If demonetisation’s impact on tax base has been below the high expectations, the goods and services tax (GST) seems to have done far better. As the comprehensive indirect tax has opened new channels of audit trails, crores of new taxpayers…
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Investors, who took exposure to leveraged non-resident rupee deposit products in India and stand to lose heavily from the recent fall in the rupee, told Gulf News that banks sold these products as simple fixed deposits and now they stand…
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The number of income tax return (ITR) filings surged 71 per cent to 5.42 crore till August 31— the last date for submission for financial year 2017-18. This was led by a massive eight-fold jump in returns filed by entities…
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Taxability in India depends on residential status in India, source of income and place of receipt of income. Residential status in India is determined based on physical presence in India in the current financial year (FY) and preceding 10 FYs.…
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If I have capital gains tax from selling shares of more than Rs 1 lakh, but no other income, will I have to file tax? I am a housewife and I trade in shares sometimes. —Leena Thakkar Obligation to file…
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Who wants to risk loss or damage of vital documents such as driving licence, voter ID card or education certificates? Now keep all such documents safely inside your house and carry the e-copies easily on your phone using the DigiLocker…
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The amendments to Insolvency and Bankruptcy Code (IBC) 2016, allowing home buyers to be treated as financial creditors and seeking to set up a special dispensation for small sector enterprises, was passed by Parliament on Friday. The bill, which was…
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The Indian parliament’s lower house, Lok Sabha, on Thursday passed a bill that proposes to amend the Representation of the People Act, 1951 to enable the overseas electors to appoint proxies to cast their votes in the elections to Lok…
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Australia is working towards a big implementation of the India economic strategy, but the process would be more in the nature of a “slow burn” rather than a big splash. Releasing the strategy report, Australian high commissioner, Harinder Sidhu countered recent reports in the…
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Individuals who have purchased property from non-residents find themselves grappling with several income tax-related challenges. To begin with, it’s difficult to determine the seller’s tax status (whether he is a resident or non-resident in India according to the I-T Act). This is…
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