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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) Table of ContentsNew Income Tax Slabs – Section 115BAC of Income Tax ActDeductions, Exemptions, Reliefs – To Forgo In New Tax SlabsNew Tax Rates (Sec 115BAC) – Important PointsAnalysis of New Slab OptionNew Tax Slabs Benefits– Non-Residents (NRIs, Expatriates, OCIs, PIOs)Comparison Between New Tax Vs Old TaxFrequently Asked Questions (FAQs) – Budget 2020 Q:…

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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? Table of ContentsInvestment In Mutual Funds, SharesSale of Mutual Funds, Shares and Capital GainsTax Rates On Capital Gain – Sale of Mutual Funds, SharesIndexation Of CostFrequently Asked Questions (FAQs) Q: Whether Capital Gain Tax Rates are different or less favorable for Non-Residents in relation to sale purchase of shares and mutual funds in India? Investment In Mutual Funds, Shares…

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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. Table of ContentsSteps to File Income Tax Returns (ITR)  in India1. Collecting and Arranging Documents For ITR Preparation2. Preparation of Tax Computation For ITR3. Submission of ITR – Filing (E-Filing) of Income…

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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 Table of ContentsWhat to do if I missed filing of itr of earlier years and there is some refund claim or losses?I missed the filing of ITR by due date but assessment year not yet ended?Penalty Fee For Late ITR FilingInterest Penalty For Late Filing of ITRInterest For Late Payment of TaxesCarry Forward of LossesRefund ClaimFiling and Processing of ITRWhat if I missed filing Of ITR and assessment year has…

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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: Table of ContentsComponents of a General NRI ITR – Frequent Financial & Income Transactions Of NRI, PIO, ITRNRO Deposit Interest IncomeSale of Immovable Property in…

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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: Table of ContentsBudget 2020 Amendment 1 – NRIs PIOs Stay in India 181 Days Reduced to 119 daysBudget…

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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). Table of ContentsSection 139AASupreme Court Decision of 2018Eligibility for Aadhaar Number ApplicationBudget 2019 – Easing of Norms For NRIs for Obtaining Aadhaar139AA(3) – Exemption To Certain Class of PeopleDue Date…

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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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S Lohia & Associates Chartered Accountants 
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21 Kasturba Gandhi Marg,
Connaught Place, New Delhi 110 001.
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