In India, service sectors are booming. The pandemic covid 19 has changed the thinking and way of working of the resident of India. The service sectors include the information technology, gaming industries, Banking, real estate, heath, education, legal and tax consultant services. Each sector contributes to the economy of India and provides employment to the …
Income tax on capital gain is one of the hot topic, that everyone wants to discuss including non-residents. Capital gain is a wide chapter that has been dealing in detail about the capital assets and tax treatment on that capital assets. A capital asset is defined under section 2(14) of the income tax act 1961. …
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The life insurance policy can be defined as a contract between an insurer and policyholder where an insurer promises to pay the nominee of the policyholder, upon the death of the policyholder or after a set period when the policy gets matured. Taking a life insurance policy can have the benefits of life-saving and it …
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Under the capital gain the period of holding is an important criteria to determine Long term capital gain and Short term capital gain. Capital gain is taxable either a short-term capital gain or a long-term capital gain. The short-term capital gain means a capital asset which is held by the taxpayer for not more than …
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It is said that Nothing is certain except death and taxes. This statement is true because we can make an effort to avoid all incidents, but death and taxes cannot be avoided. It is well-known fact that nothing is free in any country. Anything that you receive in form of infrastructure, roads, bridges, parks, and …
Continue reading “A brief history of Income tax in India and its extraordinary limbs”
The selling of immovable property i.e land and building by the non-resident is becoming common in megacities like Delhi, Gurgaon, Mumbai and Bangalore. People are being shifted to foreign countries permanently and they are selling their properties and taking the sale consideration out of India. Selling property is a time taking process and it needs …
The Indian income tax law determines the NRI status on the basis of the number of days an individual stays in India, not on the basis of citizenship in India. An individual gets confused when he comes to India for a few days and calculates his residential status. As per the Indian tax law, it …
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Determination of residential status is equally as important as the calculation of income tax liabilities. Even before the calculation of income tax an individual taxpayer has to first determine his residential status as per the income tax act 1961. Section 6 of the income tax act specifically deals with residential status. It prescribed the way …
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Facts of the case: Mais India Medical Devices Private Limited (MAIS India) was incorporated in the year 2012 under a joint venture agreement between M/s Sysmech Industries LLP, a resident of India and M/s Demas Company, a non-resident. MAIS India developed in-house all the Assembly Machines & Packing Machines used in the product manufacturing like …
Facts of the case The assessee is an NRI and he has deposited cash of Rs.1144000 in his bank account. He has been a resident of Auckland, New Zealand since 2003. There was a mismatch in the time of deposit of cash in the bank account. The assessing officer has the doubt the cash was …
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