A Taxpayer Charter is a formal document that outlines the rights, obligations, and expectations of taxpayers and tax authorities. It is designed to foster a relationship of trust and transparency between the government and its citizens, ensuring that taxpayers are treated fairly and that tax authorities uphold certain standards of service and conduct. Elements of …
The income tax regulations pertaining to seafarers and merchant navy personnel are not distinct from those applicable to other individuals. Determining residential status and assessing income tax for seafarers and merchant navy personnel follows the same guidelines as for any other taxpayer. However, it’s crucial to ascertain when these individuals are considered residents or non-residents …
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The Indian diaspora is one of the largest and most diverse in the world, with millions of Indian citizens living abroad. This global community, comprising Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), has made significant contributions to their host countries while maintaining strong ties to their cultural heritage and homeland. The Scale of …
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Permanent Account Number (PAN) is a unique 10-digit identification number issued by the Income Tax Department to individuals applying for it. For Non-Resident Indians (NRIs), the application process involves providing personal details such as name, residential or communication address, and residential status or citizenship. If any of these details change, NRIs must update their PAN …
A Permanent Account Number (PAN) is a 10-digit unique identification number issued by the Income Tax Department of India. This alphanumeric code is essential for distinguishing between different individuals and entities. Each PAN is uniquely crafted to reflect the location and identity of the holder. The significance of a PAN cannot be overstated. In fact, …
The case involves an assessee who is a Resident and ordinarily Resident under Indian Income Tax law and also a tax Resident of the USA. He filed his income return on October 21, 2021, seeking a refund of Rs.34,380/-, claiming a Foreign Tax Credit (FTC) of Rs.4,32,10,256/- under section 90 of the Income Tax Act, …
The Annual Information Return (AIR) Scheme, which began on April 1, 2004, mandated certain entities to report specific transactions to the Income Tax Department (ITD). With the amendment of Section 285BA of the IT Act on April 1, 2015, designated individuals must now provide a Statement of Financial Transaction or a reportable account. Rule 114D …
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In a recent ruling by the Income Tax Appellate Tribunal, Delhi Bench, a significant decision was made regarding the computation of long-term capital gains and the eligibility for deduction based on the indexed cost of acquisition. Let’s delve into the details of this case: Case Overview: The case, with the identifier ITA No.1368/Del/2022, pertained to …
Filing income tax returns for NRIs has become crucial for the assessment year 2024-25, considering the previous year’s trend of income tax notices for scrutiny. It’s essential for NRIs to ensure hassle-free living by avoiding such notices and claiming income tax refunds. The process for filing income tax returns for AY 2024-25 has commenced, urging …
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1. What is the TDS rate applicable to property rented by an NRI? The TDS rate applicable to property rented by an NRI is 30%, plus an additional 4%, totalling 31.2%. This TDS is deducted by the tenant from each payment made to the NRI lessor. 2. Does the buyer need to obtain a Tax …
