Key Highlights of Budget 2024 by Nirmala Sitharaman Budget 2024 is designed to support economic growth, employment, and development across various sectors with a strong focus on infrastructure, youth, and social inclusion. The government’s commitment to fiscal discipline is evident in the reduction of the fiscal deficit and the allocation of significant resources for capital …
Guidelines to File Schedule AL (Assets and Liabilities) Declaration in ITR The proliferation of black money poses significant challenges to economies worldwide. Governments continuously introduce new regulations aimed at curbing the circulation of illicit funds. The presence of black money not only exacerbates income inequality but also fuels inflation. To combat these issues, the Indian …
Navigating Complex Taxation of Rental Income for Indian Landlords Rental income can be a significant source of revenue for property owners in India. However, understanding the tax implications associated with rental income is crucial for effective financial management. This article will guide you through the complexities of rental income taxation, including ITR filing, income tax …
Setting Up A Business With 100% Export Oriented Units (EOUs) along with FDI Foreign investors must first assess their entry route into India, which is determined by their area of operation and the sectoral caps. The automatic route is now available for most sectors, except for a few. Under the automatic route, investors can proceed …
Important Points for Taxation of Share Transaction & Disclosing F&O Income The income from these transactions should be reported under the head “Income from Business or Profession” in the Income Tax Return. Taxpayers engaged in these activities may be liable to pay advance tax if their tax liability exceeds ₹10,000 in a financial year Income …
Overview on International Financial Services Centre in GIFT City An International Financial Services Centre (IFSC) is a jurisdiction that caters to customers outside the domestic economy, dealing with the flow of finance, financial products, and services across borders. The Gujarat International Finance Tec-City (GIFT City) is India’s first IFSC, located in Gandhinagar, Gujarat. NRIs and …
Why you should file ITR even if your income is less than INR 2.5 Lakhs ? While it may not be mandatory to file an ITR if your net taxable turnover is ₹2.5 lakhs or below, Filing an Income Tax Return (ITR) in India is not compulsory for everyone, especially if your net taxable turnover …
Form No. 67 filling for availing Foreign Tax Credit is a directory nature & not Compulsory. In Matter of Ms. Brinda Ramakrishna v. Income tax Office [2022], it was determined that Rule 128(9) of the Rules does not provide for disallowance of Foreign Tax Credit in the event of a delay in completing income tax …
Guidance on ITR Reporting of Foreign Equity/Debt Investments When filing your Income Tax return in India, it is essential to declare foreign stocks and other foreign assets annually, regardless of whether they are sold or not. Income Tax Return Reporting of Foreign Assets in the ITR Return Form: All foreign assets, including stocks, real estate, …
Choosing Between the New Tax Regime & Existing Old Regime In case Salaried Taxpayers, They Choose the old regime at the beginning of the FY and inform the employer; can change choice when filing the return. & In case Non-Salaried Taxpayers, They Choose the regime when filing the tax return; once opted out of the …