Q.: What deductions are allowed and which are not allowed for NRIs? An NRI is entitled to a 30% basic deduction, a deduction for property taxes, and a deduction for interest on mortgages. A deduction for principal repayment is also permitted to NRIs under Section 80C. NRI can also deduct stamp duty & registration fees U/s …
Byju s auditor Deloitte RESIGNS!-Byju’s seems to be in deep deep trouble! This comes at a time when 3 KEY-BOARD MEMBERS have also dropped their resignations due to differences with Byju Raveendran on key operational issues. The Company’s financial statements for the fiscal year ended March 31, 2022, are far behind schedule. Additionally, we have …
NON-RESIDENT INDIAN(NRI) INCOME TAXABLE IN INDIA Income from Salary: Your salary income is taxed in India under two situations. Situation A: If it’s received in India- If you’re an NRI and you have got received any salary in India directly into an Indian Account or somebody else has received it in your behalf in India, then such salary income would become taxable in …
Income Proof with KYC becomes Compulsory for INR 10,00,000/- investments in small savings schemes. Govt of India has now made it Compulsory for those investing over INR 10,00,000/- in post office schemes to provide proof of source of funds. It has also brought all investments in post office schemes under stricter Combating the Financing of …
How to Calculate Income Tax Liability in India: A Comprehensive Guide Introduction If you are filing ITR for the first time, it can be really overwhelming to understand the ITR form and the different terms used. As simple as it may get, you can get jumbled if you do not know which field to use …
Principles of natural justice if no hearing provided to the taxpayer during the Cancellation of GST registration: IN THE GUJARAT HIGH COURT VIKRAM NATH, CHIEF JUSTICE & J.B. PARDIWALA, J. Mahadev Trading Company v. UOI In the above case of the taxpayer was that without fixing a date for hearing and without waiting for any …
Why do I need a GST Registered ? GST registration not only allows you to identify your company as a legal registrant, but it also opens up a range of opportunities for your business. Benefits to GST Registered Business at a glance are as follows:- Apply Government Tenders: Different Govt tenders require the GST registration …
The Statement of Financial Transactions (SFT) is a document or report that provides a comprehensive overview of an entity’s financial transactions over a specific period. It is a critical component of financial reporting and is typically prepared by businesses, organizations, and government agencies to accurately depict their financial activities and position. IS FILING OF NIL …
Summary of Deductions U/S 80C, 80CCC, 80CCD & 80D SECTION 80 DEDUCTION SECTION DEDUCTION ON ALLOWED LIMIT (MAXIMUM) FY 2018-19 80C INVESTMENT IN PPF – EMPLOYEE’S SHARE OF PF CONTRIBUTION – NSCS – LIFE INSURANCE PREMIUM PAYMENT – CHILDREN’S TUITION FEE – PRINCIPAL REPAYMENT OF HOME LOAN – INVESTMENT IN SUKANYA SAMRIDHI ACCOUNT – ULIPS …
New Monetary Limits for Condonation of Delayed Filing of Refund Claims & C/F Losses Central Board of Direct Taxes has issued new monetary limits in respect of condonation of delay in filing refund claim and claim of carry forward of losses u/s 119(2)(b) of the Income-tax Act, 1961. Now Lower Income tax authorities empowered to …