Cryptocurrency is an exciting investment option, but it can also come with a hefty tax bill. The IRS treats cryptocurrency as property, and therefore taxes it as such. This means that any gains made from buying and selling cryptocurrency are subject to capital gains taxes. However, there are ways to reduce your crypto taxes and keep more of your profits. Let us understand the top 10 ways to save crypto taxes; 1.Plan ahead: It is important to plan ahead when it comes to cryptocurrency taxes. Such transactions or trades might have tax implications.

Non-fungible tokens (NFTs) and cryptocurrencies have recently gained immense popularity. NFTs are unique digital assets that are stored on blockchain technology, and cryptocurrencies are decentralised digital currencies that operate independently of central banks. The increasing adoption of NFTs and cryptocurrencies has led to questions about how they are taxed. This article will explain how NFTs and cryptocurrencies are taxed.What Are NFTs?An NFT is a type of digital asset that represents ownership of a unique item or piece of content, such as artwork, music, or a video clip. Unlike cryptocurrencies such as Bitcoin, which are interchangeable and have the same value regardless of their specific unit, each NFT is unique and cannot be replicated or replaced.

Cryptocurrency is a type of digital currency that uses encryption methods to oversee the creation of currency units and ensure the safe transfer of funds. The key difference between traditional currency and cryptocurrency is that the latter is decentralised, meaning it operates without the backing of a central body like a government or financial institution. Rather, cryptocurrencies rely on blockchain technology to keep a transparent and secure record of all transactions.As the use of cryptocurrencies has become more widespread, tax authorities worldwide have begun to take notice and are seeking to regulate these transactions.What Is Crypto Tax?Crypto tax pertains to the tax obligations of individuals and businesses for their cryptocurrency-related transactions and profits. This refers to the amount of tax that must be paid to the government or tax authority for income earned through cryptocurrencies.Cryptocurrencies, such as Bitcoin and Ethereum, are typically treated as property for tax purposes in most countries. Any profits or losses from buying, selling, or exchanging cryptocurrency may be subject to capital gains tax.The specific tax requirements and rates for cryptocurrency transactions can vary depending on the jurisdiction.

Employees often receive perquisites in the form of cash or kind from their employer. These are some added benefits or advantages given to an employee other than his or her salary. As per the Income Tax Act, there are both taxable and non-taxable perquisites. Read along to learn about perquisites meaning, their types, benefits, taxability, and more.Perquisites Meaning In Income TaxWhen your employer provides extra benefits and other advantages along with your basic salary or wage, they are referred to as perquisites in income tax. However, perquisite do not include the reimbursements offered by your employer.

Recently, there has been a lot of buzz about the introduction of a new provision in Section 80G of the Income Tax Act. 1961, in regards to Form 10BD and Form 10BE. If you donate money to different charitable institutions, you can claim a deduction under Section 80G through Form 10BE. If you are wondering how then read on for more details. In this article, you will learn about Form 10BE and related information.All About Form 10BE Income TaxWith Form 10BE, the Central Government can ensure that the donation received by different charitable institutions matches the taxpayer's deduction claims.

Purchasing a car or bike is a huge investment in your life. But at the same time, you have to understand that with time the car ages and its value depreciates. As soon as you bring your vehicle out of the showroom, the value depreciates by 5% and gradually keeps on falling with each passing year. This depreciation amount is generally considered when you buy or claim insurance for your car or bike.Therefore, in this article, we will be guiding you in detail on how depreciation on your car or bike is calculated, as well as provide some examples. Depreciation Rate For Cars And BikesWhen you buy a car or bike, its value diminishes slowly with time due to natural wear and tear. This phenomenon is known as depreciation.

In India, individuals and businesses are liable to pay direct taxes based on their income. Several factors influence tax computation, including costs, tax type, deductions, income and exemptions. Irrespective of the income that an entity earns, he/she has to pay taxes as per the applicable tax rates. Does this mean that companies and individuals earning in crores need to pay crores in taxes? Follow this article to get comprehensive knowledge about the highest taxpayers in India.Top 10 Highest Taxpayers in IndiaWhen you think of taxpayers in India, the common names that come into mind are established businesses such as Reliance, ITC, Tata and many more. However, the list of top taxpayers goes beyond these renowned organisations. Here’s a list of the top 10 highest tax-paying entities in India. Reliance IndustriesReliance Industries Limited  (RIL) is a Fortune 500 company and India's largest private sector corporation.

