With the increasing regulation of cryptocurrencies under India’s taxation framework, accounting for crypto holdings and reporting them in your Income Tax Return (ITR) has become crucial. As per the Finance Act 2022, specific tax rules apply to cryptocurrencies and Virtual Digital Assets (VDAs). This guide will help you understand how to report crypto transactions in […]
Remittances from Foreign Country to India: Tax Implications
India is one of the largest recipients of remittances globally, with millions of non-resident Indians (NRIs) regularly sending money back to India. However, understanding the tax implications of these remittances is crucial, both for individuals and for businesses. This article explores the tax treatment of remittances to India in two key scenarios: when a foreign […]
Understanding TDS on Rent Paid by Salaried Individuals, Businesses, and Professionals
Introduction In India, the Income Tax Act mandates the deduction of Tax at Source (TDS) on certain payments, including rent i.e. TDS on rent under Section 194I.This ensures tax collection at the point of payment. The applicability of TDS on rent can differ for salaried individuals, businesses, and professionals. Understanding the provisions, thresholds, and compliance […]