Taxation Of Cryptocurrencies
Are your Cryptocurrencies taxable? Cryptocurrencies are a form of virtual currency and in the current scenario is held and traded as a form of investment due to its high worth and arbitrage opportunities. The Income Tax Department has recently conducted surveys on various cryptocurrency exchanges in India which has created a scene of panic for everyone who has been dealing with cryptocurrencies. Is trading of Cryptocurrency legal in India? The Reserve Bank of India has not legalized the [...]
Composite Supply vs Mixed Supply
Composite Supply vs Mixed Supply Composite Supply “Composite Supply” means a supply made by any taxable person to a recipient comprising two or more supplies of goods or services, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply. Interpreting the above definition in law Composite Supply can be explained as when one or more goods [...]
Supply Under GST
Supply under GST Point of Taxation under earlier laws i.e Service Tax, VAT, Excise fell at different events. Goods and Services Tax which is aiming at unifying taxation system in India will Introduce the concept of Supply.The Point of taxation under Goods and Services Tax act is the time of Supply of Goods or Services. Supply includes: All forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease [...]
Composition Scheme under GST
Composition Scheme under GST The Goods and Services Tax Act have decided to keep the Composition-Scheme. This scheme aims to minimize the compliance burden for small taxpayers. Any dealer who falls under the prescribed category, if interested can opt to be registered under the composition scheme. Once registered under the composition scheme, the dealer is required to file lesser number of returns, shall not be eligible to take any inputs tax or raise a tax [...]
Blacklisting of Taxable Person under GST
Black Listing of Taxable Person under GST The supposed to be revolutionary Goods and Services Tax law will introduce a system of compliance rating mechanism. Every taxable person will be awarded a score based on their prompt filing, timely payment, other discrepancies and parameters as prescribed. Bad compliance scores can trigger blacklisting of the assessee and blocking of their respective tax credits. This new concept demands every taxable entity to be vigilant and aware of [...]
Go Cashless Save Tax
As a part strategy on pushing India towards cashless economy, the Govt. of India notified about the lower rate of tax for business opting for digital transactions. According to section 44AD of Income Tax Act 1961, business with turnover of less than two crores and maintaining no books of accounts have an option to opt for presumptive taxation scheme where in their income would be presumed to be 8% of the turnover. Now, as per the notification business having digital [...]