The Indian government has introduced Section 285BAA in the Income-tax Act, making it mandatory for reporting entities to disclose details of crypto transactions. This section will come into effect from April 1, 2026. If you are a crypto exchange, broker, or any entity involved in crypto transactions, here’s what you need to know about the […]
The income tax regulations that apply to non-resident Indians differ from the laws and rules that apply to resident Indians. Non-resident Indians are required to pay taxes on all income and capital gains earned in India. The income tax for NRI differs from that for resident Indians. It is crucial to know that NRIs are
Jaipur: In a significant ruling, the Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has delivered a judgment favoring the taxpayer, Mrs. Prem Lata Pandya, in the case of Prem Lata Pandya vs. DCIT (ITA No. 1471/JPR/2024). The Tribunal directed the assessing authorities to classify ₹24 lakh, surrendered during a tax survey, as business
In recent weeks, numerous new-economy ventures, particularly in the fintech sector, have been issued income tax notices regarding the venture capital they’ve raised, according to insiders. These notices, issued under Section 68 of the Income Tax Act, lump the investments received by these startups with their earned income, resulting in taxes and penalties imposed on