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Source: Live Mint In 2022, the Indian government introduced a flat 30% income tax on gains from cryptocurrencies and Non-Fungible Tokens (NFTs). Investors riding the current rally should be aware of their advance tax and reporting obligations to avoid penalties under the Income Tax (IT) Act. With a 1% TDS deducted on sales of these…
Source: Business Standard 3 min read Last Updated : Sep 23 2024 | 5:16 PM IST Many taxpayers are waiting for their income tax refunds for the income tax return (ITR) filed for the financial year 2023-24 (assessment year 2024-25). However, can someone request an income tax refund from the Income Tax Department for…
Source: Live Mint Is it true that non-resident Indians (NRIs) can no longer avail of the indexation benefit, while residents still can?—Name withheld on request Vide The Finance (No. 2) Act, 2024, there have been significant revisions to the scheme of taxation for capital gains. Taxpayers can continue to use the fair market value as…
Source: Live Mint Receiving a gift, whether it’s cash, property, or a sentimental item, is always a delight. However, not all gifts come without strings attached – some may bring a tax bill along with them. Gift-giving is a cherished part of Indian culture, often reflecting love, respect, and generosity. While many gifts are modest,…
Source: Business Standard On accusations of serving with two organisations while at ICICI Group, they added that Puri Buch had gone on “unpaid” long leave from ICICI Bank in 2011. (Photo: PTI) 4 min read Last Updated : Sep 13 2024 | 9:00 PM IST Ending their silence on the allegations levelled by the…
Source: Business Standard 2 min read Last Updated : Sep 11 2024 | 11:39 AM IST Understanding taxation is essential for effective personal finance management, and one area that frequently causes confusion is Tax Deducted at Source (TDS). This concept becomes particularly important when withdrawing money from your Employee Provident Fund (EPF) account. Let…
Source: Business Standard 4 min read Last Updated : Sep 10 2024 | 7:57 PM IST The Central Board of Direct Taxes (CBDT) recently launched the e-Dispute Resolution Scheme (e-DRS) to streamline the resolution of income tax disputes. This online platform allows taxpayers to submit applications to Dispute Resolution Committees (DRCs) across India. It…
