Cryptocurrency Plan
Capital Gains from Crypto Investments
Capital gains from cryptocurrency investments, including up to 200 transactions such as intraday trading, leverage trading, derivative trading, and arbitrage, need to be carefully tracked and reported.
About This Plan
This plan covers capital gains from cryptocurrency investments, encompassing up to 200 transactions, including various trading activities such as intraday trading, leverage trading, derivative trading, and arbitrage.
Services Provided
- Tax Filing for Capital Gains: Includes filing for capital gains from the transfer of Virtual Digital Assets (Cryptocurrency) for up to 200 transactions per year.
- Interest and Dividend Income Reporting: Comprehensive declaration of interest and dividend income.
- Tax Savings Investment Claims: Assistance with claiming eligible tax savings investments.
- Rental Income Reporting: Includes reporting rental income from a single residential property.
- Income Declaration: Covers the declaration of salary, capital gains, and other business or professional income.
- Dedicated Relationship Manager: Access to a dedicated relationship manager throughout the service process.
- Expert-Led Tax Filing: Professional assistance with tax filing.
Who Should Buy
Individuals who sold any type of Virtual Digital Asset during the year and realized gains
How It Works
This plan offers a seamless, end-to-end online service managed by our experts. Experience a hassle-free process with 100% digital fulfillment.
Estimated 10-Day Process
- Purchase of Plan: Select and purchase the plan.
- Upload Documents: Submit necessary documents.
- Financial Statements Preparation: Preparation of your financial statements.
- Review Computation Sheet: Review and verify the computation sheet.
- Return Filed & Acknowledgement Generated: File the return and receive an acknowledgement.
Documents Required
- Bank Statements for the Financial Year: Comprehensive bank statements for the year.
- Income and Expense Statement: Detailed statement of income and expenses.
- Auditor’s Report: Report from a certified auditor.
- Crypto Trade Reports: Records of cryptocurrency trades.
- Bank Statement for Interest Above Rs. 10,000: Bank statement if interest income exceeds Rs. 10,000.
- Annual Information Statement (AIS): Your AIS for the year.
FAQ’s
What is Advance Tax and When Should It Be Paid?
Advance tax is a system of paying your tax liability in installments throughout the financial year rather than in one lump sum at the end of the year. This prepayment is based on your estimated income for the year, and it helps in managing your tax obligations proactively. If your total tax liability exceeds Rs 10,000 in a financial year, you are required to pay advance tax.
The due dates for advance tax payments are as follows:
- 15th June: 15% of the total advance tax
- 15th September: 45% of the total advance tax
- 15th December: 75% of the total advance tax
- 15th March: 100% of the total advance tax
Under this plan, Our experts will assist you in calculating your advance tax liability and ensure timely payments to avoid penalties.
Due Date for Filing Business Returns
The due date for filing business returns depends on whether a tax audit is applicable:
- If Tax Audit is Applicable: The due date is 30th September.
- If Tax Audit is Not Applicable: The due date is 31st July.
Ensure to file your returns by these dates to avoid penalties and ensure compliance.
Audit and Financial Statements Preparation
In this plan, a summary consolidating all financial transactions is prepared before filing the return. However, day-to-day bookkeeping and the actual audit are not included in the plan.
Retention of Filed Tax Returns
Yes, you are required to keep a copy of the filed return as proof. Under the Income Tax Act, legal proceedings can be initiated up to 4 to 6 years (depending on the case) from the end of the relevant financial year. In some cases, proceedings may extend beyond 6 years, so it is advisable to preserve a copy of your return for at least 6 years, or maintain it for as long as possible.
Penalty for Filing Belated Returns
If you are filing belated returns through KMG CO LLP, the penalty for late filing, which can be up to Rs. 5,000, is the responsibility of the taxpayer. KMG CO LLP will not be liable for any penalties imposed by the Income Tax Department (ITD) due to the belated filing.