Profit or loss incurred on transfer of Virtual Digital Assets like Crypto Currency are taxed under the head Capital Gain of Income Tax Act on its transfer, if held as an investment. The calculation of capital gain/loss is as follows- Sales consideration XXXXXXX Less: Cost of Acquisition of VDA XXXXXXX Capital Gain/Loss XXXXXXX The capital gain arising......

HRA stands for House Rent Allowance which is received under employer –employee relationship is taxable under the head salaries as per Income Tax Act. HRA is paid by the employer to its employees as a part of salary to meet the house rental expenses incurred by the employee for its living. Income Tax allows the receiver of the HRA i.e., employee to claim exemption of the rental amount paid. ......

As per the recent guideline of ICSI, it is mandatory for certain practicing Company Secretaries to get themselves peer reviewed for certifications and audit services. The ICSI has introduced that notification in phases starting its applicability since 01 April 2020. If a practicing Company Secretary renders the below services to any company then the peer review is mandatory:- Secretarial Aud......

The Financial Statements of companies are prepared in accordance with the schedule III of the Companies Act, 2013 except in the cases, where separate laws are executed in relation to some specific nature of companies. Schedule III of the Act specifies the format of financial statements, notes to accounts and disclosure requirements that the companies must fulfill in order to provide transparency ......

The profit on sale of stocks being debentures, mutual funds, shares etc., can be taxed either under the Capital Gain head or the Profit and Gains from Business or Profession head. When the taxpayer is indulged in the business of trading on stocks then the profit on such trade is taxable under the Profit and Gains from Business or Profession head. However, if the taxpayer does the limited transact......

The concept of Tax deducted at Source (TDS) on rental payments is mentioned under two Sections of Income Tax Act, 1961 i.e., Section 194I and 194I B. As per Section 194I of Income Tax Act, 1961, every person (excluding individual or HUF who are not liable to tax audit under section 44AB (a) or 44AB(b) is required to deduct TDS at the rate of 10 percent on the rental payments made to the payee (wh......

Under the Income Tax Act, 1961, Income is calculated under 5 major heads which are mentioned below: Income from salaries Income from House Property Profits and Gains from business and profession Income from Capital Gain Income from other sources Under the salaries head, the incomes which are earned from employer employee relationship are taken into account. The income......

In simple terms, Cost of Acquisition means amount incurred or spent on acquiring any asset which includes purchase cost, commission cost, documentation cost etc. The terms cost of acquisition and indexed cost of acquisition are used under the chapter capital gains of Income Tax Act. Indexed Cost of Acquisition means Cost of acquisition after considering the inflation effect on the assets which me......

Taxability of Remuneration in the hands of director and Partner under Income Tax Act In simple words, Remuneration is also referred as salary which is taxable under Income Tax Act but the confusion arises in deciding that remuneration is taxable under which head. There are 5 heads of income under Income tax Act namely: Income from Salaries Income from House property Profit and gai......