Form 16A is a certificate issued by a deductor (such as an employer, bank, or financial institution) to the deductee (the taxpayer) as proof of tax deducted at source (TDS) on payments made to the taxpayer. It is primarily used for payments other than salaries, such as payments for professional fees, rent, or interest. After filing the TDS return (Form 26Q) for payment other than salary, you need to download Form 16A.

To provide proof of the TDS deducted and deposited on their salary income, employers issue Form 16, which is a TDS certificate, to employees every financial year.

Sqrrl Fintech stands out as the premier Mutual Fund App, facilitating seamless investment in Mutual Funds. Through the Sqrrl Account login, users can effortlessly invest, access statements, and initiate withdrawals.

Cryptocurrency, characterized by its digital nature and cryptographic security, has surged in popularity, with Bitcoin emerging as a top choice among Indians.

In the recent Budget 2022 announcement, Finance Minister Nirmala Sitharaman introduced significant changes in the taxation of cryptocurrency and other Virtual Digital Assets (VDA).

Data Upload: The ITD received additional data on crypto trading activities through the VRU/CRIU functionality on the Insight Portal of Income Tax.

Cryptocurrency and other digital assets have been the subject of extensive discussion among traders for many years. In the 2022 Budget, the finance minister provided clarity by classifying cryptocurrency and similar assets as Virtual Digital Assets (VDAs).

In India, cryptocurrency is categorized as a Virtual Digital Asset (VDA). The Budget 2022 brought new rules for taxing cryptocurrencies, NFTs (Non-Fungible Tokens), and other VDAs.

Determining the tax liability of an NRI hinges upon their residential status for the year. It’s crucial to ascertain the residential status of an individual before delving into their tax obligations.

NRO and NRE accounts are essential banking tools for Non-Resident Indians (NRIs) to manage their finances in India. NRO, which stands for Non-Resident Ordinary account,

A bonus offering, also referred to as a bonus allotment or bonus share offering, occurs when a corporation issues additional shares to its present stockholders at no additional expense.

Value of Gifted Shares: The value of the gifted shares plays a crucial role in determining the tax implications. It’s essential to accurately assess the fair market value of the shares at the time of transfer.

GST for Traders – Reporting in ITR-3: For traders reporting under ITR-3, it is essential to ensure that the turnover reported aligns with the sales reported in the GST Return to prevent any mismatch notices.

Dividend Distribution Tax (DDT) was a tax levied on companies that distributed dividends to their shareholders, akin to Tax Deducted at Source (TDS).

Before the introduction of the Securities Transaction Tax (STT), tax evasion was a concern as trading transactions often went unreported. In response, the Finance Act of 2004 introduced STT.

Investing in unlisted shares means buying ownership stakes in companies that haven’t gone through the process of making their shares available for public trading through an Initial Public Offering (IPO).

Exchange-traded funds (ETFs) made their debut in India in 2002, offering investors a diversified and cost-effective investment option. Unlike investing in individual stocks, where the risk is concentrated in a single company, ETFs allow investors to spread their risk across multiple companies within a specific sector or index.

Computer Age Management Services (CAMS) operates as a SEBI-regulated entity within the Registrar and Transfer (R&T) category. This platform offers technology-driven services and processing solutions to mutual fund companies and investors alike.

Income from trading activities is indeed categorized as business income under the Income Tax Act. This business income can further be classified into two main categories:

Traders in financial markets encounter various expenses while conducting their business. Understanding which expenses qualify for tax deductions is crucial for sound financial management and adherence to tax laws.