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Tanmay Behera
Hi, I want to know something regarding trading crytocurrency in foreign exchanges like Binance which I buy using foreign currency. I have used my international debit card for the transaction and have done txn more than 7 lakh but still no TCS is levied on by the bank for any of my txn exceeding 7 lakhs. Can I know how is this possible because I read that using debit card for international purchase attracts TCS of 5% on txn above 7 lakhs.
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Avid
Which ITR form to fill as an Individual Freelancer with income from foreign clients? I don't have a registered company/proprietorship or GST number.
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You can read here to know about the taxability for working as a freelancer: https://www.taxontips.com/is-it-beneficial-to-work-as-an-employee-in-a-company-or-to-work-as-freelancer-taxability-when-working-as-a-freelancer/
You can even book a consultation for same on the website
Dear Avid,
You are providing services as Freelancer and having income from Business & Profession. In your case ITR 3 or 4 will be applicable. However the correct advice can be provided on understanding the exact nature of business & turnover.
One more observation as you are providing services to foreign clients so in your case GST is mandatory.
For further you can reach us on ca.rahuldwivedi@gmail.com or 9004485377
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Anshuman Rohilla
I want to know all about cryptocurrency taxation in a readable and understandable mannar.
Govt mulling levy of Income Tax, GST on cryptos; Bill in Winter Session.
“One of the key issues is taxation. If there is gain or income from crypto, it should be taxed per capital gains rules. Similarly, if there is service involved in the transaction, then GST needs to be levied,” said a top government source.
1. This means the intent to tax is expected to be mentioned in the legislation, and then provisions will be added in the Finance Bill to facilitate imposition of direct tax. For tax on transaction service, the Goods and Services Tax Council (GST Council) will take a final call.
2. A comprehensive Bill on crypto will detail the taxation. The Bill is expected to be introduced in the the Winter Session of Parliament, starting later this month. Meanwhile, the Standing Committee on Finance will initiate detailed discussions on crypto assets at its November 15 meeting.
3. Whether cryptos are to be treated as a currency or an investment asset, there is no clarity. It is highly unlikely to get the status of a currency.
RBI’s reservations
4. The RBI has repeatedly conveyed its reservation on cryptocurrencies. RBI Governor Shaktikanta Das is on record that: “We have major concerns around cryptocurrencies,which we have conveyed to the government.”
5. Just before the Budget Session earlier this year, the government had released a list of Bills including one titled ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’. Its purpose was to “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of crytptocurrency and its uses.”
For More Details:-
https://www.thehindubusinessline.com/money-and-banking/govt-mulling-levy-of-i-t-gst-on-cryptos-bill-in-winter-session/article37386343.ece
https://m.economictimes.com/news/economy/policy/india-unlikely-to-take-a-tough-stance-on-cryptocurrencies/amp_articleshow/87575028.cms
So basically there no such laws currently governing the income from crypto. Sooner we are going to see one.
For more discussion you can contact on 9587334442 or mail at rakshit1192@gmail.com
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Saurav
Do I have to pay taxes for foreign income in my account exceeding 10 lakhs a year
Yes but it depends on what type of income you are talking about. Plus residential status is also to be ascertain.
CA Naman Maloo 15 Nov 2021You have to pay tax on any amount of Income received from foreign even if it is below 10 lakh subject to nature of income.
To know more book a phone consultation with expert at: https://www.taxontips.com/tax-notice-personal-consultation/
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Ayesha Munshi
Hello,
I was employed since April 2012 till March 2020 in 3 different companies. My last company was Capgemini where I had worked from December 2016 to March 2020. While switching firms, I made sure to transfer all previous PF amounts to the new PF account. So when I withdrew my PF in 2020 after resigning Capgemini, I was expecting that no tax would be deducted on the withdrawn amount as my total employment service is more than 5 years. But still around 80k TDS was deducted. When I contacted Capgemini, they said that they did not consider my employment start date as April 2012 but December 2016 and therefore deducted tax considering it less than 5 years.
They also said that I can file ITR to get the refund.
When I filed ITR, I did not get any amount back although my ITR was processed. I noticed after filing that I had given wrong TAN number of the deductor. Will that might be the reason why I did not get the refund or can there be some other reason? And whether filing revised ITR will help in this case?
Kindly help.
NOTE : This TDS amount can be seen in my Form 16 as well as Form 26AS. And when I checked via ClearTax , it showed me that I am eligible to get 80k refund. And same was shown in the actual ITR when I had filed.
Please contact CA Ganesh Kakani +91- 9420683637 caganeshkakani@gmail.com
CA Roomi Gupta 12 Nov 2021Due to wrong TAN , your return has been processed without credit of TDS of Rs. 80k. Revised ITR could help but last date to revise the ITR for FY 2019-20 was 31st May 2021. For more info contact at 9216216819 or visit www.tarunguptaca.com
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