Non-Resident Indians (NRIs) are individuals who live and work outside of India but maintain strong ties to their home country. As an NRI, it can be challenging to navigate the complex Indian tax laws and financial regulations. This is where a Chartered Accountant (CA) in Gurgaon can be of great assistance. In this article, we …
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The Income Tax Appellate Tribunal (ITAT) in Chennai has ruled in favor of the assessee in the case of A. Jesu Rajendran v. ITO. The dispute arose when the revenue authorities assessed the profit derived from the transfer of property as short-term capital gains and invoked Section 50C to determine the value of the property …
Working abroad can be an exciting opportunity, but before leaving your home country, there are important things to consider. If you are an Indian citizen working overseas for more than 181 days, you will be classified as a Non-Resident Indian (NRI). This classification has implications for your financial accounts and investments back in India. In …
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In the case of Anagha Vijay Deshmukh v. DCIT, the assessee had filed her income tax return electronically for the relevant assessment year claiming carry forward of long-term capital loss. She later filed a revised return claiming the same loss at a higher amount. However, the lower authorities denied her claim on the grounds that …
The Mumbai Income Tax Appellate Tribunal (ITAT) has held that while computing capital gains on the transfer of a capital asset received under a will, the indexed cost of acquisition has to be computed with respect to the year in which the first owner held the asset. The ITAT relied on a jurisdictional High Court …
The PCIT v. Dipak Govindbhai Dalwadi case (2023) 147 taxmann.com 393 (Guj.) highlights an important issue regarding the imposition of taxes on the sale of land. The case involves an assessee who entered into an agreement to sell his land for Rs. 95,00,000/- in 2008, with registration taking place in 2012. The Assessing Officer found …
The Income Tax Act allows residents of India to deduct the income tax paid in the United States from their tax liability, as per the provisions of the Double Taxation Avoidance Agreement (DTAA) between India and the United States. Rule 128(9) of the Rules, which does not provide for the disallowance of Foreign Tax Credit …
Continue reading “Foreign Tax Credit Cannot be Disallowed on Account of Delay in Filing Form 67”
The Delhi High Court recently allowed a writ petition filed by an individual, referred to as the Assessee, and quashed a demand notice raised against them by the Revenue for tax deducted at source (TDS) by their employer, Kingfisher Airlines, which was not duly deposited. The Court held that the Assessee cannot be called upon …
India is a hub for startups, with a growing number of entrepreneurs starting their own businesses in various industries. When starting a business in India, it is important to consider the right business structure to adopt. The right business structure will help you to achieve your goals, protect your interests, and comply with legal requirements. …
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A filed appeal challenges the order passed by the Income Tax Appellate Tribunal on November 29, 2019, for the Assessment Year 2012-13. The appellant’s counsel argues that the ITAT made an error by allowing the capitalisation of interest on fixed deposit receipts (FDRs) earned during the construction period without appreciating that the assessee did not …
