In India, PAN (Permanent Account Number) is a plastic card with ten character alphanumeric code combination, name of the individual, date of birth, date of establishment in case of the business, signature, and picture of the individual allotted by the…
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There is an incidence of Capital Gains or Capital Loss at the time of selling of a property. Selling of property by NRI is taxable under u/s 195 of the Income Tax Act, 1961. This post is dedicated to our…
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Residential status is dynamic and needs fresh determination for each financial year. Residential status in India is determined based on physical presence in India in the current financial year (FY) and the preceding 10 FYs. If the individual satisfies any…
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In case of joint ownership of a property, the rental income earned on the same is required to be split between the co-owners in the ratio of their shares, if it is definite and ascertainable. However, if the whole amount…
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The government Monday exempted from income tax the interest payable on rupee-denominated bonds issued outside India by a company or a trust to a non-resident or a foreign company, a move aimed at increasing dollar inflow. The interest would be…
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Real estate and gold have traditionally formed a large chunk of Indian investors’ portfolios. However, over the past few years, returns from them have been poor to negative. Apart from keeping gold or real estate for self-use, investments in these…
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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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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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