The Budget (2020) has brought about changes in tax residency rules for non-resident Indians (NRIs). If you are an NRI, you would need to pay close attention to these changes. Read on to know more about NRI taxation and what it means. Also, before delving into what income tax for NRI or NRI tax means, …
Under the new tax rules proposed by the government, FPIs (foreign portfolio investors) may be subject to up to 43 percent tax on the dividend earned from listed Indian companies. It will be levied on investors and entities that aren’t taxed in their original country. Currently, a 20 percent flat tax is deducted at the …
Error while filing your tax return can result in either overpayment or underpayment. Whichever is the case, neither of these situations is desirable. If your overall tax return claim exceeds the total amount of tax paid by you, it can invite scrutiny from the IT department. Not a very welcoming situation, right? You can now …
Calling it an endeavour to Honour the Honest – Transparent Taxation is a platform which aims at simplifying direct tax norms to help bring transparency to the system and reduce taxpayers’ woes. In a virtual event, PM Narendra Modi will inaugurate the platform on August 12. Several chambers of commerce members, trade associations, chartered accountant associations, …
Indian investors can invest in the US stock market. For Indian investors, proactively looking for overseas stock market investment opportunities to diversify a portfolio, tax implications remain a major concern. But the number of Indian investors is growing in the US stock market, and hence, we feel that it needs a detailed discussion on the …
Individual taxpayers now have time till December 31, 2020, to file ITR for FY19-20. Taxpayers, who need their accounts audited got an extension till January 31, 2021. The Central Board Of Direct Taxes (CBDT) issued a press release regarding the updated tax filing deadline. Earlier, the last date to file taxes was November 30, 2020. …
Have you kept track of your income and how exactly you can optimise your earnings by investing in tax-saving instruments? Tax planning is a key element of your personal finance and spending an hour learning all about it can indeed help you save taxes, almost a month’s worth of it. If you don’t make use …
A tax consultant is an advisor who helps individuals and organisations to pay their taxes. As they are qualified professionals and experts in their field, they will help you with planning your taxes, ensure compliance and provide you insights into the various taxation laws. Here are some benefits from hiring a tax consultant: A tax consultantwill …
Declaring your income and filing taxes on the same are one of the most important duties for a citizen. However, instead of doing it on your own, it’s best to have a professional examine your income and the taxes you are liable to pay since they would be much better placed to inform you as …
An Overview As of Thursday, May 20, 2021, the Central Board of Direct Taxes (or CBDT) has chosen to extend the deadline set in place for filing income tax returns (or ITRs) applicable for Financial Year 2020-2021 (Assessment Year 2021-2022). The new deadline in place is September 30, 2021. This move, along with the decision …
