Question & Answer

Dear Jimmy, As per the income tax Act it is the responsibility of the buyer to deduct the TDS & deposit the same. Ever buyer has separate liability and it will not shift to new buyer. In case you failed to deduct TDS most probably you will get the notice from department. do your ground work well in advance to avoid the tax & penalty.
For further consultation you can reach me on ca.rahuldwivedi@gmail.com or 9004485377

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

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