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
Category: Income Tax
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
Income Tax: Give scrip-wise details in ITR to calculate long term capital gain – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-give-scrip-wise-details-in-itr-to-calculate-long-term-capital-gain/2254440/ For equity shares and equity mutual funds purchased on or before 31st January 2018, the Cost of Acquisition shall be higher of—(i) the
Taxing more firms at a lower rate | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/taxing-more-firms-at-a-lower-rate-121051801447_1.html Concern over a falling share of corporation tax revenue may get worse The Centre’s tax collections in recent years have been a cause for concern.
How to calculate tax on dividend income – The Financial Express
Clipped from: https://www.financialexpress.com/money/tax-talk-how-to-calculate-tax-on-dividend-income/2253666/ Dividend income from shares held as investment shall be taxable under head ‘other sources’ in the hands of recipient shareholders at applicable slab
property legal rights: My father passed away without a will. Who has legal rights to his property? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/plan/my-father-passed-away-without-a-will-who-has-legal-rights-to-his-property/articleshow/82478471.cmsSynopsis Registering a will is not mandatory, nor does it offer any guarantee that it will not be opposed. So, a registered will can
Money & relationships: Should you merge finances, assets with spouse? Here’s help – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/plan/money-relationships-should-you-merge-finances-assets-with-spouse-heres-help/articleshow/82656005.cmsSynopsis While there are no financial rules that can be applicable to everyone, and each couple must find its own comfort zone in dealing
Reimbursement claimed on welfare expenses incurred by multinationals in India outside gamut of tax: ITAT – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/reimbursement-claimed-on-welfare-expenses-incurred-by-multinationals-in-india-outside-gamut-of-tax-itat/articleshow/82680179.cmsSynopsis Tax tribunal lays out ground rules for taxing such expenses, should benefit Indian arms amidst Covid pandemic. It said that there should be
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