The income of a non-resident Indian (NRI) earned in India is taxable. Whether a person will be classified as NRI or not will depend on the number of days he or she has stayed in India and the quantum of income earned.
Tax on an individual’s income depends on the source of such income and the residential status in India. The residential status of an Indian citizen needs to be determined individually for every financial year which may vary from …
Section 194J of The Income Tax Act 1961, pertains to deduction of tax at source in case of fees for professional or technical services. It applies to TDS on payment of any sum by way of –
a) fees for Professional services
b) fees for Technical services
c) Remuneration or fees or commission paid to directors (excluding salary)
d) Royalty
e) Non-compete fee
Threshold Limit for each of the above payments except for payment to directors is Rs. 30,000 i.e. …
The Government of India has framed Income Tax laws governing the taxes to be levied on the taxable income of all persons who are Individuals, HUF’s, Companies, Firms, LLP, Association of Persons, Body of individuals and any other juridical person. Every individual who qualifies as the resident of India is required to pay tax on the taxable income. Every financial year, tax payers are required to file Income Tax Returns (ITR) in adherence to the laid down rules and guidelines.…
21st century world largely operates under a Global Economic System. International Business is the buzz all around & businesses are not confined to boundaries. It involves cross border transactions both in goods and services. Conducive International Business Environment is imperative for multinational companies to operate and perform. In order to promote cross border trade, the government of each economy is simplifying the trade policies easing out the way business is conducted. But the challenging and complex issue of Taxation …
As per Section 194Q the buyer, whose turnover or gross receipts or total sales is exceeding Rs. 10 crores in a financial year immediately preceding the relevant financial year, shall be liable to deduct tax at rate of 0.1% on the value exceeding Rs. 50 lakhs at the time of: –
Section 194Q was introduced in the Budget of 2021-22 and has come into effect from 1st July, 2021. However, the CBDT has said that this provision would not …
Facility of unblocking EWB has now been provided to the taxpayers on the GSTN Portal. To avail this facility, the taxpayer would be required to file Form EWB-05. The application so filed will be auto-populated on the dashboard of jurisdictional tax official, who can issue a Notice for personal hearing to the taxpayer and pass its order for unblocking as per the law. So far taxpayers were applying to tax officials vide manual application, for unblocking of their EWB generation …
Taking in view the genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT has further extended the due date for furnishing of belated and revised ITRs for Assessment Year 2019-20 from 30th September 2020 to 30th November 2020. As per the Twitter handle of CBDT, the Order Under section 119(2a) has been issued.
For those who had failed to file on time, the due date was March 31, 2020, which was later extended to June 30, 2020, …
VALUATION OF SHARES FOR COMPANY REGISTERED UNDER STARTUP INDIA WITH MINISTRY OF COMMERCE & INDUSTRY: –
Valuation of equity shares is generally required for regulatory or financial reporting purposes for a business. In valuation of shares, the underlying asset is the business and per share value is calculated to arrive at the final valuation.
Methods of Valuation to be followed by Registered Valuers for a Startup Valuation:
There are several commonly used and accepted methods for determining the fair …
When a non-resident sportsman comes to India for participating in any game or sport then a question arises which country has right to charge tax on such income earned by sportsmen by participating in game or sport and what are the tax implications on such income earned.
Non-Resident Sportsmen means he is not the Citizen of India.
Nowadays, it becomes very important to know about the tax Implications in case of non-resident Sportsmen due to increase in number of sports …
E-filing of taxation come for all class of filers for the assessment year 2016-17 has been operationalized.
“All ITRs as well as ITR half-dozen and ITR seven for AY 2016-17 square measure on the market for e-Filing,” the taxation Department aforesaid. The various class of ITRs were operationalized in an exceedingly phased manner beginning Apr two.
The Central Board of Direct Taxes (CBDT) had notified the new forms on March thirty and ITRs is filed until the stipulated point of …