The Finance Bill, 2020 contains a provision that deems an Indian citizen to be a resident in India if they are not liable to be taxed in any country or jurisdiction. This provision is aimed at preventing the abuse of tax laws by Indian citizens who move to low or no tax jurisdictions to avoid …
Continue reading “Understand The Tax Residency and Income Tax implication on Person Living in UAE”
As the new financial year has begun, the Income Tax Return (ITR) filing season has started. Businesses in Gurgaon and Faridabad need to be prepared to file their ITR and gather all the necessary documents required for the process. Businesses in Gurgaon and Faridabad are required to file their ITR irrespective of whether they have …
Continue reading “ITR filing for Businesses in Gurgaon and Faridabad for FY 2022-23 (AY 2023-24)”
As the financial year comes to an end, it’s time for the salaried employees in Gurgaon and Faridabad to gear up for the ITR filing season. Income Tax Return (ITR) is a crucial document that every taxpayer has to file annually, declaring their income and the tax paid on it. This is mandatory for every …
In a recent case before the Income Tax Appellate Tribunal (ITAT) Delhi, the controversy was centered around the residential status of the assessee for the relevant assessment year of 2017-18. The Assessing Officer had held the non-residential status of the assessee against him on the basis that his stay abroad for more than 180 days …
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Introduction:In a recent case, the Income Tax Appellate Tribunal (ITAT) has quashed the penalty levied on an assessee for accepting sale proceeds in cash on different dates while selling her flat. The assessee had put forth various reasons to establish that the transaction was bona fide and genuine, and not intended to evade taxes. Background …
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The Karnataka High Court has recently granted an interim stay on the reassessment proceedings in a capital gains case, where the sale consideration exceeds Rs. 50 Lacs but the capital gains amount is below Rs. 50 Lacs. The notice in question pertains to the Assessment Year 2016-17, which was issued in March 2023. The petitioner, …
TDS or Tax Deducted at Source is a tax collection mechanism under which a certain percentage of tax is deducted from the payment made to a person or entity. The person or entity making the payment is required to deduct TDS and deposit the same with the government. TDS is applicable on various types of …
Continue reading “All about the TDS and TDS Return, Due Dates and TDS Forms”
The start of a new financial year marks the beginning of the process of filing Income Tax Returns (ITR) for the previous financial year. With the financial year 2022-23 having come to a close, the process of filing ITR for FY 22-23 has now begun. Filing ITR is a legal requirement for individuals and businesses …
Continue reading “Brief about the filing of ITR for FY 2022-23 and Steps to File ITR”
Filing income tax returns (ITR) is a crucial aspect of financial planning for individuals and businesses alike. It is a legal obligation for those who earn a certain level of income in India to file their ITR with the Income Tax Department. The deadline for filing ITR for the financial year (FY) 2022-23 is 31st …
As the new financial year has begun, taxpayers are faced with a critical decision – whether to opt for the old tax regime or the new tax regime. This decision has become all the more important as the government has made some significant changes to the tax regime in the previous year, and taxpayers must …
Continue reading “Whether to opt for the Old Tax Regime or the New Tax Regime”
