NEW DELHI : October 2023-24 brought a tax shocker. The rate of tax collected at source (TCS) on the purchase of foreign tour packages and foreign remittances under the Liberalised Remittance Scheme (LRS), other than for education and medical purposes, was raised from 5% to 20%. Though this additional TCS outflow could be claimed as … Read more
I am a NRI with a residential property in Mumbai that I have rented to a salaried individual. The monthly rent is ₹90,000 and the lessee has deducted TDS at 5%. In the lease agreement, I mentioned my Indian address and PAN but did not inform the tenant about my NRI status. Could there be … Read more
I filed my income tax return (ITR) as a non-resident Indian (NRI) and it has been processed. If I want to revise the ITR before 31 December do I need to file an updated ITR? I forgot to show some interest income that is taxable at 12.5% under a double taxation avoidance agreement (DTAA). – … Read more
The status of being a non-resident in India is determined under two different laws: income tax laws and the Foreign Exchange Management Act (FEMA). The first law impacts the taxability of income earned in India and outside India. The second one regulates investments and banking transactions in India. In this article, we will discuss what … Read more
Some income taxpayers have reportedly received notices under section 148, which is related to the reopening of assessments for the assessment years 2014-15, 2015-16, 2016-17 and 2017-18. A former president of the Institute of Chartered Accountants of India ((ICAI), the chartered accountants’ professional body, believes that these tax notices are wrongly sent since the limitation … Read more
The deadline to file an income tax return (ITR) passed on July 31, 2024, following which eligible taxpayers received either a refund or an income tax (I-T) notice intimating them that there was something amiss in their income tax return (ITR). It could be because of a defective I-T return or a pending assessment. Let … Read more
Now that you have filed your income tax returns, you must be wondering when you will receive your income tax (I-T) refund. And if you have not yet filed your return, you can still file a belated return before December 31, 2024, by paying a penalty. For more details about filing a belated return, you … Read more
The deadline to file income tax return expired on July 31, taxpayers can, meanwhile, file a belated income tax return (ITR) before December 31, 2024 after paying a penalty. It is noteworthy to mention that a record 7.28 crore tax returns were filed by July 31, 2024 with 72 percent of tax filers opting for … Read more
Offering a sense of relief to taxpayers, Union Finance and Corporate Affairs Minister Nirmala Sitharaman in Budget 2024 announced a number of key changes with regards to reopening and reassessment of old income tax returns (ITR) filed by taxpayers. In Budget 2024, Finance Minister Nirmala Sitharaman proposed that reopening and reassessment of income tax returns will be allowed in … Read more
The last date to file an income tax return (ITR) ended on July 31, 2024, and taxpayers are now awaiting the refund of excess tax paid. The income tax (I-T) department’s latest data reveals that more than 7.28 crore ITRs were filed till July 31, 2024, 7.5 per cent higher than the 6.77 crore ITRs … Read more