When Non-Resident Indians (NRIs) return to India permanently or for an uncertain period, their residential status changes under Indian law. Consequently, it is crucial for them to redesignate their NRE (Non-Resident External) and NRO (Non-Resident Ordinary) bank accounts to resident savings accounts. This article explores the importance of this conversion, the regulatory requirements, potential consequences …
In India, rental income from house property is charged under the head “Income from House Property.” However, before the income is taxed, certain deductions are allowed under Section 24 of the Income Tax Act, which can reduce the taxable income. These deductions help ease the tax burden on property owners and encourage investment in real …
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The presumptive taxation scheme under Section 44ADA is a simplified method of calculating taxable income for professionals. This scheme is designed to reduce compliance burdens by eliminating the need for maintaining detailed books of accounts and providing a straightforward way to compute income. Eligibility for Section 44ADA Professionals can opt for the presumptive taxation scheme …
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The Income-tax Act, 1961, provides various provisions to ease the tax compliance burden for small taxpayers, particularly for those engaged in business or profession. Under normal circumstances, taxpayers are required to maintain books of accounts, which can be a time-consuming and tedious task. To simplify tax calculations for small businesses, the Income-tax Act has introduced …
In a recent decision, the Income Tax Appellate Tribunal (ITAT) in Delhi dealt with an appeal filed by the Assessee, Mr. Vikas from Gurgaon, regarding a delay in filing an appeal before the CIT(A) for the Assessment Year 2012-13. The appeal before the ITAT was directed against the order passed by the National Faceless Appeal …
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The Goods and Services Tax (GST) department is pleased to announce that the technical challenges experienced with the e-way bill generation process have been successfully resolved. The portal is now fully operational, ensuring a smooth experience for taxpayers and transporters. In light of the earlier disruption, the following facilitation measures have been implemented to assist …
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Introduction: Taxpayers often find themselves entangled in the complex web of income tax notices and litigations, navigating through a myriad of rules, regulations, and legal nuances. In such intricate scenarios, the services of a qualified Chartered Accountant (CA) become indispensable. CAs play a pivotal role in assisting taxpayers in understanding, responding to, and resolving income …
Introduction Tax planning and compliance are integral components of financial management, impacting both businesses and individuals. Navigating the complexities of tax laws and regulations requires expertise, and this is where Chartered Accountants (CAs) play a pivotal role. In this comprehensive exploration, we will delve into the multifaceted ways in which CAs contribute to tax planning …
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Introduction: In the complex landscape of finance and taxation, businesses and salaried employees alike rely on the expertise of chartered accountants (CAs) to navigate the intricate web of financial regulations and ensure compliance. Chartered accountants play a pivotal role in providing a range of services that go beyond mere number-crunching, offering strategic financial guidance, risk …
In the complex world of finance and business, maintaining transparency, accuracy, and accountability in financial reporting is of paramount importance. To fulfill this critical role, chartered accountants play an indispensable part in the process of auditing. Auditing serves as a safeguard against financial mismanagement, fraudulent activities, and misrepresentation, and chartered accountants are the professionals entrusted …
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