As financial regulations tighten, many Non-Resident Indians (NRIs) are finding themselves in a challenging situation where their Permanent Account Numbers (PAN) have become inoperative. This issue primarily arises due to the non-linking of Aadhaar with PAN, which has created significant hurdles for NRIs in managing their financial and legal obligations in India. Understanding Inoperative PAN …
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The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has announced a significant initiative aimed at simplifying tax compliance and ensuring transparency. On December 17, 2024, the CBDT launched an electronic campaign to address mismatches between income and transactions reported in the Annual Information Statement (AIS) and those disclosed in Income Tax …
In today’s dynamic financial landscape, NRIs (Non-Resident Indians) holding property in India often face numerous doubts and challenges when planning to sell. These concerns revolve around income tax rates, legal compliance, documentation, and procedural requirements. The situation has become even more complex with the recent changes introduced in the 2024 budget, which now allow taxpayers …
With the globalization of companies and the rise of startup culture, businesses are finding innovative ways to reward their employees. These rewards include gifts, international travel, Employee Stock Ownership Plans (ESOPs), and more. In the case of ESOPs, companies grant these stock options to employees as a loyalty incentive, typically after they have spent a …
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In a recent judgment, the Income Tax Appellate Tribunal (ITAT) in Delhi, quashed the reopening of an assessment under Section 147 of the Income Tax Act, 1961 in the case of Tej Singh for the assessment year 2012-13. This case highlighted the importance of a fair and thorough application of mind when reopening assessments, particularly …
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Background of the Case The assessee filed his income tax return on 31st August 2015, declaring a total income of Rs. 7,27,020. His case was selected for scrutiny, and a notice under Section 143(2) was issued on 5th August 2016. During the scrutiny, the Assessing Officer (AO) found that the assessee had purchased a residential …
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In recent years, the global tax landscape has changed dramatically, especially with the introduction of robust information exchange mechanisms under the Double Taxation Avoidance Agreement (DTAA). The recent revelations reported by The Economic Times serve as a wake-up call for taxpayers. According to the report, Germany has shared information about Indian-held properties in the UAE. …
The Central Board of Direct Taxes (CBDT) has introduced a special campaign to help taxpayers correctly report their foreign assets and foreign-sourced income in their Income Tax Returns (ITRs) for the Assessment Year (AY) 2024-25. This campaign is called the Compliance-Cum-Awareness Campaign and aims to make sure that taxpayers understand their responsibilities when it comes …
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In the era of income tax regulations in India, filing one’s tax return is not always contingent solely upon surpassing the taxable income threshold. There exist additional conditions mandated by the Income Tax Act, 1961, where individuals and entities are required to file their income tax returns (ITRs), irrespective of whether they fall within the …
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Public Provident Fund (PPF) is a popular long-term investment option in India, known for its safety, attractive interest rates, and tax benefits. Understanding how the interest earned on PPF is treated under the Indian Income Tax Act can help investors maximize their benefits and plan their finances more effectively. What is PPF? PPF is a …
