Withdrawal?
Updated on Jun 6th, 2023 | 9 min read

Employee Provident Fund is a fund meant for the welfare of employees where 12% of the employee’s basic salary and dearness allowance is contributed to the fund account every month. A matching contribution is made by the employer. This fund balance earns 8.10% interest every year.You can withdraw this PF balance as per the PF withdrawal rules. However, according to section 192A of the Income Tax Act, TDS (Tax Deducted at Source) will be deducted if the withdrawal amount exceeds Rs. 50,000 per financial year.

20% TCS On International Travel Credit Card Spends: Complete Guide
Updated on Jun 5th, 2023 | 5 min read

The Government of India has recently introduced a significant change that directly impacts individuals' overseas spending. Under the newly amended Foreign Exchange Management Act (FEMA), all international credit card transactions made in foreign currency now fall under the Liberalised Remittance Scheme (LRS). This alteration introduces a set of rules that need to be understood by Indian residents who frequently use international credit cards for their purchases. In this article, we will explore the key details of the 20% Tax Collected at Source (TCS) on international credit card transactions and its implications.What is 20% TCS?Previously, Indian residents could freely remit up to $2,50,000 (approximately Rs. 2 Crores) out of India in a financial year without requiring any RBI approval.

Section 80GGC of Income Tax Act
Updated on May 31st, 2023 | 7 min read

Section 80GGC of the Income Tax Act, 1961, permits an individual to claim a tax deduction for any donations or contributions made towards any political party. So, if you opt for such tax deductions, you have the opportunity to save a good portion of income tax under Section 80GGC apart from other exemptions such as medical allowance, house rent allowance, etc.To clearly understand the details of Section 80GGC of Income Tax Act check out below!What is Section 80GGC?Section 80GGC provides for tax deductions with respect to donations made by taxpayers towards political parties or any electoral trusts. Section 80GGC of the Income Tax Act was introduced to bring about transparency in electoral funding and free it from corruption. It also encourages individuals to financially support the political system and claim tax deductions against such donations to lower their tax liability.Who can avail 80GGC deduction? Any person other than:companies,local authorities, andartificial juridical person which is wholly or partly funded by the Government.Thus, any individual, Hindu Undivided Family (HUF), an AOP or BOI, a firm, and an artificial juridical person which is not wholly or partly funded by the government are eligible to claim deduction under Section 80GGC.Which contributions and donations can be deducted under section 80GGC?Deduction under 80GGC can be claimed only if you make donations or contributions to: A political party; or An electoral trust. Note: Political party must be registered under section 29A of the Representation of the People Act, 1951. Any donation/contribution made to any other political party would not qualify for deduction u/s 80GGC.Section 80GGC deduction limitsThere is a certain limitation for deduction under Section 80GGC of the income tax.

Who can claim a deduction under section 80DD?
Updated on May 29th, 2023 | 8 min read

