S Lohia & Associates IT Admin

Dividend Taxation – Till FY 2019-20 Dividend is reward or incentive which a shareholder gets on the shares held by him in a company. Till the FY 2019-20, as per Indian Income Tax Law (Sec 115O), dividend was taxable in the hands of company. Company was liable to pay a tax in the name of Dividend Distribution Tax (DDT) on declaration of dividend to shareholders. Though the DDT rate was 15% (plus Surcharge 15% and Cess 4%), however, after grossing…

FY 2020-21, FY 2021-22 onward years – New Tax Rates – To benefit NRIs, Foreign Citizens, Expatriates, Seafarers Budget 2020 – Effecting 2020-21 onwards 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. The same is…

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…

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…