Budget 2020: NRIs not required to file income tax returns in certain cases
Budget 2020: In areas of ease of compliance, one such amendment proposed by the Finance Minister is to extend exemption to non-residents from filing annual income-tax return in India in additional cases. Budget 2020 was presented by the Hon’ble Finance…
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Incomes of bonafide NRI workers in tax-free countries will not be taxed in India
The Finance Ministry has issued a clarification that clears the air over a contentious anti-tax abuse Budget proposal that had raised the hackles of many non-resident Indians. As per the proposal, “an Indian citizen who is not liable to tax…
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Money gifts to NRIs are taxable from July 5 , property gift tax rules unchanged
With the passing of the Finance Bill 2019 in Parliament, some changes have been made in the rule regarding the taxation of gifts given by resident individuals to non-resident Indians (NRIs). According to changes made at the time of passing…
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What’s New In Tax Filing ?
The tax season is back with a bang. This is the time when salaried individuals start getting their Form 16 TDS certificates from employers and business people get reminders from their chartered accountants to prepare for tax filing. As of…
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All you should know about TDS for NRIs
A Non- Resident Indian (NRI) who has income, that is earned or accumulated in India, is liable for taxation. Section 195 of the Income Tax Act covers Tax Deducted at Source (TDS) on payments made by NRIs. The rate &…
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Moved out of India? Check if you will have to pay taxes?
The taxes collected from the individuals is the foundation of the Indian Economy. Even though, NRIs live in abroad, they still have a source of income in India. So, they are also liable to pay Income Tax in India. NRI…
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How a salaried person with income up to Rs 7.75 lakh can now pay zero tax
Going by the Budget 2019 proposals, a salaried individual with gross total income up to Rs 7.75 lakh can invest in various tax saving avenues and avail of different deductions to reduce taxable income to Rs 5 lakh and consequently…
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PERSONAL TAX: Rent-free home provided by employer is taxed as perquisite
Rent free accommodation provided by the employer to an employee is chargeable to tax as a prerequisite under the head salary. Thus, you shall be required to pay tax on the same. The value of such perquisite is determined separately…
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NRIs get breather to claim back tax paid at source
The Indian tax authority has exempted NRIs from having to file applications online for deduction of taxes paid at source in a bid to ease hardship cases. In a new circular issued by the Central Board of Direct Taxes (CBDT),…
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