Income Tax Articles
An Overview of Trusts
Mohd Zain 25 May 2023 at 09:01A Trust is not a separate legal entity, therefore the tax law uses the concept of the representative assessee to tax the trust as given under section 160 of the Income Tax Act, 1961.
Comprehensive Guide to Gold Purchases, Possession Limits and Taxation in India
Rashmi 24 May 2023 at 08:54Considering the cash transaction limits under income tax laws, transactions in cash above Rs 2 lakh in a single day are not permitted. Section 269ST of the Income Tax Act, 1961, prohibits cash transactions exceeding Rs 2 lakh in a single day or in aggregate from a person.
Employee Stock Option Plan (ESOP) and its taxability
Affluence Advisory 23 May 2023 at 14:59ESOP are employee benefit plans that offer employees ownership interest in the organization they work. In other words, ESOP are the right / option given to eligible employees by the employers to buy equity shares of the company at a predetermined rate within a stipulated time.
Tax-Saving Fixed Deposits: Features, Benefits and More
Ayush 23 May 2023 at 10:47In this article, we will cover what a tax-saving fixed deposit is and how you can benefit from it.
Income Tax Return for AY 2023-24: Major Update for ITR Filters
Pranab Banerjee
22 May 2023 at 08:41
If you file your income tax return (ITR File) every year, you need to read this update. The ITR-2 offline form has been issued by the Inland Revenue Department for filing income tax returns for the tax year 2022-23 (A.Y 2023-24).
TCS on Credit Card Payments: Impact on International Transactions and How to Navigate the Changes
CA Krishna Kumawat 22 May 2023 at 08:41With the recent amendments in the Foreign Exchange Management Act (FEMA), international credit card spending now falls under the Reserve Bank of India's (RBI) Liberalised Remittance Scheme (LRS).
Taxation for NRI in India
Poojitha Raam Vinay 20 May 2023 at 07:17
Non-Resident Individual is an individual who is not a resident of India for tax purposes.
20% TCS on credit card payments made outside India, effective July 1, 2023
Shree 19 May 2023 at 08:46This move is expected to help track overseas transactions, but it has also drawn criticism from some who say it will make it more expensive for Indians to travel and shop online and increase the burden of compliance on the existing taxpayer
Dynamics of Practice
Mr. C SANJEEVA RAO 18 May 2023 at 10:45Tax Practice may appear, from a distance, to be lucrative and effortless whereas it is not so primarily on account of the cumulative effect
Why is it essential to determine a person's status as Resident, Ordinarily resident and Not Ordinarily resident under Income Tax Act?
CA. ILA JINDAL 17 May 2023 at 14:23As we all must be aware about that an individual’s income taxability is depends upon his residential status, which is to be determined on a year to year basis.
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