Category: Direct Tax Laws

The amendment provides that where the exchange has agreed to pay tax in relation to a transaction of transfer of a virtual digital asset, owned by it, the Exchange shall deliver or cause to be …

Read More "Income-tax (20th Amendment) Rules, 2022"

he Central Government has specified that a token which qualifies to be a virtual digital asset shall be considered as a non-fungible token but shall not include a nonfungible token whose transfer results in transfer …

Read More "CBDT has clarified the scope of the term non-fungible token under the Income Tax Act"

GST on supply of printing, writing or drawing ink, knives, power- driven pumps, LED Lamps, lights and fixture is recommended to be increased from 12% to 18%. The GST rate on solar water heater and …

Read More "Key Highlights of the Recommendations made in 47th GST Council Meeting."

The Goods and Services Tax (Compensation to States) Act, 2017 provides for compensation to states for any loss in revenue due to the implementation of GST. The Act allows the central government to levy a …

Read More "The Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022."

Rule 10 TD prescribes a list of eligible international transactions where the transfer price declared by the assessee shall be required to be accepted by the Income-tax Authorities. Now, following the amendment, the safe harbour …

Read More "CBDT extends applicability of safe harbour provision"

The new section mandates a person, who is responsible for paying to any resident any sum by way of consideration for transfer of a virtual digital asset (VDA), to deduct an amount equal to 1% …

Read More "CBDT issues guidelines on applicability of the new TDS provision."

Every specified person responsible for deduction of tax at source @1% on the payment of purchase consideration to a resident person, on transfer of a virtual digital asset under section 194S shall furnish to the …

Read More "Income-tax (19th Amendment) Rules, 2022"

It is clarified that the deductor is not required to check whether the amount of benefit or perquisite that he is providing would be taxable in the hands of the recipient. The asset given as …

Read More "FAQ on section 194R of the Income tax Act, 1961"

The amendment provides the details of unitholders to be maintained by a specified fund referred to in section 10.

Eligible investment fund registered under sub-section (8A) of section 9A of the Act shall not carry on, or participate in, the day to day operations of any person in India and for this purpose the …

Read More "CBDT directions for eligible investment funds"