Deduction under Section 80DD of the income tax act is allowed to Resident Individuals or HUFs for a dependent-who is differently-abled and is wholly dependent on the individual (or HUF) for support & maintenance.Conditions to avail of Section 80DD deductionBelow are the conditions you must meet to avail this deduction –Deduction is allowed for a dependant of the taxpayer and not the taxpayer himself.The deduction can only be claimed by resident individuals of India.The taxpayer is not allowed this deduction if the dependant has claimed a deduction under section 80U for himself/herself.Dependant in case of an individual taxpayer means spouse, children, parents, brothers & sisters of the taxpayer. In case of a HUF means a member of the HUF.The taxpayer has incurred expenses for medical treatment (including nursing), training & rehabilitation of the differently-abled dependant or the taxpayer may have deposited in a scheme of LIC or another insurer for maintenance of the dependant.Disability of the dependant is not less than 40%.Disability is defined under section 2(i) of the Persons of Disabilities Act, 1995. #inlineCTA-choosePlan{ display: flex; flex-direction: row; align-items: flex-start; flex-wrap: wrap; padding: 24px 0; border-top: 1px solid #C4C4C4; } #inlineCTAimage{ padding-right: 20px; } #CTAbody{ flex: 1 1 50%; } #inlineCTAhead{ color: #314259; font-size: 20px; font-weight: 700; padding-bottom: 8px; } #inlineCTAcontent{ font-size: 16px; color: #9092A3; font-weight: 400; } #inlineCTAbutton{ padding: 8px 24px; color: #1678FB; font-size: 16px; background-color: #FFF; border: 1px solid #1678FB; border-radius: 8px; font-weight: 700; text-decoration: none; margin: 8px 0 10px; } #inlineCTAbutton:hover{ background-color: #1678FB; color: #fff; box-shadow: 4px 5px 10px rgb(0 0 0 / 14%); } @media only screen and (max-){ #full-width-mob, #inlineCTAbutton{ } #inlineCTAhead { font-size: 19px; padding: 8px 0; } #CTAbody{ flex: 1 1 100%; } } File your returns in just 3 minutes100% pre-fill. No manual data entryFile Now const userAgent = navigator.userAgent || navigator.vendor || window.opera; const inlineCTAbutton = document.getElementById('inlinebtnLink'); if (/android/i.test(userAgent)) { inlineCTAbutton.href = "" } if (/iPad|iPhone|iPod/.test(userAgent) && !window.MSStream) { inlineCTAbutton.href = "" } What is the maximum amount of deduction allowed under Section 80DD?Fixed amount of deductions are allowed under Section 80DD, irrespective of the actual expenditure. However, the amount of deduction depends on the severity of the disability.Where the disability is more than 40% and less than 80%: Rs 75,000.Where the disability is more than 80%: Rs 1,25,000.Note: Before the Financial Year (FY) 2015-16 (FY 2014-15 & earlier years) – The deduction limit was Rs 50,000 where disability was at least 40% and Rs 1,00,000 where there was more than 80% disability.Necessary Documents to Claim Tax Deduction Under Section 80DDThe following documents will be required to be submitted to claim tax benefits under Section 80DD of the Income Tax Act, 1961:Medical Certificate: In order to avail of tax deduction under Section 80DD, the taxpayer is required to provide a copy of the medical certificate as evidence of the dependent's disability.Form 10-IA: If the dependent with a disability is affected by autism, cerebral palsy, or multiple disabilities, it is necessary to submit Form No. 10-IA.Self-Declaration Certificate: Taxpayers must provide a self-declaration certificate stating the expenses incurred on the medical treatment, which includes nursing, rehabilitation, and training, of the disabled dependent.Receipts of Insurance Premium Paid: While a self-declaration certificate is generally sufficient for claiming most expenses, it is not necessary to keep the actual receipts.

Section 206AB & 206CCA – Tax Deduction or Collection at Source For Not Filing of Income Tax Return
Updated on May 29th, 2023 | 8 min read

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%In addition to non-filing of income tax return, if the specified person does not provide PAN, then tax shall be deducted at 20% or rates applicable as per the section, whichever is higher. 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%In addition to non-filing of income tax return, if the specified person does not give their PAN, then tax shall be collected at 20% or rates applicable as per the section, whichever is higher. IllustrationA company makes a contract payment of Rs.80 lakhs to Mr P. The tax is deductible at 1%.

Assessment or Reassessment Notice Under Section 148 of the Income Tax Act
Updated on May 29th, 2023 | 10 min read

As per Section 147 of the Income Tax Act, 1961, the Income Tax Department has the power to reassess an individual’s previously filed income tax returns. The Assessing Officer could pick your income tax return for reassessment subject to some pre-defined criteria by sending a notice under section 148 for Income Escaping Assessment.What is Section 148?Section 148 of the Income Tax Act 1961 gives authority to the Assessing Officer to send notice to a taxpayer whose income has not been properly assessed. This implies that if the Assessing Officer suspects that a taxpayer has not disclosed complete income or has provided an inaccurate representation of it, officers can commence proceedings under this section.Section 148 Notice is a notice issued by the income tax officer to reassess the taxpayer's income tax return (ITR) if they disagree with the taxpayer's assessment and believe that some income has not been properly assessed.Finance Act 2022 introduced Section 148A, which requires the assessing officer to conduct an inquiry and give the taxpayer an opportunity to explain their case before issuing a notice under Section 148.The assessing officer must issue a notice to the taxpayer under Section 148A(b), providing information and adverse material suggesting that income has escaped assessment. The taxpayer can respond with their own material and evidence.In the 2021 budget, the government introduced Section 148A in the Income Tax Act. If the income tax officer has information that the taxpayer has undisclosed income for a specific assessment year, the officer must give the taxpayer a chance to provide an explanation before issuing a notice.

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