• Uncategorized

    New 10laptop cell phone tax takes impact Friday

    Financial state New 10personal computer cellphone tax requires result Friday Thursday June 30 2022 A cellular phones shop. Photograph | SHUTTERSTOCK Purchasers of cell phones encounter elevated price ranges in a new duty slapped on the gizmos by adjustments to the guidelines using outcome Friday. The Finance Act 2022 has imposed a 10 percent excise duty on the importation of mobile phones in addition to Sh50 excise duty on each and every imported prepared-to-use SIM card. The two new responsibilities on the buy and use of cellular phones had been not part of the authentic Finance Invoice 2022 submitted by Treasury Secretary Ukur Yatani but have been launched all through…

  • Uncategorized

    Central Board of Direct Taxes notifies TDS disclosure requirements for cryptocurrencies, virtual digital assets

    The income tax department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified. From July 1, tax deducted at source (TDS) of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, as the Finance Act 2022 has introduced Section 194S in the I-T Act. In the run up to implementation of the new provision, the Central Board of Direct Taxes (CBDT) on June 21 notified certain amendments in I-T Rules with respect to furnishing TDS returns in Form 26QE and…