Non-Resident Indian (NRI) is a term used by the Reserve Bank of India (RBI) to describe a person who is resident outside India but is a citizen of India. The RBI has set certain regulations for NRIs regarding their banking activities in India. According to the RBI, NRIs can be joint account holders in a …
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Employee Stock Option Plan (ESOP) is a form of compensation provided to employees in the form of stock options. It gives employees the right to purchase a certain number of shares of the company’s stock at a fixed price (also known as the “exercise or strike price”) within a specified period of time. The purpose …
What is Hindu Undivided Family (HUF)? The Hindu Undivided Family (HUF) is defined as a separate entity for tax assessment under the Income-tax Act, 1961. As per section 2(31) of the Act, HUF is considered a “person”. In accordance with Hindu Law, an HUF consists of individuals descended from a common ancestor, including wife and …
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Taxable income for salaried employees is calculated by subtracting tax-deductible allowances and expenses from their total taxable salary. This taxable salary is calculated by adding basic salary, any dearness allowances, house rent allowances, and any other taxable allowances, and subtracting any exemptions available under section 10 of the Income Tax Act, 1961. The final taxable …
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1. What are the prerequisites for registering as a Non-Resident Taxable Person on the GST Portal? A Non-Resident Taxable Person must meet the following criteria: After the PAN, email, and mobile number have been validated, a Temporary Reference Number (TRN) will be issued and sent to you through SMS and email. Using this TRN, you …
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Imported goods must follow prescribed customs clearance procedures, including presenting a Bill of Entry with details such as description, value, quantity, and customs tariff heading. The Bill of Entry will be verified by a customs officer and may be reassessed if incorrect. Import declarations are usually checked based on documents and information without inspecting the …
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A tax nomad is an individual who chooses to live a location-independent lifestyle, earning an income while travelling and living in different countries. This type of lifestyle allows individuals to take advantage of different tax laws and regulations in different countries, allowing them to minimize their tax liability. Tax nomads often work in industries that …
The tiebreaker rule for residential status refers to the criteria used to determine an individual’s primary place of residence, usually for tax purposes. The primary place of residence is important for tax purposes as it is used to determine where an individual must pay income tax. For individuals who live in multiple jurisdictions, it is …
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Customs is responsible for working with Postal authorities to clear selected goods that come in the form of postal parcels, etc. after conducting proper checks. Customs makes sure that these postal items comply with the regulations outlined in the Customs Act, 1962. If the value of goods in the postal package exceeds the limit for …
The Delhi High Court has overturned reassessment proceedings against a Singaporean company owned by Blackstone Group holding a Tax Residency Certificate (TRC). The proceedings were initiated due to the claim that the company was not the beneficial owner of the share transactions, as the source of funds and its management was in the US. However, …
