Bookkeeping and accounting services are critical tasks that help businesses to maintain accurate financial records, track their performance, and make informed decisions. Bookkeeping and accounting records should be maintained on a regular basis, typically at least once a month, to ensure accuracy and completeness. It is important to maintain records in a timely manner to …
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DTAA stands for Double Taxation Avoidance Agreement. It is a treaty signed between two countries to avoid double taxation of income earned by residents of one country in the other country. The purpose of DTAA is to prevent double taxation of income and promote economic and cultural relations between two countries. DTAA provides relief in …
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1. What is an NRI? An NRI, or Non-Residential Indian, is an Indian citizen who resides outside of India for a substantial period of time for the purpose of employment, education, or business. 2. Who is required to file an income tax return in India? All individuals, including NRIs, are required to file an income …
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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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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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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 …
Employee Stock Option Plan (ESOP) is a form of compensation provided to employees in the form of stock options. It gives employees the right to purchase a certain number of shares of the company’s stock at a fixed price (also known as the “exercise or strike price”) within a specified period of time. The purpose …
What is Hindu Undivided Family (HUF)? The Hindu Undivided Family (HUF) is defined as a separate entity for tax assessment under the Income-tax Act, 1961. As per section 2(31) of the Act, HUF is considered a “person”. In accordance with Hindu Law, an HUF consists of individuals descended from a common ancestor, including wife and …
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