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Source: Live Mint The initial structure of tax provisions raised concerns among taxpayers, particularly due to interpretational ambiguities and risk of additional taxation on already disclosed income. These concerns necessitated a timely recalibration of tax law and corresponding compliance filings. Under Section 158BC(1) of the Income-tax Act, taxpayers subjected to search proceedings were previously required…
Source: Live Mint But, some experts warn it may not be a blanket benefit available to all businesses and professionals eligible for presumptive taxation schemes. How does presumptive taxation work? Presumptive taxation for businesses and professionals is covered under Section 44AD and Section 44ADA, respectively. Under Section 44AD, small businesses with a turnover of up to…
Source: Live Mint I live in Dubai. I bought 5,000 shares in an Indian company three years ago at a valuation of ₹200 per share. Since the promoters want to ease out the investors, the company is now planning to buy shares back at ₹500 per unit in May 2025. Will I be liable to…
Source: Live Mint My relative has gifted me some amount in my NRO (non-resident ordinary) account from her NRO account. I want to transfer this amount to my foreign bank account. Do I have to obtain CA certificate for this transfer too? -Name withheld on request. Form 15CB is required to remit funds from an…
Source: Live Mint I have incorporated an IT company abroad. I want to transfer money to my own account abroad and give a loan to my company outside India. Can I avoid TCS by doing this? -Name withheld on request. Tax collected at source (TCS) is applicable on all remittances made under the Liberalised Remittance…
Source: Live Mint I have worked outside India for 12 years but I will be relocating back to India in April for a better employment opportunity at an MNC. I have one residential property in India from 2010 which I will sell and instead purchase a bigger one after I return. Approximately how much tax…
Source: Live Mint My wife’s PPF will mature in April. She wants to transfer ₹23 lakh to my senior citizen savings account and balance ₹7 lakh to our daughter. What will be the tax position implications for all of us? As from April, interest will be earned in my name. I should and will be…
Source: Live Mint I bought an under-construction house in September 2023 and have made several payments toward it. Here is a breakdown of the expenses I have incurred so far: In 2023, I made an initial payment of ₹5.5 lakh as a token amount to the builder. I also paid ₹4 lakh to the government…
Source: Live Mint I read online that to claim a tax refund under the proposed Income Tax law, the income tax return needs to be filed within the original given due date. If it is not filed within that date, a refund cannot be claimed even if the income tax return is filed on a…
Source: Live Mint Adverse tax assessments by tax authorities often result in additional tax liabilities, commonly known as “tax demand.” Under the Income-tax Act (IT Act), taxpayers must pay the tax demand within 30 days of receiving the demand notice. While they have the right to challenge an adverse order before a higher forum, the…
