Income Tax

Are you making Bogus Purchases? BEWARE – Supreme Court has a new ruling 2 min read

• Income Tax

Are you making Bogus Purchases? BEWARE – Supreme Court has a new ruling

Diksha Garg 5 years ago

the Assessment Officer had produced many discrepancies in the assessee's books of account inclusive of the purchases made from 22 parties, according to which, SOPs have been followed by the assessee pertaining to all the purchases, where every single identification has been done inclusive of the entry of goods, whereas, in terms of the purchases from the 22 parties, no identification has been done. The assessee and the directors have admitted this fact and its directors.... Read More

Advance Tax Calculation Process- How to Calculate Advance Tax 4 min read

• Income Tax

Advance Tax Calculation Process- How to Calculate Advance Tax

Diksha Garg 5 years ago

Advance tax indicates that income tax has to be paid in advance rather than a lump sum payment done the year-end. It is also referred... Read More

INCOME TAX INFORMANTS REWARD SCHEME 2018 5 min read

• Income Tax

INCOME TAX INFORMANTS REWARD SCHEME 2018

Diksha Garg 5 years ago

A new reward scheme has been introduced in supersession of the ‘Guidelines for grant of rewards to Informants, 2007’ and various existing guidelines on the... Read More

Changes in the TDS provision via the Finance bill,2019 passed by the Lok Sabha and Interim Budget, 2019 3 min read

• Income Tax

Changes in the TDS provision via the Finance bill,2019 passed by the Lok Sabha and Interim Budget, 2019

Diksha Garg 5 years ago

Sec 194M (new section): TDS on payment surpassing Rs 50 lakhs to either a Contractor or a Professional by Individual/HUF (This is applicable w.e.f. 01/09/2019)... Read More

Non-Resident Indians – Which Income/Assets are Taxed? 2 min read

• Income Tax

Non-Resident Indians – Which Income/Assets are Taxed?

Diksha Garg 5 years ago

The main question that arises for any non-resident Indian is that which income is liable to tax, which assets need to be declared, etc. It... Read More

Declaration of Income Tax Returns: Does an NRI have to declare their foreign bank account information? 2 min read

• Income Tax

Declaration of Income Tax Returns: Does an NRI have to declare their foreign bank account information?

Diksha Garg 5 years ago

When it comes to disclosure of overseas accounts of NRI’s, there is a lot of confusion and chaos pertaining to the disclosure of the overseas... Read More

Section 195 – TDS for Non-Resident Indians 3 min read

• Income Tax

Section 195 – TDS for Non-Resident Indians

Diksha Garg 5 years ago

Section 195 of the Income Tax Act, 1961, is all about the Tax Deducted at Source (TDS) for Non-Resident Indians. This section basically highlights the... Read More

The Most Helpful Tips for NRI’s to Fill Income Tax 3 min read

• Income Tax

The Most Helpful Tips for NRI’s to Fill Income Tax

Diksha Garg 5 years ago

There is always some confusion when it comes to an NRI and income which is taxable in India. Mentioned below are a few basics on... Read More

A Defect in The Notice – Does it invalidate the Penalty Proceedings? 2 min read

• Income Tax

A Defect in The Notice – Does it invalidate the Penalty Proceedings?

Diksha Garg 5 years ago

The Income Tax Appellate Tribunal’s (ITAT) Jaipur bench has held that the complete proceeding against the assessee would be nullified in case of a defect... Read More

New NRI’s targeted in the India’s Income Tax Evasion Crackdown 2 min read

• Income Tax

New NRI’s targeted in the India’s Income Tax Evasion Crackdown

Diksha Garg 5 years ago

The income tax authorities in India are looking into the ‘residential’ status of many non-resident Indians (NRIs) with an aim to target undisclosed assets overseas.... Read More