SCN stands for “Show Cause Notice” in the Goods and Services Tax (GST) context. A show cause notice is issued by the GST department when it suspects that a business has violated the GST laws and regulations. The notice requires the business to explain and justify its actions and provides an opportunity for the business …
An income tax notice is a formal communication from a tax authority, such as the Indian Income Tax Department, informing a taxpayer of a discrepancy, error, or other issue with their tax return or tax account. The notice may request additional information, clarification, or payment of taxes owed. It is important to respond to an …
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Salary refers to the compensation that an employee receives from their employer for the work they perform. This compensation can be in the form of cash, bonuses, benefits, and/or stock options. Maintaining proof is especially important in the context of income tax. This is because tax authorities require taxpayers to provide documentation to support the …
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An income tax notice is a formal communication sent by the tax authorities to a taxpayer regarding any discrepancy in the tax return filed or any additional tax liability. It could also be sent to request missing information or clarification on certain points in the tax return. Dealing with an income tax notice requires prompt …
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In the financial year 2022-23 until 31st January 2023, a total of 2,09,06,829 individuals aged between 18 and 35 years filed their income tax returns (ITRs). This was revealed by the Union Minister of State for Finance, Shri Pankaj Chaudhary, in a written reply to a question in the Lok Sabha. According to the Income-tax …
Property is a well-liked investment option in India due to its ability to produce a steady stream of income through rental payments. NRIs who own property in India can lease it out and receive rental income, which is considered taxable in India. The tax is classified under the “Income from House Property” category and is …
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Foreign Direct Investment (FDI) refers to investments made by a company or an individual based in one country into a business located in another country. In the case of India, FDI refers to investment made by foreign companies or individuals into Indian businesses. FDI in India has been an important driver of economic growth and …
The Non-Residential External (NRE) account is a type of savings or current account specifically designed for Non-Resident Indians (NRIs). It allows NRIs to maintain their savings in India while they are living abroad. The funds held in an NRE account are held in Indian Rupees and are fully repatriable, meaning that the NRI can transfer …
The income tax act requires that credit be given for the amount of tax deducted at source, regardless of whether the tax was eventually deposited with the government. The assessing officer must allow the credit for tax deducted on salaries, even if the employer failed to deposit the amount with the government. The requirement for …
The Foreign Ministers of India, France, and the UAE came together for the first time on 19th September 2022 on the sidelines of the United Nations General Assembly in New York. They acknowledged their shared interest in promoting international stability and prosperity and further strengthening the existing ties between the three countries. To this end, …