Filing ITR is important for everyone, including housewives. Even if they do not possess any direct income, housewives can have 'Income from other sources' such as interest from fixed deposits, rent from a property owned and others. If the income from such sources exceeds the limit prescribed by the Indian government, a housewife would need to file her ITR. This article will discuss the different aspects of income tax for housewives, such as eligibility, deductions and income sources.Do Housewives Need To Pay Income Tax?As per the old tax regime applicable for FY 2023-24, a housewife (aged below 60 ) who earns less than Rs.2.5 lakh will not be subject to taxation. If the housewife falls in the super senior citizen category, i.e., 80 years and above, the minimum exemption limit has been increased to Rs. 5 lakh as per the old tax regime. In the new tax regime, the basic exemption limit will be Rs 300,000, up to which no tax liability exists, regardless of age.Housewives will only be liable to pay taxes if the total income from different sources exceeds the basic exemption limit.Income Tax Slab For Women (New Tax  Regime)Income tax slabTax rates< Rs.3,00,000NILRs.3,00,001 - Rs.6,00,0005%Rs.6,00,001 - Rs.9,00,00010%5Rs.900,001 - Rs.12,00,00015%Rs.12,00,001 - Rs.15,00,00020%> Rs.15,00,00130%Income Tax Slab For Women Below 60 years (Old Tax Regime)Income tax slabTax rates< Rs.2,50,000NILRs.2,50,000 - Rs.5,00,0005%Rs.5,00,001 - Rs.10,00,00020%> Rs.10,00,00130%Income Tax Slab For Women Between 60 and 80 years (Old Tax Regime)Income tax slabTax rates< Rs.3,00,000NILRs.3,00,001 - Rs.5,00,0005%Rs.5,00,001 - Rs.10,00,00020%> Rs.10,00,00030%Income Tax Slab For Women Above 80 Years (Old Tax Regime)Income tax slabTax rates< Rs.5,00,000NILRs.5,00,001 - Rs.10,00,00020%> Rs.10,00,00130%After knowing the eligibility and tax applicable to the income, a question comes to mind, how to file an income tax return for a housewife in India? To file income tax returns, you need only register on the income tax department's e-filing portal and get a valid User ID and Password. Once registered, you can submit your income tax return online.

Section 44AE of the Income Tax Act deals with the Presumptive Taxation Scheme. If you are a small taxpayer, you can avoid the tedious process of keeping records regularly. Instead, you can opt for a Presumptive Taxation Scheme to calculate your income at a prescribed rate.Here's more on the Presumptive Taxation Scheme!Which Businesses are Eligible for Presumptive Taxation Scheme?If you are engaged in businesses related to leasing, plying, or hiring goods carriages, you can opt for the Presumptive Taxation Scheme. However, you must own less than ten goods-carrying vehicles within any period during the previous FY to avail of this scheme. Thus, business people engaged in passenger transport with or have more than ten vehicles at any time within the last financial year will not be eligible for this scheme.For instance, let’s say that Mr Anand owned eight goods vehicles during the financial year 2023-2024 and is engaged in the leasing goods carriages business.

The first step towards tax saving is to understand the country's tax structure. At present, there are two tax regimes operational in the country. The taxpayers now have the choice to pick a tax regime that can help them save more money. If you haven’t made any choice, you will be shifted to the new tax regime by default. If you want to know how to save tax on a 1 crore salary, this is just for you. Tax Slabs Under Old vs New Tax RegimeAs per the new income tax guidelines, you can opt for either the new or the old regime while filing your taxes. Here is a difference between the two:Tax SlabFY 2023-24 Tax Rate (Old tax regime)Tax SlabFY 2023-24 Tax Rate (New tax regime)Up to Rs 2,50,000NilUp to Rs 3,00,000NilRs 2,50,000 – Rs 5,00,0005%Rs 3,00,000 – Rs 6,00,0005%Rs 5,00,000 – Rs 10,00,00020%Rs 6,00,000 – Rs 9,00,00010%Rs 10,00,000 and beyond30%Rs 9,00,000 – Rs 12,00,00015%NANARs 12,00,000 – Rs 15,00,00020%NANARs 15,00,000 and beyond30%If you file your taxes according to the new regime, you cannot avail most of the tax benefits.