Dear taxpayers! We’ve got some exciting news hot off the press from the Central Board of Direct Taxes (CBDT), under the Government of India’s Ministry of Finance. Starting April 1st, 2024, the CBDT has made it super easy for you to file your Income Tax Returns (ITRs) for the Assessment Year 2024-25, which corresponds to …
Continue reading “CBDT Enables Easy Income Tax Filing for A.Y. 2024-25!”
If you’ve been keeping an eye on recent news about the Income Tax Department’s actions regarding House Rent Allowance (HRA) claims, we’ve got some clarity for you straight from the Central Board of Direct Taxes (CBDT). In a recent press release dated 8th April 2024, the CBDT addressed concerns raised by certain media reports and …
News has circulated that the income tax department is cracking down on thousands of taxpayers who have falsely claimed House Rent Allowance (HRA) deductions on their income tax returns. In a recent case, it was found that some employees had been using the PAN number of another person, to claim HRA deductions. However, investigations revealed …
Continue reading “Claiming the Fake deduction of HRA could result in Interests and Penalties”
Facts of the case: The taxpayer filed their income return on August 27, 2015, declaring a total income of ₹5,93,520/-. Following this, the case underwent limited scrutiny assessment, and a notice under section 143(2) of the Act was issued and served to the taxpayer. During the assessment, the Assessing Officer (AO) noted that the taxpayer, …
Continue reading “Stamp Duty value applies on the date of agreement not on the date of Sale Deed”
Selling property can be quite challenging, whether you’re an NRI or a resident of India. As an NRI, the first step is finding a buyer who truly appreciates your property. Once you’ve found the right buyer, negotiations begin and the final terms are settled. After finalizing the deal, the buyer is responsible for deducting TDS …
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 …
