Schedule FA – Disclosure of Foreign Assets in ITR
Schedule FA – Disclosure of Foreign Assets in ITR In a recent communication, the Income Tax Department has advised taxpayers to declare details of foreign assets and income earned abroad…
Disclosure of Foreign Assets in Income Tax Return: Penalty & Due Date
Disclosure of Foreign Assets in Income Tax Return: Penalty & Due Date The movement of black money through foreign tax havens has long been a major concern for the Income…
Income Tax department identifies cases of non-disclosure of foreign assets in ITRs
Income Tax department identifies cases of non-disclosure of foreign assets in ITRs The Income Tax Department has detected several cases involving the non-reporting of foreign assets in Income Tax Returns…
Net Worth Certificate (Wealth Report) by CA for All Purposes
Net Worth Certificate (Wealth Report) by CA for All Purposes A Net Worth Certificate is an official financial document prepared by a Chartered Accountant (CA) that confirms the overall net…
Net Worth Certificate for Visa
Net Worth Certificate for Visa Introduction to Net Worth Certificate for Visa A Net Worth Certificate for Visa is an important financial document required by many embassies to confirm that…
Property Sales by NRIs: Experts Explain Tax Rules and Life Without Indexation
Property Sales by NRIs: Experts Explain Tax Rules and Life Without Indexation The latest tax changes have resulted in higher tax liabilities and larger TDS deductions for NRIs selling property…
Understanding TDS on Sale of Property in India by NRIs
Understanding TDS on Sale of Property in India by NRIs Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) frequently invest in real estate across…
LLP Audit Applicability: Importance and Requirements
LLP Audit Applicability: Importance and Requirements Limited Liability Partnerships (LLPs) in India are a popular business structure due to their operational flexibility and the benefit of limited liability. As per…
How to Download Form 26QB and Fill Online
How to Download Form 26QB and Fill Online What is Form 26QB? Form 26QB is an online challan-cum-declaration form required when a buyer purchases an immovable property (such as a…
TDS on Property Purchase Above ₹50 Lakhs – Section 194IA
TDS on Property Purchase Above ₹50 Lakhs – Section 194IA Purchasing real estate in India for a value of ₹50 lakhs or more requires the buyer to deduct Tax Deducted at Source (TDS)…
How Are Gifts Taxed
How Are Gifts Taxed? - Gift Tax Exemption Relatives List Under the Income Tax Act, gifts are considered a part of income. If the value of the gift crosses a…
Income Tax Notice Under Section 142(1) of the Income Tax Act
Income Tax Notice Under Section 142(1) of the Income Tax Act Once you complete the e-filing of your income tax return, the Income Tax Department begins the process of assessment.…
Section 115BAA – Reduced Corporate Tax Rate for Domestic Companies
Section 115BAA, introduced with effect from FY 2019-20, allows domestic companies to opt for a lower tax rate. Under this provision, companies can pay tax at 22%, along with a…
Taxation of Foreign Source Income
Taxation of Foreign Source Income Foreign source income refers to earnings that originate from a country outside India. For residents of India, such income is fully taxable, while for non-residents,…