Tax-Time Stress? We are here to Suppress!✨

An ITR is a document that needs to be submitted by individuals or organizations to the income tax department of India. It outlines income, losses and gains during a financial year. The income can be in the form of a salary, capital gains, house property, business profits, dividends, interests, lottery claims, royalty income and many other sources.

If your annual income exceeds Rs. 2.5 lakh per annum, it becomes mandatory for you to file an income tax return. However, for senior citizens between the ages of 60 and 80, the limit is Rs. 3 lakhs, while for people over 80 years old, the limit is Rs. 5 lakhs.

Yes, you can file ITR even though your income is not taxable. Filing an ITR is beneficial in many situations. If you have your tax reports intact you can easily get a Visa or apply for a loan.

The income tax act offers allowances for different savings, investments and expenses that a taxpayer has incurred during the fiscal year. A taxpayer can claim deductions and save taxes on home loans under section 80C or if they have made investments in various government programs and schemes. You can also claim Tax exemption on buying health insurance, life insurance policy, etc.

The ITR filing fees in India go from Zero to INR1000 and, in some cases, even more. The fees vary from individual to organization. However, the ITR charges may be high when filing crypto taxes as it involves a lengthy process. Tax portals like Niyofin allow you to file ITR even for FREE.

Aadhar Card and PAN are essential documents required to file an ITR. Apart from it, there are other documents and proofs that you might need when filing, depending on your income type, expenses and investments during the financial year. These are salary slips, form 16, tax saving investment proofs, proof of capital gains, health insurance premium receipts, and income certificates from post offices and banks.

GSTIN is a short name for Goods and Services Identification Number. It is a 15-digit unique number assigned to every taxpayer. Before the implementation of the GSTIN, state tax authorities allotted state VAT-registered dealers a distinct TIN, and the Central Board of Indirect Taxes and Customs (CBIC) issued a service tax registration number to service providers.

Here is the list of categories that needs to register for GST in India:

1. Businesses dealing in the supply of goods whose annual turnover is 40 lakhs or 20 lakhs (In special state cases)
2. Businesses dealing in the supply of services whose annual turnover is 20 Lakhs or 10 Lakhs (In special category states)
3. Those registered under previous laws such as Excise, VAT Service Tax etc.
4. Individuals making taxable supplies on behalf of another taxable person, either as an agent or in another capacity.
5. TDS (Tax Deducted at Source) deductors and TCS (Tax Collected at Source) deductors.
6. Every e-commerce operator and individual selling goods and services through e-commerce operators.

You can register for GST for FREE. There are no charges applicable on applying for GST registration. But, If you fail to pay the GST on time, a fine of Rs 10,000 or 10% will be levied.

In India, there are many portals where you can file crypto taxes independently. The process involves:

• Downloading the trading records CSV file from the wallets or exchanges.
• Uploading it on Niyofin.
• Downloading the ITR report.

You can also opt for our dedicated tax professionals to assist you in tax loss harvesting and file your ITR in a breeze.

Cryptocurrencies are classified as Virtual digital assets and are given the same treatment as gold, stocks, lotteries and bonds. As per section 115BBH of Income Tax Department, the profit incurred on cryptocurrency investments is treated as capital gains and is taxed at 30% in India.

You can claim the 1% crypto TDS while filing ITR only when the amount of TDS exceeds the taxation amount. If your TDS is less than the tax to be paid, the TDS will be adjusted accordingly. Investors can check the value of TDS through their PAN cards. To file crypto ITR quickly and hassle-free, you can consult a dedicated tax professional at Niyofin.

The last date to file income tax returns for 2022-2023 is 31st July. If you have missed the ITR filing due date, you can file the belated income tax returns by 31st December 2023. In such a case, you must bear a maximum penalty of Rs5000.

Trading in cryptocurrency implies a 30% tax on capital gains and it is mandatory for all the crypto investors to pay tax or file an ITR irrespective of whether their income is taxable or not. Crypto gains cannot be set off against your tax slabs and losses.