PROVISIONS FOR ITR FILING FOR THE AY The following points be considered for the AY 2023-24 – The due date for filing ITR depends on the type of person along with the ITR form applicable to them. Also, whether audit is required or not, further varies the due date. Generally, the due date for most …
New ITR Return Forms for AY 2023-24 It also published the Income Tax Rules, which aim to make additional changes to the Income Tax Rules, 1962. Moreover, in Appendix-II of the principal rules, for Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR-4, ITR-5, ITR-6, ITR-7, and ITR-V, the two Forms shall be substituted. Form ITR-1 Sahaj …
CBDT launched New Income Tax e-filing portal for taxpayers from June 7 & Pay Tax via Credit Card On the 7th of next month, the Income Tax Department will introduce its new e-filing portal at www.incometax.gov.in. Between June 1 and 6, taxpayers and Income Tax Department officers will be unable to access the existing portal. …
Taxation on Employee’s Stock Option Plan (ESOP) in India According to section 17(2)(vi), shares are vested to employees (vesting) because they have an absolute right to collect them after a certain amount of time has passed from the date of grant. When an employee is given those choices, he subsequently begins to exercise them (exercise). …
BRIEF INTRODUCTION As we know that is every organization, where there exists an employer employee relationship, every employer is liable to deduct TDS from the salary paid to their employees. Thus, Form 16 is a certificate issued by the employer, under Income Tax Act, 1961, to their employees, evidencing the deduction of TDS. It constitutes …
REPATRIATION An NRI, OCI and a Foreign Citizen residing in India, are often into the transaction of remitting the money from Indian Bank accounts to foreign or NRI accounts. To undertake such type of transactions, the banks are authorized to ask for certain documents namely – Application form duly filed and supported with required documents …
BRIEF INTRODUCTION Employee Stock Option Plan, can be defined as a plan, which provides long-term benefits, to the employees of the company, in the form of an option to participate in the equity ownership of the company at an amount less than the fair market value of those shares. In short, a group of employees …
What is Systemically Important Non-Deposit Taking NBFC(NBFC – ND – SI)? Non-Deposit taking NBFCs having an asset size of Rs. 500 Cr and more as per their audited balance sheet of last financial year are considered as a systemically important NBFC – ND (NBFC-ND-SI). Other NBFC’s having an asset size of less than 500 Cr. …
Govt extends the deadline for tax compliance to file a return and other records by 30 June Extension of different deadlines under the Direct Tax & Benami laws: Notification No 35/2020 has been released by CBDT [S.O. 2033(E)] of 24 June 2020 on Taxation & Other Laws, extending further the time-limits for numerous compliance measures. …
Money transfers /Repatriation of non-repatriable earnings and NRO Account available balances: While under FEMA Act, 1999 NRI’s non-repatriable current earnings, like rental, dividends, insurance, Interest on NRO investment, etc. attributed to the NRO account, is now completely repatriable subject to reasonable tax payment/deduction.NRIs that do not hold an NRO account is also given such facilities. …