27
December
2022
Refund to unregistered person on cancellation of construction contracts and prematurity of insurance policies
The Central Board of Indirect Taxes and Customs (CBIC) vide its Circular No 188/20/2022-GST dated 27th December 2022 prescribed the manner for filing of an application for refund by unregistered person on account of GST paid on agreement/ contract with a builder for supply of services of construction of flats/ building and long-term insurance policies.... Read More
21
December
2022
Crypto or Digital Assets Accounting and Taxation
Effective from 01st April 2022, government has levied tax on income from virtual digital assets. Let us understand what is VDA and how it is taxed and related accounting issues. The Finance Act 2022 has brought into picture taxation of VDA by introducing Section 2(47(A) by defining what is VDA and section by defining method... Read More
19
December
2022
Income tax benefits for retired employees under Indian Income Tax Act
Income tax benefits for retired employees under Indian Income Tax Act 1. Higher Basic Exemption Limit: – Out of numerous income tax benefits available for the retired employees, first and foremost benefit is the basic tax exemption limit. For ordinary individual taxpayers, the basic exemption limit, up to which he is not required to pay... Read More