How can NRIs reduce TDS on property sales? NRIs are allowed to save taxes on the sale of residential property under sections 54, 54EC, and 54F In India, Section 54 allows NRIs to claim long-term capital gain exemption. If the property is a let-out or a self-occupied Residential property, NRIs might request an exemption under …
TDS on Sale of Property by NRI/Purchase of Property from NRI Brief Discussion of the TDS on Sale of Property by NRI/Purchase of Property from NRI and How NRI can lower the TDS on Property Sale. TDS should be deducted whenever a property is purchased or sold. At the time of making payment to the …
Income Tax Deductions to NRI in India BRIEF INTRODUCTION So as defined above, “a non-resident could be a one who isn’t resident in India”, therefore we need to know who shall be considered as Resident in India. NON-RESIDENT INDIAN Where the NRI stayed in India for 182 days or more during the financial year; OR …
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. …
NRI Income Tax Help Centre In many countries, income tax laws are complicated, and it is quite difficult to understand tax regulations. Many NRIs and foreign nationals working in India need to be aware of basic tax regulations that affect their tax compliance and, in certain cases, plan to lower their taxes. India Financial Consultancy …
ALP OF ROYALTY COULDN’T BE DETERMINED AT NIL IF ROYALTY PAYMENTS WERE PERIODICALLY APPROVED BY RBI DCIT v. Kirby Building Systems India Ltd. [Hyderabad ITAT] ITA No. 316 of 2015, dated August 07, 2015 Facts of the case The assessee-company was engaged in the business of manufacture of pre-engineered building system products. During relevant year, assessee …
CORPORATE UPDATE FOR THE MONTH: Wal-Mart’s India sales go south by 32% in 2014 Sep 28, 2015 The Indian unit of Wal-Mart Stores Inc, the world’s largest retailer, posted its first ever sales decline after parting ways with key client Bharti Retail and halting store expansion amid an ongoing internal probe into alleged corrupt …
RELIEF CANNOT BE GRANTED IF ASSESSE DOES NOT COMPLY WITH PROVISIONS OF VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME VCES, 2013 Recently on 1st September, 2015, Hon’ble Bombay High Court dismissed Writ petition no. 1735 of 2015, seeking availment of benefit of ST- Voluntary Compliance Encouragement Scheme (VCES), 2013, by the petitioner in the matter of Sunil Agnihotri Productions vs. …
KEY POINTS ON ANNUAL FILINGS TO ROC – MGT-14 for Approval of Accounts & draft board report a. Pvt Co. – Not Required b. Public Co. – Required New forms AOC-4 (earlier 23AC/23ACA) and MGT-7 (earlier 20B) are introduced for annual filings. Board Report shall include various disclosures as per sec 134 & other section …