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Source: Live Mint The Income Tax (IT) department is taking a lenient approach this year to address the non-disclosure of foreign assets in income tax returnsfiled in the current assessment year. This week, the department has sent out emails to taxpayers who have not reported foreign assets, asking them to revise their tax return. This…
Source: Live Mint The deadline to file income tax returns (ITR) by corporates and individuals requiring audit for the financial year 2024-25 is November 15, 2024. The deadline was set for October 31, 2024, initially, but was extended to November 15. Any further extension to this deadline is unlikely. This income tax return submission is…
Source: Live Mint I am a non-resident Indian (NRI) residing in Abu Dhabi for many years. I sold my residential property in India at a loss during 2021-22 and filed my income tax return (ITR) well within the due date. However, I have not filed my ITR for 2022-23 since I barely had any taxable…
Source: Live Mint NEW DELHI : October 2023-24 brought a tax shocker. The rate of tax collected at source (TCS) on the purchase of foreign tour packages and foreign remittances under the Liberalised Remittance Scheme (LRS), other than for education and medical purposes, was raised from 5% to 20%. Though this additional TCS outflow could…
Source: Live Mint I am a NRI with a residential property in Mumbai that I have rented to a salaried individual. The monthly rent is ₹90,000 and the lessee has deducted TDS at 5%. In the lease agreement, I mentioned my Indian address and PAN but did not inform the tenant about my NRI status….
Source: Live Mint If you want to take a personal loan but are not employed currently, then you do not need to fret. Most banks offer loans even to the self-employed persons so long as they fulfill other conditions. For the unversed, a personal loan is an unsecured loan given by banks to borrowers for a range…
Source: Business Standard 3 min read Last Updated : Sep 23 2024 | 5:16 PM IST Many taxpayers are waiting for their income tax refunds for the income tax return (ITR) filed for the financial year 2023-24 (assessment year 2024-25). However, can someone request an income tax refund from the Income Tax Department for…
Source: Live Mint I filed my income tax return (ITR) as a non-resident Indian (NRI) and it has been processed. If I want to revise the ITR before 31 December do I need to file an updated ITR? I forgot to show some interest income that is taxable at 12.5% under a double taxation avoidance…
Source: Live Mint The status of being a non-resident in India is determined under two different laws: income tax laws and the Foreign Exchange Management Act (FEMA). The first law impacts the taxability of income earned in India and outside India. The second one regulates investments and banking transactions in India. In this article, we…
Source: Live Mint Some income taxpayers have reportedly received notices under section 148, which is related to the reopening of assessments for the assessment years 2014-15, 2015-16, 2016-17 and 2017-18. A former president of the Institute of Chartered Accountants of India ((ICAI), the chartered accountants’ professional body, believes that these tax notices are wrongly sent…
