For the assessment year 1981-82, the Income Tax Officer (ITO) discovered that the wife of the assessee had entered into an agreement to purchase a flat, but being a housewife, she had no independent source of income. The ITO thus held that the investment made in purchasing the flat, as well as any income or …
A power of attorney (POA) is a legal document that allows someone to act on behalf of another person. In the case of an NRI (Non-Resident Indian), a power of attorney can be particularly useful as it allows them to appoint someone in India to act on their behalf. This is especially helpful in situations …
Tax treaties are agreements between two countries to avoid double taxation of individuals or companies that may have tax obligations in both countries. Non-Resident Indians (NRI) can benefit from tax treaties in several ways. In this response, We will explain what a tax treaty is, how it works, and the various tax treaty benefits available …
A tax treaty, also known as a double tax treaty or a tax agreement, is a bilateral agreement between two countries that aims to prevent double taxation of income earned by residents of one country in the other country. It establishes the rules for taxing different types of income, such as wages, dividends, and capital …
Continue reading “What is Tax Treaty and How Treaty Benefits To Non-Resident Indians (NRIs)”
When filing income tax, there are several situations that can result in a person being liable to pay interest, such as when there are delays or defaults in the process. The different situations that can lead to paying interest are defined by specific sections of the law, with each section applying to different circumstances. Sections …
Revised Income Tax Return (ITR) is a way for taxpayers to correct errors or omissions in the original Income Tax Return (ITR) they filed. The Income Tax Department allows taxpayers to revise their Income Tax Return (ITR) within a certain timeframe, usually before the end of the assessment year or before the assessment is completed, …
The case at hand involves a housing society registered under the Maharashtra Cooperative Societies Act, which filed its return for the assessment year 2013-14, declaring a total income of Rs.11,39,990/- and claiming a deduction of Rs.2,62,10,090/- under Section 80P of the Act. Upon scrutiny assessment, the Assessing Officer issued a notice seeking details of various …
Continue reading “Reassessment Under Section 148 Based on Change in Opinion is Not Justified”
In a recent case of Prime ABGB (P) Ltd. v. National Faceless Appeal Centre, New Delhi, the court held that the Commissioner of Income Tax (Appeals) cannot pass an ex-parte order merely because the grounds of appeal were not attached at the time of filing the memo of appeal in Form No. 35 due to …
As a salaried individual who has foreign income, receiving an income tax notice can be a daunting experience. However, it’s essential to understand that foreign income is subject to taxation in your home country, just like your domestic income. If you’ve received an income tax notice for your foreign income, the first step is not …
In a recent judgment, the Delhi Income Tax Appellate Tribunal (ITAT) dismissed the appeal filed by the Revenue and upheld the Commissioner of Income Tax (Appeals) order, which granted the Section 54F benefit to the Assessee. The case pertained to the assessment year 2013-14 when the Revenue computed the long-term capital gains of Rs. 1,23,01,476/-. …
