As the last date to file an income tax return (ITR) looms closer, taxpayers are seen scurrying around to gather the necessary documents. The last date for filing the return is July 31. And once you have filed your tax return, it is important to verify the same within 30 days. Recently, the I-T department … Read more
The hospitality sector should be given the status of an industry in the upcoming Union Budget to accelarate growth, senior executives from the sector told LiveMint. The sector has made “substantial contributions” to the nation’s gross domestic product (GDP), is labour and capital intensive, and brings in foreign exchange revenues, they pointed out. “The industry’s … Read more
The upcoming Union Budget is expected to propose changes in the tax treatment of income from futures and options (F&O) segment with an aim to discourage retail participation in the derivatives trading, a report said. Along with various options, the government is said to consider moving income from F&O trading from the head of ‘business … Read more
I am based in the UAE and have sold mutual funds and listed shares over the past year with gains of about ₹16 lakh. I have obtained TRC (taxation residency certificate) from the UAE tax authorities. TDS (tax deducted at source) has been deducted on both sales. An NRI (non-resident Indian) friend told me that … Read more
I live in Australia with my family. Somewhere in mid-2020, I had invested in some liquid mutual funds, which I redeemed in March this year to book profits. TDS (tax deducted at source) has been deducted upon redemption. I have read that NRIs (non-resident Indians) in the UAE do not have to pay capital gains … Read more
I am an engineer working in Saudi Arabia and have been repatriating my income to India via remittances to my Non-Resident External (NRE) account. How do I report my remittances in the income tax return (ITR)? —Jaydip Patel The Indian income tax law does not tax incomes that have been earned by a non-resident … Read more
I have been investing in mutual funds for the past four years. Last year, I moved to Dubai and am currently a non-resident Indian (NRI). Say, if I exit all my mutual fund investments now, would I have zero tax liability? —Name withheld on request. I am assuming that you qualify as a non-resident (‘NR’) … Read more
I am a seafarer and have stayed in India for roughly 135 days and worked on an Indian-flag ship for the remaining period (approximately 230 days) in the last financial year. I receive my salary in NRE (non-resident external) account. In the last financial year, I sold some part of my ancestral land that was … Read more
My taxable income is below the ₹5 lakh tax rebate limit. If I earn ₹4 lakh in long-term capital gains (LTCG) and have no income from any other source for the relevant financial, how will the gains be taxable? —Name withheld on request As per the provisions of Income-tax Act, capital gains arising from transfer … Read more
What will be taxation on capital gains if the primary holder of a joint account for mutual funds (MFs) dies and the survivor decides to redeem the units soon after. Consider a scenario where the joint account holders invested in an MF equity linked savings scheme (ELSS) on 1 January 2023. Soon after the death … Read more