The final installment of advance tax for the year is approaching, due on March 15, 2024. As a taxpayer, you’re required to pay advance tax on all your income sources, including capital gains from selling shares, mutual funds, interest earned on fixed deposits, and savings accounts. According to Section 208 of the Income Tax Act, …
If you’re an NRI (Non-Resident Indian), you need to file an income tax return for any income earned in India. Often, when people move out of India, they transfer all their investments to another country for convenience. However, sometimes NRIs do not redeem their investments in India, such as fixed deposits, shares, mutual funds, or …
Amit, who is resident in India, worked with Ernst & Young Australia during the financial year and. Since he is an Indian resident, his global income is subject to taxation in India. While Amit earned his salary income in India, he also paid income tax in Australia. To avoid double taxation, Amit utilized the benefits …
Continue reading “Foreign Tax Credit not to be disallowed due to Non-Filing of Form 67”
In today’s interconnected world, people are not limited to earning income solely in their own area, city, state, or country. Globalization has opened up opportunities for individuals to explore earning potential in different countries. This not only allows for business growth but also presents the advantage of foreign exchange fluctuations. However, a common concern for …
As an Non-Resident Indian (NRI), selling your property involves several crucial considerations. First and foremost, understanding the market value of your property at the time of sale is essential. Additionally, you need to understand the payment of income tax in India on the sale proceeds and the repatriation of funds out of India after tax …
