Cryptocurrency in simple terms is “digital money” and Bitcoin is the first decentralized digital currency. It is not yet centrally administered or regulated by any specific body like the RBI which administers physical currency in India. The system works without a central bank or single administration. Continue reading “Taxation of Bitcoins or Crytocurrencies in India”
Income Tax Return (ITR) Filing
Be it startups or salaried persons, most people are faced with certain challenges when it comes to managing taxes. Most of us know the basics of it but only a few of us are actually conscious about the nitty-gritties and the best practices.
As a consequence, there is a common misconception among taxpayers that once TDS or advance tax has been paid, the filing of returns is not a very important exercise. However, it is essential to know, you have an unfinished job at hand until you have filed your tax returns. It is in fact our constitutional obligation to file returns at a stipulated time of the year. Continue reading “Income Tax Return (ITR) Filing”
Electronic Verification to ease Return Filing for Taxpayers
With an attempt to make e-filing completely paperless, the Central Board of Direct Taxes (CBDT) has come out with the technology of e-verification of assesses by means of their Aadhaar number.
This will relax the requirement of sending physical copies of the return acknowledgment for verification to the Centralised Processing Centre (CPC), Bengaluru and will also do away with the need to digitally sign the return. However, this new system is just an alternative to the existing system. This means, those e-filing returns can continue to send their acknowledgements (ITR-V forms) in physical form to the Bengaluru centre within 120 days of filing the return or use digital signatures. Also, those who do not have an Aadhaar card will also have to use the existing system. Continue reading “Electronic Verification to ease Return Filing for Taxpayers”