Highlights for Non-Residents As proposed in The Finance Bill, 2020 introduced by Finance Minister of India on 1st February, 2020. A] TAX AMENDMENTS I.MODIFICATION OF RESIDENCY PROVISIONS IN INDIA NEW PROVISIONS FOR RESIDENCE IN INDIA The issue of stateless person has been bothering the tax world for quite some time. It is entirely possible for
In a campaign started by Income Tax Department on Friday, emails were sent out to tax payers saying that the last date for linking PAN Card and Aadhaar is 31 December and that those PAN cards that are not linked will become inoperative or invalid from January 2020. The government is yet to clarify whether
Bad news: The first due date for filing the tax returns ended on 31st August 2019 Good news: You can still file a belated tax return even after the due-date with additional interest and penalty. If you fail to file the tax returns by 31st August, 2019, then you have
First women Finance Minister of India presented a decent budget with an aim to boost infrastructure and foreign investment in the country. The announced budget focused on bringing transparency in processes and procedures by proposing introduction of faceless assessment system, levy of TDS on cash payments above threshold limit and promoting digital payments. Her themes
Major changes proposed by the Indian Budget 2019 that impact Non Resident Individuals (NRIs): Increase in effective tax rate for income above Rs. 2 crores In case of an individual, it is proposed to levy enhanced surcharge of 25% on taxable income exceeding INR 2 crores upto INR 5 crores and 37% on taxable income
Indian Banks or Financial Institutions are supposed to deduct TDS @ 30.9% as per section 195 of the Income tax Act, when they pay the Interest income to NRIs on the NRO Fixed deposits. You end up paying tax which is high enough to wipe out your 1/3rd Interest earnings. There are different ways you
Link your PAN with your Bank Account to get your refund directly, swiftly and securely in your bank account. In a new campaign started by Income Tax Department, emails are being sent to tax payers informing them that they will only issue e-refunds from 01.03.2019 to bank accounts (savings/current/cash/OD) which are linked with PAN. The Income Tax department wants
How to surrender PAN Card in India? Every taxpayer in India, be it an individual, a company, a trust or a HUF, must have a PAN card, a unique 10-digit alphanumeric code. Sometimes, however, you may need to surrender your PAN card, and there is a prescribed procedure to do so. Follow our step-by-step guide
QUOTING OF PERMANENT ACCOUNT NUMBER IN DOCUMENTS PERTAINING TO CERTAIN PRESCRIBED TRANSACTIONS [SECTION 139A] The statutory requirement 1. Under section 139A(5), every person shall quote the PAN allotted to him in the following documents: ♦ All returns submitted to any income-tax authority. ♦ All correspondence with any income-tax authority [i.e., CBDT, Principal Directors- General/Principal Chief Commissioners/Principal Directors/Principal
INCOME-TAX Individuals, Hindu undivided families, AOPs, BOIs – The tax rates applicable to individuals are also applicable to a Hindu undivided family, an association of persons, body of individuals or an artificial juridical person. The rates applicable for the assessment years 2018-19 and 2019-20 are as follows : ASSESSMENT YEAR 2018-19 – Tax rates for the assessment