NRI stands for Non-Resident Indian. These are people who have their roots attached to India, but are settled abroad somewhere. These people may have invested in property in India or might have their ancestral property in India. They may decide to sale such properties located in India. In this article we will discuss the Tax…
Income Tax return is a well recognised income proof. So, filing an income tax return is very important for all. As per law the return of income should be filed when the taxable income exceeds more than the basic exemption limit. Then you may think that why we are writing about something which is not…
Before 2020, Non-Resident Indian(NRI) and persons of Indian origin included people who have visited India for less than 182 days in a financial year. But this was reduced to 120 days for all Non-residents. This reduced period only applies if the income generated in India is more than Rs. 15 lakh in India. India has…
With the economic growth, the transactions between Indian taxpayers and non-residents are increasing. For all these transactions, the taxation on all the sums which are payable to the non-residents is deducted at source. The payee is bound to pay the tax deduction at source (TDS) at specified rates. This has been dealt in Chapter XVII-B…
When a foreign entity wants to enter India for establishing an office, the main question revolves around the entry route. One of the main entry routes is by establishing an office. Based on the requirement the foreign company can establish a branch, liaison, or project office. Project Office is the best method for entry if…
Tax Audit is required to be done for the entities that crosses the threshold as specified by the act. Tax Audit is conducted as per Section 44AB of the act. The report needs to be signed by a chartered accountant and is required to be filed electronically. The main purpose of tax audit is to…
Every person who earns income is supposed to pay tax on that income if he is liable as per Income Tax Act. Calculation of tax and payment thereof still is a tedious task for layman. Income Tax Department has been working to simplify things as much as possible, from launching new portal which is claimed…