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Income from other sources
Incomes that do not fall under any of the other heads will fall under the head of 'Income from Other Sources'. A taxpayer who receives Income from Other Sources is eligible to deduct expenses.
What is AIS and TIS?
The AIS is a comprehensive statement containing details of all the financial transactions undertaken by you in a financial year (FY). The TIS is a generation of a Taxpayer Information available in AIS in a simplified format.
Alternative Minimum Tax (AMT): Applicability, Exemption, Calculation
Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax.
How To Update Your Details on Aadhaar Card
An Aadhaar Card is an essential document for proof of identity, residence, date of birth, etc. for availing various government purposes, admission, the opening of bank Account, etc. However, it is very important to keep your details available in your Aadhaar card accurate and up to date.
What is audit and what are the different types of audits?
Audit is the activity of evolution and determine the financial, operational and strategic goals and exercise in an organizations to decide if the organization is in accordance with the rules and regulations.
What is GST? Understanding from the implementation phase
GST is called as Goods and Service Tax which is an indirect tax and passed in the parliament on 29th March 2017 and came into force on 1st July 2017. This is an indirect tax which has replaced many indirect taxes such as VAT, excise duty etc.
What is PAN and TAN?
PAN is a single number that is an electronic system and has all the tax related information of a taxpayer. TAN is a 10 digit alpha numeric number allotted to persons who are responsible for TCS and TDS.
Who is an OCI Holder (Overseas Citizen of India)?
Overseas Citizenship of India (OCI) is a scheme introduced by The Citizenship (Amendment) Act, 2005 which provides permanent residency available to people of Indian origin and their spouses to live and work in India for an indefinite period. As of 2020, there are 6 million OCI card holders among Indian Overseas individuals.
All about Foreign Bank and Financial Accounts Regulations (FBAR)
The Foreign Bank and Financial Accounts Regulations (FBAR) form came into existence as part of the Bank Secrecy Act of 1970 (BSA) with the aim to prevent taxpayers from avoiding paying taxes by hiding assets overseas
What is NRE and NRO Account?
A Non-Resident External (NRE) Account is a bank account that an NRI can open in an Indian scheduled bank to deposit their foreign earnings in India. These accounts can be savings accounts, current accounts, recurring deposits, and fixed deposit accounts
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