US Clarification on Tax Residency May Increase Tax Burden for Returning Indians (RNORs) The India–US Double Taxation Avoidance Agreement provides concessional tax rates on certain income streams, such as dividends, interest, and royalties, to individuals who qualify as tax residents of either India or the United States. Indians returning from the US often qualify as …
Taxation Applies Only on Sale of Inherited Assets Current Position in India on Inherited Assets India does not have inheritance tax (estate duty was abolished in 1985).Hence, there is no tax liability at the time of inheritance. India does not levy inheritance tax. Assets received through inheritance are not taxable under the Income Tax Act, 1961. …
NRI Faces PAN Card Fraud – INR 2.84 Cr GST Notice Shock! A shocking case of identity theft has surfaced after an NRI received a GST notice of INR 2.84 crore based on an alleged INR 13.8 crore business income accrued between 2019 and 2022 — income he claims he never earned. Who: A 48-year-old …
Summary on the ITR-U & Amendments in the Budget 2025 Introduction: ITR-U allows taxpayers to rectify mistakes or omissions in previously filed returns, including original, belated, or revised returns under Section 139(8A) of the Income Tax Act. It serves as an option for taxpayers to ensure accurate tax filing and compliance. With the Budget 2025 …
Newly added High-Value Transactions threshold limits Income Tax Cash Transaction Rules & Regulations Section 269ST – Restriction on Cash Transactions No person can receive ₹2 lakh or more in cash: In a single day from one person. and For a single transaction, even if received on different days. also For multiple transactions related to a single …
Residential Status U/s 6 of the Income Tax Act Act in short The taxability of an individual in India is determined by their residential status for a specific financial year. An Indian citizen may or may not be a resident of India based on specific criteria. Classification of Taxable Persons: An individual’s residential status is …
All about the application of a Certificate of Lower/NIL TDS Deduction We first try to understand the case before providing you with a complete list of details required to issue the CA certificate for transferring funds when remitting funds out of India with different sources of funds. This way, the online process of 15cb and …
SPECIFIC PROVISIONS WITH INVESTMENT INCOME OF NRI As a NRI you’ll be able to avail of a special provision associated with investment income. A NRI income shall be taxed @ 20%, where he invests in certain assets in India. INVESTMENTS ELIGIBLE FOR SPECIAL TREATMENT The income derived from the subsequent assets in India acquired in foreign currency shall …
What is Differences Between Form 10F & TRC ? What is Form 10F ? Form 10F is a self-declaration form that non-resident assessees fill out to provide specific details required to claim the benefits of DTAA treaties. It includes information such as the assessee’s name, status, nationality, tax identification number, residential status, and the period …
Concept of Foreign Tax Credit Claim In case taxpayer, who is a resident of India, & he paid income taxes outside India/ in foreign contrary, He can claim of such foreign taxes paid against his income tax payable in India. While claiming a deduction or claiming of Income taxes credit which has paid in the …