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How Cryptocurrencies Are Taxed In India

July 14, 2022
[Source: forbes.com; Authors: Justin M Bharucha, Aashika Jain] Cryptocurrencies and non-fungible tokens (NFTs) are presently unregulated in India. While the Reserve Bank of India (RBI) had sought to ban cryptocurrencies in 2018, the Supreme Court quashed the attempted ban leaving cryptocurrencies in regulatory limbo – neither illegal nor, strictly speaking,
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TDS & TCS on purchase & sale above Rs.50 Lacs

June 17, 2021
[By Shaleen Shah (Partner), VNCA] A new section 194Q for Tax Deduction at Source (TDS) on purchase of goods is inserted by Finance Act – 2021 effective from 01/07/2021. Earlier section 206C(1H) was inserted by Finance Act, 2020 and was made effective from 01/10/2020 for Tax Collection at Source (TCS)
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Amendments to CSR provisions

January 28, 2021
The amendments to the CSR provisions now have been notified and has revamped CSR framework for companies. MCA issued a notification and notified certain provisions of the Act, one of the provisions relating to CSR. Section 27 of the Amendment Act, 2020 amends section 135 of the Act (relating to
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Only 329 startups can claim tax holiday under Startup India

January 27, 2021
[Source: cnbctv18.com] Exactly five years since the launch of the Startup India program in January 2016, which aimed at several benefits for startups, not even a percent of the total registered startups can avail the benefits. The government had in Budget 2020-21 announced the deferral of taxation on employee stock
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QRMP scheme launched for GST payers with turnover up to Rs.5 crore

December 19, 2020
The government has launched the Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme for small taxpayers under GST system. Taxpayers with aggregate annual turnover of up to ₹5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30, 2020, are eligible
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GST e-Invoice mandatory from 1-1-2021 for turnover more than Rs 100 Cr

November 21, 2020
Goods and Services Tax (GST) e-invoicing is the most discussed topic for businesses today. E-invoicing is a system wherein invoices are registered electronically by the Invoice Registration Portal (IRP) for use on the common GST portal. As per the latest notifications, suppliers having an annual turnover above Rs 500 crore
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Ever increasing disclosure requirements in ITR forms for HNIs

October 21, 2020
[By Shaleen Shah (Partner), VNCA] Every year, the additional disclosure requirements in Income Tax Return (ITR) forms, invariably keep increasing.  The increased disclosure requirement creates a huge compliance burden on taxpayers, who will require significant time to collate such information and to ensure proper reporting, besides increasing the risk of
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