J M J & Co Consultants

06/06/2023

https://youtu.be/mKhyz9v-c6s

Welcome to our comprehensive video on the taxation of Provident Funds in Income Tax, designed specifically for aspiring Chartered Accountants (CAs) and Cost ...

31/05/2023

Join CA Jose Kurian in this easy-to-understand video as he simplifies the concept of surcharge on income tax just for you. Gain essential insights into what ...

25/12/2022

25/11/2022

26/10/2022

“CBDT has extended the due date for filing of Income Tax Return (ITR) for Assessment Year (AY) 2022-23, from 31/10/2022 to 07/11/2022 vide circular dated 26.10.2022”

24/10/2022

20/06/2022

15/06/2022

CBDT recently notified Cost Inflation Index (CII) for FY 2022-23 at 331 vide Notification No. 62/2022-Income Tax dated: 14th June 2022. Read here - https://www.caclubindia.com/news/cbdt-notifies-331-as-cost-inflation-index-for-fy-2022-23-21482.asp

Let us analyze CII throughout these years from FY (2001-02) to FY (2022-23)

17/05/2022

Now CBIC directs Infosys to sort glitch in generation of April 2022 GSTR-2B. Proposal for extension of due date being considered!

02/02/2022

Most of the Indian crypto investors have been self-reporting crypto-related income in their income tax returns so far.

Now, with the introduction of sections 115BBH (Tax on income from virtual digital assets) and 194S (Payment on transfer of a virtual digital asset), clarity on taxation and Government validation is received.

In simplest terms:

Section 115BBH: From Financial Year (FY) 2022-23, any income earned (sale consideration (minus) cost of acquisition) from the transfer of virtual digital assets like Crypto and NFT will be taxed at 30% flat.

Section 194S: From 1 July 2022, any person (purchaser) responsible for paying any sum as consideration (in cash or kind) for the transfer of a virtual digital asset will have to deduct 1% tax and deposit this tax amount with the Government (subject to conditions). More clarity on the operational aspects of this provision is yet to be received.

Section 56: In addition to the above, virtual digital assets received as gifts will have to be disclosed and offered for tax (by the receiver of the gift) under the head ‘Income from other sources.