IJT Team

Winnings from Online games! Might have to pay higher tax

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0 Views 2 1.  Introduction Online gaming industry has seen a humongous boost due to lockdown worldwide. Online fantasy games not just only provide a good distraction to the people during this lockdown but is also providing monetary as well as non-monetary rewards on winnings. Fantasy game is not defined under any Indian statute and … Read more Winnings from Online games! Might have to pay higher tax

Section 194Q-Purchase/Sale of Goods– Adding More Compliances To Your Plate

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0 Views 2 “To ensure that compliance burden is only on those who can comply with it …….” These words feature in Memorandum to Finance Bill, 2021 in relation to Sec. 194Q which has been inserted vide the Finance Act, 2021 w.e.f. 01-07-2021. The irony behind these words lies in the fact that those taxpayers … Read more Section 194Q-Purchase/Sale of Goods– Adding More Compliances To Your Plate

The Many Tax Implications of Non-Fungible Token

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0 Views 2 Starting fairly unheard of with Colored Coins circa 2012, the Non Fungible Token (NFT)is now seeing an upward trend in the pop-culture market whilst capturing the fancies of artists, digital creators, collaborators, collectors and even legal thinkers. Beeples, a digital artist made history by selling a NFT representing one of his most … Read more The Many Tax Implications of Non-Fungible Token

Forensic Auditing – Meaning and its origination

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0 Views 2 Introduction Lack of experience in all the areas of auditing have created a time of uncertainty like never before in the profession. The new Companies Act, 2013, has made the Chartered Accountants responsible, in part, for anti- fraud measures in the financial statements. The general public believes that the auditor would detect … Read more Forensic Auditing – Meaning and its origination

Steps taken by the RBI to tackle the second wave of COVID-19 Pandemic

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0 Views 4 Introduction In these testing times, Myriad of individuals, small business is dealing with an uncertain situation, their livelihood, and many businesses, and education have been affected due to the sudden surge of the aggressive resurgence of the Covid-19 virus. As a result, Govt. authority is working pro-actively and coming up with strategies, … Read more Steps taken by the RBI to tackle the second wave of COVID-19 Pandemic

Know All-About the 30 Changes in new ITR Forms for AY 2021-22

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0 Views 4 The Central Board of Direct Taxes (CBDT) has notified Income Tax Return (ITR) Forms for the Assessment Year 2021-22 vide Notification No. 21/2021, dated 31-03-2021. Considering the crisis due to the COVID pandemic, the board has not changed the ITR forms significantly. Most of the new ITR forms changes are consequential to the amendments … Read more Know All-About the 30 Changes in new ITR Forms for AY 2021-22

GST officers to be soon armed with real-time data on vehicles moving without e-way bills

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0 Views 1 Under the Goods and Services Tax regime, e-way bills have been made mandatory for inter-state transportation of goods valued over ₹50,000 from April 2018 The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to … Read more GST officers to be soon armed with real-time data on vehicles moving without e-way bills