Clipped from: https://economictimes.indiatimes.com/wealth/plan/when-is-a-daughter-legal-heir-of-her-parents-assets-and-when-she-is-not/articleshow/78509788.cms Synopsis–The Supreme Court in its judgement gave equal rights to daughters as sons. Would it mean that under no circumstances can a daughter
Category: Income Tax
Indian Income Tax Act: Everything you need to know on taxation of NRIs under Indian Income Tax Act – The Economic Times
Clipped from: https://economictimes.indiatimes.com/nri/invest/taxation-of-nris-under-indian-income-tax-act/articleshow/83032625.cmsSynopsis Section 6 of the Income Tax Act prescribes provisions for determination of residential status of an individual. Residential Status is determined by the
करावे कर-समाधान : विवरणपत्र भरण्यास मुदतवाढ, पण.. | Loksatta
lipped from: https://www.loksatta.com/arthvrutant-news/income-tax-department-extended-the-deadline-filing-return-zws-70-2478629/ फॉर्म १६’ देण्याची मुदत १५ जून २०२१ ही होती. ती आता अनुक्रमे ३० जून आणि १५ जुलै २०२१ अशी करण्यात आलेली आहे; प्रवीण
Your Queries (Income Tax): Tax exemption on gain on plot sale if reinvested in new house within 2 years – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-4/2258877/ If by the time of filing of ITR for the relevant assessment year, the net consideration/ part of it cannot be appropriated towards
I-T Department prescribes hybrid formula to determine FMV of capital assets in slump sale – NEWS – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-news/article34646028.ece Budget 2021 amended the tax law on fair market value The Income Tax Department has notified rules for computation of fair market value
The time has come for a states income tax | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/the-time-has-come-for-a-states-income-tax-121052400287_1.html What better way is there to empower states than for them to have their own income tax and have a greater degree of
Tips on handling tax matters and digital assets of a deceased person | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/tips-on-handling-tax-matters-and-digital-assets-of-a-deceased-person-121052100838_1.html Legal heirs must file tax returns for income earned in the year the dead passed away Benjamin Franklin’s famous quote: “In this world
Is it possible for tax deductors to verify if payee has filed ITR in last 2 years? – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/tax-talk-is-it-possible-for-tax-deductors-to-verify-if-payee-has-filed-itr-in-last-2-years/2258165/ The government, vide Budget 2021,introduced new provisions under Section 206AB/206CCA that prescribe a double rate of TDS/TCS for those, who despite having a
Individuals, companies drag taxman to court over faceless assessment lapses – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/individuals-companies-drag-taxman-to-court-over-faceless-assessment-lapses/articleshow/82930318.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Faceless assessment is a tax evaluation process in which there is no in-person interaction with the tax officers and was started to counter
How NRIs setting up private trusts in India for investment, estate planning can take care of FEMA issues – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/plan/how-nris-setting-up-private-trusts-in-india-for-investment-estate-planning-can-take-care-of-fema-issues/articleshow/82851201.cms Synopsis–Setting up of a trust in India for NRIs is a mixed bag with a lot of challenges under Indian exchange control laws
NRI Helpdesk: Are you eligible for the National Interest Exception? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/nri/migrate/nri-helpdesk-are-you-eligible-for-the-national-interest-exception/articleshow/82851857.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis With immigration rules constantly changing with the pandemic situation, it is difficult to keep up to date with it all. For our NRI
How daughter can claim TDS share related to joint bank account after mother’s death – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-how-daughter-can-claim-tds-share-related-to-joint-bank-account-after-mothers-death/article34624835.ece For a query (published on April 18, 2021) relating to sharing of income and claiming of TDS of a deceased lady by the
Firms can now set off excess CSR spent in FY20 against obligation for FY21 – NEWS – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-news/article34619121.ece However, the offset amount shouldfactor in unspent CSR for previous fiscals Corporates that had paid heed to the Ministry of Corporate Affairs’ appeal
US Treasury proposes 15% minimum tax on global corporate profits | Business Standard News
Clipped from: https://www.business-standard.com/article/international/us-treasury-proposes-15-minimum-tax-on-global-corporate-profits-121052100098_1.html The US Treasury Department said that it supports a global minimum corporate tax rate of at least 15% below the 21% minimum it
How RBI’s tough new rules impact the audit companies | Business Standard News
lipped from: https://www.business-standard.com/article/companies/explained-how-rbi-s-tough-new-rules-impact-the-audit-companies-121052101501_1.html The central bank’s tough new rules spell major changes in the competitive landscape for financial services audits The “Big Four” —Deloitte, PricewaterhouseCoopers (PwC),
A near-empty CBDT tackles arbitration cases, domestic tax issues | Business Standard News
Clipped from: https://www.business-standard.com/article/current-affairs/a-near-empty-cbdt-tackles-arbitration-cases-domestic-tax-issues-121052200054_1.html Four vacancies in the Central Board of Direct Taxes (CBDT) have not been filled despite the Appointments Committee of Cabinet (ACC) clearing names
Salaried taxpayers can now file returns for AY22 by Sept 30 – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/salaried-taxpayers-can-now-file-returns-for-ay22-by-sept-30/article34607821.ece?homepage=true Corporates will get one more month to file returns Salaried income taxpayers will get two more months to file income-tax returns for AY22
CBI, ED turn to tech-driven investigations to nail offenders amid Covid-19 | Business Standard News
Clipped from: https://www.business-standard.com/article/current-affairs/cbi-ed-turn-to-tech-driven-investigations-to-nail-offenders-amid-covid-19-121051801480_1.html The Income Tax Department is going full throttle on data analytics to issue notices in time-bound cases Central Bureau of Investigation headquarter The
CBIC issues framework for importing raw materials for job work under amended IGCR Rules – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/cbic-issues-framework-for-importing-raw-materials-for-job-work-under-amended-igcr-rules/article34588658.ece Amendments not to include precious metals The Central Board of Indirect Taxes and Custom (CBIC) has formalised the system for importing raw material,
Income Tax: ICAI issues exposure draft of revised Accounting Standard – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/money-and-banking/income-taxes-icai-issues-exposure-draft-of-revised-accounting-standard/article34586805.ece?homepage=true The CA Institute has come up with an exposure draft for a revised accounting standard on income taxes, to be applicable on entities
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