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Cryptocurrency Taxation -India-Analysis 2022

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  Cryptocurrency Taxation  CONTACT FOR EXPERT ADVICE ON TAXATION MATTERS. http://www.karsaathi.in/ Contact: 7838639095 (WhatsApps No.) INCOME TAX APPLICABLE ON CRYPTOCURRENCY FROM 01/04/2022 From April 1, 2022, all Digital Assets investors will have to pay a flat  30  percent tax on one's income on digital assets. In addition, 1 percent T.D.S. will be deducted by the buyer of digital assets. 1 percent T.D.S. will have to be deducted from the purchase price of the transaction. However, this T.D.S. rule will come into force from July 1, 2022. Apart from this,  digital assets have been included by changing the definition of property from April 1,  2022. Any gift, including digital assets received from non-relatives, will be treated as income if the total value of all gifts exceeds ₹50,000 in the same financial year. Profits on the sale of cryptocurrencies will be taxed at the rate of 30 percent tax. The only deduction from the sale idea could be the ...
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Deductions Interest Payments U/S 24 2022

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  Deductions from income from house property U/S 24 Income chargeable under the head “Income from house property” shall be computed after making the following deductions, namely: a sum equal to thirty percent of the annual value 79(b) where the property has been acquired, constructed, repaired, renewed, or reconstructed with borrowed capital, the amount of any interest payable on such capital: Provided that in respect of property referred to in sub-section (2) of section 23, the amount of deduction 80[or, as the case may be, the aggregate of the amount of deduction] shall not exceed thirty thousand rupees : Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April 1999 and such acquisition or construction is completed within five years from the end of the financial year in which capital was borrowed, the amount of deduction 81[or, as the case may be, the aggreg...
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Types of G.S.T Registration -Analyis-2022.

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  GST Registration Compulsory Registration: Under certain cases , the dealer must take  Compulsory Registration  under GST irrespective of the turnover. For eg: Inter-state sales of taxable goods, E-commerce operator, E-commerce seller etc.   Voluntary Registration: A business that does not need to apply for compulsory registration can apply for registration on a voluntary basis. It is called Voluntary Registration under GST.   Registration under Composition Scheme: If the  aggregate turnover  exceeds the prescribed threshold limit of Rs.40 lacs (Rs.20 lacs for special category states) for goods or Rs.20 lacs (Rs.10 lacs for special category states) but is less than Rs.1.5 Cr ( aggregate turnover less than Rs.75 lacs for special category states), the dealer can register under Composition Scheme.         In case of services, if the aggregate turnover exceeds Rs.20 lacs (Rs.10 lacs for special category states) but...
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