The National Payments Corporation of India (NPCI) has put forward an interchange fee on UPI transaction of more than Rs. 2000 in value made via prepaid payment instruments such as online wallets pre loaded gift cards etc. Typically, the interchange fee is related to card payments and is charged to cover the costs of accepting, … Read more
(8 min Read) Section 115BBJ. How do I pay tax on online game? (Tax on online gamming) After section 115BBI of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2024, namely:––Tax on winnings from online games.‘115BBJ. (Tax on online gamming) Notwithstanding anything contained in any other … Read more
Comparative Income Tax Calculator Earlier Income tax calculator was provided by Income Tax Department was having drop down menu specifying selection of Yes or No as option to the assesses. This Yes or No options is stand for whether assesses want to select new scheme or old scheme for income tax calculation purpose. In this … Read more
(Read 4 Min) Section 80CCH – Contribution to Agnipath Scheme After section 80CCG of the Income-tax Act, the following section shall be inserted, namely:–– Deduction in respect of contribution to Agnipath Scheme. ‘80CCH. (1) Where an assessee, being an individual enrolled in the Agnipath Scheme and subscribing to theAgniveer Corpus Fund on or after … Read more
Amendment of section 16. In section 16 of the Central Goods and Services Tax Act, in sub-section (2),–– (i) in the second proviso, for the words “added to his output tax liability, along with interest thereon”, the words and figures “paid by him along with interest payable under section 50” shall be substituted; (ii) in … Read more
New Benefits for Composition levy operators. Amendment of section 10. (CGST ACT) In the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the Central Goods and Services Tax Act), in section 10,–– 12 of 2017. (a) in sub-section (2), in clause (d), the words “goods or” shall be omitted; (b) in sub-section … Read more
Amendment of section 35D. In section 35D of the Income-tax Act, in sub-section (2), in clause (a), for the proviso, the following proviso shall be substituted with effect from the 1st day of April, 2024, namely:– “Provided that the assessee shall furnish a statement containing the particulars of expenditure specified in this clause within such … Read more
Debentures Capital Gains Tax After section 50A the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2024, namely:–– Special provision for computation of capital gains in case of Market Linked Debenture(MLDs). Sec.50AA. Notwithstanding anything contained in clause (42A) of section 2 or section 48, where … Read more
Presumptive Taxation :Terms and applicability of Sec: 44AD – 44ADA. for Business and Professionals Amendment of section 44AB. In section 44AB of the Income-tax Act, for the first proviso, the following proviso shall be substituted with effect from the 1st day of April, 2024, namely:–– “Provided that this section shall not apply to a person, … Read more
Taxation on Electronic Gold Receipt… Amendment in Section 2 for FY 2023 24. (hi) in the case of a capital asset, being–– (a) Electronic Gold Receipt issued in respect of gold deposited as referred to in clause (viid) of section 47, there shall be included the period for which such gold was held … Read more