Income tax implications for NRI selling property in India
NRIs while selling their house properties in India must pay tax on the Capital Gains. The tax payable on the gains depends on whether it is a short-term or a…
Tax benefits on purchase of electric vehicle in India
Tax benefits on purchase of Electric Vehicle in India
Introduction: Over the past decades, the growing concern over climate change, energy independence, and securities of energy supply have accelerated the path to the decarbonization of the transport sector. this…
Residential Status as per Income Tax Act, 1961
Residential Status as per Income Tax Act, 1961
Taxation of individuals in India is primarily based on their residential status in the relevant tax year. The taxability of an individual in India depends upon his residential status in…
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All about dissolution or closure of Partnership Firm
Dissolution of a Partnership Firm: Dissolution of the partnership firm refers to the situation where all the relation between a firm and its partners comes to an end. It is…
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All about the rectification of ITR u/s 154
Section 154 of the Income Tax Act, 1961, Section 154 provides a possibility for the assessing officer to rectify any mistakes or errors in the income tax records that were…
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All about defective ITR u/s 139(9)
Defective ITR U/S 139(9) A defective return u/s 139(9) reveals that a taxpayer has made any mistakes or found any incomplete or inconsistent information in ITR (Income Tax Return). If…
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How to correct mistakes in GSTR 1
Filing of GST returns is compulsory for every taxpayer. Despite the passing of almost 3 years since the enactment of GST laws, many mistakes are still being committed by GST…
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Business compliance requirements for e-commerce business in India
Introduction India has the second-largest internet user base in the world. India’s e-commerce market after “India Goes Digital" has the fastest-growing country in the world. The rapid popularity and acceptance…
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How to claim foreign tax credit in India
Foreign Tax Credit (‘FTC’) According to a Ministry of External Affairs report, there are 32 million NRIs and OCIs residing outside India. Many Indian residents migrated abroad to countries like…
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Taxability of agricultural income in India
Agriculture is the primary source of livelihood and source of income for about 58% of India’s population. As we all know that income which is received from agricultural activities know…