How to Save Tax on Purchase of E-Vehicle

How to Save Tax on Purchase of E-Vehicle

  In order to encourage the use of electric vehicles in India, the government introduced a new section, i.e. section 80EEB in income tax, that provides relief from income tax to the buyers of EVs. As per the provisions of section 80EEB, all individuals can claim a deduction of up to Rs. 1.50 lakhs per annum upon satisfaction of certain […]

All you need to know about Tax on Dividend Income

All you need to know about Tax on Dividend Income

  Many times I come across taxpayers who are unsure about whether they have to pay tax on dividend income or not. Most of them believe that it is the liability of the Company paying a dividend, to deposit tax on such dividend. However, Finance Act 2020 has transferred the burden of tax on dividend income from the company declaring […]

Higher TDS will be deducted upon non-filing of ITR

Higher TDS will be deducted upon non-filing of ITR

  In the Finance Bill 2021, a new section 206AB has been inserted that provides for the deduction and collection of higher TDS if an amount is paid or payable to a “specified person” who has not filed an income tax return for the last two financial years. Section 206AB has been inserted into the Act after Section 206AA. Section […]

TDS deduction on Rent paid by Individuals under income tax

TDS deduction on Rent paid by Individuals under income tax

The Finance Act, 2017 introduced section 194-IB making deduction of TDS mandatory for tenants who are paying a rent of more than Rs. 50,000 per month. Introduction Up to the financial year 2016-17, only those individuals or HUFs (Hindu Undivided family) who were covered under the purview of Section 44AB, were liable to deduct the TDS on rent paid by […]

Everything you need to know about Annual Information Statement

Everything you need to know about Annual Information Statement

In one of the recent updates to the compliance portal of the Income-tax department, assesses can now access the Annual Information Statement (AIS). An AIS is a comprehensive statement of financial transactions made by a taxpayer in a financial year. The AIS is meant to make the return filing process easier for taxpayers. However, many taxpayers have doubts over the […]

30% Tax on gains made from Cryptocurrencies in India

30% Tax on gains made from Cryptocurrencies in India

The Indian government has proposed a new tax system for cryptocurrency investors, requiring them to pay a 30% tax on their cryptocurrency gains. One of the biggest announcements in the Budget 2022 speech of the Finance Minister, Nirmala Sitharaman, was to impose a tax at the rate of 30% on the profits made from virtual digital assets (including cryptocurrencies). The […]