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Understanding Tax Regulations in the Era of Cryptocurrency

Introduction The Indian government has officially categorized digital assets, including cryptocurrencies, as “Virtual Digital Assets” (VDAs). With this recognition comes a comprehensive set of tax rules that govern any earnings or profits generated from dealing with these assets. In this blog, we summarize the key aspects of crypto tax legislation in India for 2024, helping […]

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Is Your Tax Liability Above Rs 10,000? A Guide to Understanding Advance Tax Payment

The Income Tax Act classifies Advance Tax as an approach of paying taxes in installments during the calendar year rather than paying an entire tax bill at the end of the year. It is sometimes referred to as the “pay-as-you-earn” system. Applicability of Advance Tax All taxpayers, such as both individuals and businesses, have to […]

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GSTR-1A 2024: Complete Guide to Filing and Updates

The Central Board of Indirect Taxes and Customs (CBIC) in India introduced the GSTR-1A form to allow registered taxpayers to modify their previously filed GSTR-1 filings. After being abolished in 2017, this form was revived in July 2024.  Key Points about GSTR-1A: Objectives: To update or modify the sales information included in the first GSTR-1 […]

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Data Retention Policy and Archiving GST Returns

Understanding the GST Portal’s Data Retention Policy The GST Network site has an exclusive data retention policy in place. According to this guidelines, the site has to maintain taxpayer data for seven years. This includes return data, invoices, payments, and other necessary information. The Implication of the 7-Year Retention Period The seven-year retention period has […]

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How to Easily Open Your Employee Provident Fund (EPF) Account

The Process of Opening an Employee Provident Fund (EPF) Account The Employee Provident Fund (EPF) is a valuable employee benefit provided by employers to support employees after retirement. In order to offer EPF to employees, employers need to be registered with the Employees’ Provident Fund Organisation (EPFO). But how does one go about opening an […]

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When deciding between the new regime and the old regime, which one should you select? (Old Regime Vs new Regime)

Opting for the new income tax regime in India requires comprehending the fundamental differences between the old and new regimes and evaluating which one aligns more favourably with your financial situation. Presented below is an in-depth manual to assist you in making an accurate decision: Understanding both the Old and New Regimes Old Regime A […]

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What is Form 10IE and its deadlines? Who will file form 10IE ?

Prior to submitting your income tax return (ITR), it is necessary to submit Form 10IE if you wish to choose the new tax system. The new tax system, which was introduced in the Union Budget 2020, offers reduced tax rates. However, it does not allow for most of the deductions and tax benefits that were […]

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Who can invest in the National Pension Scheme and what does it mean?

The National Pension System (NPS) is a voluntary, extended-term retirement investment programme in India. The Government of India introduced the programme in 2004, with a primary focus on persons in the unorganised sector and those who are self-employed. The following are essential aspects of the National Pension Scheme: Objective: The main goal of NPS is […]

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Section 194O of the Income Tax Act

Section 194O of the Income-tax Act, 1961 deals with Tax Deducted at Source (TDS) on payments made to e-commerce participants. It was introduced in the Union Budget 2020 and came into effect on 1st October 2020. Here’s a summary of the key points of Section 194O: Who is responsible for deducting TDS? E-commerce operators like […]

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The income tax challan rectification process

Login to incometax.gov.in Go to “Services” and click on “Challan Correction”. Click on “Create challan correction request”. Select the attributes which needs to be corrected. For example: Assessment year, major head, minor head Select the “Assessment year” or “Challan Identification Number” (CIN) All the open challans will be displayed on the next screen. You need to […]

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