FY-2020-21-New-Tax-Rates

FY 2020-21 – New Tax Rates – Impact On NRIs, Foreign Citizens

FY 2020-21 – New Tax Rates – Impact On NRIs, Foreign Citizens Budget 2020 – Effecting 2020-21 New Tax Slabs Provisions – Residents, Non-Residents (NRIs, Foreign Citizens) New Income Tax Slabs – Section 115BAC of Income Tax Act Reference to Budget 2020, presented on Feb 1, 2020 by the Union Finance Minister of India, duly passed by the Parliament on March 23, 2020, new Income Tax Slabs have been provided for FY 2020-21. A new section 115BAC has been inserted…

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Shares-Mutual-Funds-Capital-Gain-Taxation-In-India

Shares, Mutual Funds Capital Gain Taxation In India

Shares, Mutual Funds Capital Gain Taxation In India What is capital gain taxation in India on sale of mutual funds and shares? Investment In Mutual Funds, Shares Sale of Mutual Funds, Shares and Capital Gains Tax Rates On Capital Gain – Sale of Mutual Funds, Shares Income Tax Act provides special concessional tax rates on Capital Gain arising on sale of Mutual Fund and Shares specifically market linked shares and mutual funds. These rates are much lower as compared to…

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itr-filing-process-in-india

ITR Filing Process in India for Non-Residents and Residents

ITR Filing Process in India for Non-Residents and Residents What are the things, which should be taken care for filing an ITR in India? This is a common question in the mind of a person (specifically Non-Residents i.e. NRIs, PIOs) who has to file an ITR in India. Steps to File Income Tax Returns (ITR)  in India ITR filing process in India can be divided into following steps: NRIs, PIOs, OCIs and other Non-residents can also file ITR in India…

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itr-filing-for-earlier-years

How To File ITR For Earlier Years And Claim Refund

How to File ITR for Earlier Years and Claim Refund What to do if I missed filing of itr of earlier years and there is some refund claim or losses? Section 139(1) of the Indian Income Tax Act provides for filing of Income Tax Return on yearly basis by Due Date. Everyone, whose Total Income (i.e Taxable Income) exceeds the basic exemption limit (i.e. Rs 2.50 Lakhs for FY 2018-19, 2019-20 and 2020-21) is mandatory required to file the ITR…

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nri-itr-frequent-financial-transactions

NRI Tax Filing Benefits and Consequences & Penal Provisions of Non-Filing or Late Filing of ITR in India

NRI Tax Filing Benefits and Consequences & Penal Provisions of Non-Filing or Late Filing of ITR in India Due to their roots in India, NRIs, PIOs, OCIs do incur/own various financial transactions in India, which attract Income Tax in India. Following are general & frequent transactions and Incomes, which form part of NRIs Indian ITR: Components of a General NRI ITR – Frequent Financial & Income Transactions Of NRI, PIO, ITR NRO Deposit Interest Income Almost all NRIs, PIOs keep…

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itr-for-fy-2019-20

ITR FY 2019-20 – Tax Slabs, ITR Form, Important Changes – NRIs, PIOs, Foreign Citizens

ITR FY 2019-20 – Tax Slabs, ITR Form, Important Changes – NRIs, PIOs, Foreign Citizens ITR For FY 2019-20 has been due for filing. Now, ITR can be filed anytime on or before due date (Extended Due date for FY 2019-20 ITR filing is November 30, 2020.). Here is a need to understand the important components of Income Tax Provisions, Requirement of New ITR Forms, Tax Rates, Applicability of ITR, Due Date etc. There must be various doubts amongst a…

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india-budget-2020-impact

Budget 2020 Impact On NRIs, OCIs, PIOs, Expatriates Residential Status

Budget 2020 Impact on Residential Status of NRIs, OCIs, PIOs and Other Indian Citizens Budget 2020 proposed three changes in Residential Status of Individuals. These new provisions of Budget 2020 will put a direct impact on the residential status of NRIs, OCIs, PIOs, Expatriates, Seafarers, other Indian citizens etc. Here is an analysis (by our NRI Tax Team) of the new proposals: Budget 2020 Amendment 1 – NRIs PIOs Stay in India 181 Days Reduced to 119 days Analysis: Also…

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aadhaar-pan-linking

Aadhaar PAN Linking – Provisions, Applicability & Impact On NRIs, Foreign Citizens Etc

Aadhaar PAN Linking – Provisions, Applicability & Impact on NRIs, Foreign Citizens Etc In the Budget 2017, Govt of India has introduced a new section 139AA in the Income Tax Act, 1961. This new provisions has made it mandatory for individuals to link their Aadhaar with Permanent Account Number (PAN). Section 139AA Supreme Court Decision of 2018 Validity of section 139AA was questioned in the court. On the same, in September 2018, 5 Judged bench of Supreme Court pronounced the…

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india-tax-and-business-reform-2019

India Tax & Business Reforms 2019 – Impact On Corporates, Businesses, Foreign Companies, FDIs, GST, Individuals, NRIs, Non-Residents

India Tax & Business Reforms 2019 – Impact On Businesses, Residents & Non Residents India Tax & Business Reforms 2019 – Impact On Corporates, Businesses, Foreign Companies, FDIs, GST, Individuals, NRIs, Non-Residents. Recently, the Finance Minister of Govt of India and GST Council of India have announced some major economy boosters to revive India Economy and attract Foreign Investment in India into Manufacturing and other sectors. In this article, you will know India Tax & Business Reforms 2019 impact on…

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nri-law-updates

Nri Law Updates

Nri Law Updates Income Tax Appellate Tribunal Cochin – The DCIT (International Taxation) Kochi vs K E Faizal – STCG On Equity Oriented Mutual Fund Not Taxable in India: Indo-UAE Treaty – July 8, 2019 Assessee, an individual (NRI), resident of UAE, a non-resident in relevant AY ie 2012-13 in India, derived income from short term capital gains (STCG) from alienation of Equity Oriented Mutual Fund Units. AO considered that it is taxable in India under clause 13(4) of Indo-UAE Tax…

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