Budget Highlights 2022

Post author:WhyTax
Post published:February 1, 2022
Post category:Income Tax
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No Major Relief Given to Taxpayers made in this Budget. Below are few Major Announcements for Taxpayers made in this Budget. Taxpayers can file an updated return on payment of taxes within two years from…

Digital Rupee Using Blockchain To Be Issued By RBI In 2022-2023: Finance Minister In Budget Speech

Post author:WhyTax
Post published:February 1, 2022
Post category:Business Law Income Tax Others
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In a big boost to the economy, digital rupee - using blockchain and other technology - will be introduced by the central bank in 2022-23, Finance Minister Nirmala Sitharaman said today as she presented her…

India proposes 30% tax on crypto and NFTs income

Post author:WhyTax
Post published:February 1, 2022
Post category:Others
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India on Tuesday proposed launching a digital rupee by next year and a 30% tax on income from transfer of virtual digital assets such as cryptocurrencies and NFTs in one of the most remarkable tech…

Revise Income Tax Return (ITR)

Post author:WhyTax
Post published:January 31, 2022
Post category:Income Tax
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Section 139 (5) of the Income Tax Act, 1961 allows taxpayers to file a revised income tax return if they have made mistakes in the returns which were filed earlier. Revise Return can be filed…

Reverse Charge Mechanism (RCM) Under GST

Post author:Shivani Jain
Post published:January 30, 2022
Post category:GST
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Section 2(98) of the CGST Act, 2017 has defined the term “Reverse Charge” and the same is reproduced as follows: Report this ad “reverse charge” means the liability to pay tax by the recipient of…

All about Producer Company

Post author:WhyTax
Post published:January 28, 2022
Post category:Business Law Income Tax MCA
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A Producer Company is a body corporate having an object that is one or all of the following: Production, harvesting, procurement, grading, pooling, handling, marketing, selling, the export of primary produce of the Members or…

Penalty for late filing of Income Tax Return (Belated Return)

Post author:WhyTax
Post published:January 26, 2022
Post category:Income Tax
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Meaning of Belated return (Return under section 139(4)): - Belated Return simply means the filing of Income Tax Return after the due date or extended due date. Belated return is also be called as a…

Limited Liability Partnership (LLP)

Post author:WhyTax
Post published:January 23, 2022
Post category:Business Law Income Tax
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What is the meaning of Limited liability partnership? The concept of LLP is introduced in 2008. LLP is a mixture of partnership and company. LLP is an alternative corporate business form that gives the benefits…