How Can the DTAA Provide Benefits to NRIs in India On Double Taxation?

The residential status of an individual is critical in determining the way how his or her income will be taxed in India for that year. It is common to see non-resident Indians (NRIs) and persons of Indian origin (PIOs) carefully planning their stay in India for the specified year so that their income does not… Continue reading How Can the DTAA Provide Benefits to NRIs in India On Double Taxation?

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Top 5 Reasons To File Your Tax Returns Even If Your Income Is Not Taxable

Tax filing is a mandatory requirement for anyone with a taxable income of Rs 2.5 lakhs and above. It is also mandatory for cases mentioned below If you are an individual who has paid an electricity bill over Rs 1 lakh or Spent Rs 2lakh and above in travel abroad.  The aggregate of deposits in… Continue reading Top 5 Reasons To File Your Tax Returns Even If Your Income Is Not Taxable

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How Gains From Foreign Stock Markets Are Taxed In India

Understanding how your investments are taxed is critical when investing in the stock market. Before investing in international stocks from India, here’s everything you need to know. In general, gains derived from the sale of foreign stocks would be taxed as capital gains in the hands of the Indian investor. For tax purposes, foreign stocks… Continue reading How Gains From Foreign Stock Markets Are Taxed In India

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What Is The Annual Information Statement

Annual Information Statement is a record of all financial transactions done by you during the financial year.  Details that can be seen on your AIS Salary paid to you Dividend received Interest from the savings account, recurring deposits, FDs, debentures, etc Interest from Income tax refund Sale and purchase of equity shares, bonds, mutual funds,… Continue reading What Is The Annual Information Statement

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Filed ITR But Haven’t Received Refund Yet? Here’s What You Need To Do

If the IT department determines that taxpayers’ taxes paid to the department exceed their actual tax responsibilities, a refund is initiated. An intimation notice under section 143 (1) with the amount of the refund and a refund sequence number is sent to the taxpayer via SMS and an email. However, taxpayers must file an income… Continue reading Filed ITR But Haven’t Received Refund Yet? Here’s What You Need To Do

Major changes in Income Tax rules for the FY 2021-22

Major changes in Income Tax rules for the FY 2021-22 The government generally makes changes to the tax rules during the budget presented in February. These changes come into effect from the following financial year which starts from April. Take note of the changes and plan your taxes better. Choosing your tax regime Last year’s… Continue reading Major changes in Income Tax rules for the FY 2021-22