Tax on ESOPs - How NRIs can navigate the rule book
Indian multinationals such as Infosys and Wipro are known for granting ESOPs (employee stock ownership plans) to their employees. If you work at any of their overseas offices, the taxation of your ESOPs will depend on the tax rules of India, the country where these companies are based, and of the country where you reside.
I-T dept asks taxpayers to respond to intimation of past tax demands for faster refund processing
With some taxpayers taking to social media about receiving intimation from the I-T department regarding past unsettled tax demands, the department in a post on 'X' said, this is a taxpayer-friendly measure where an opportunity is being provided to assessees in line with "principles of natural justice".
Maximize Tax Savings in 2023-24: Pro Tips for Lowering Taxes
Find out about home loan tax benefits in 2023-24. Discover Section 80C, Section 24b, Section 80EE, and Section 80EEA deductions. Maximize your tax savings with expert guidance.
Here’s all you need to know about the amendment to the valuation of 'rent-free accommodation' perquisite
The amendments are effective from September 1, 2023. Hence, housing perquisite should be calculated using the old rates till August 31, 2023
Today is the last date to pay second instalment of advance tax on rental income, dividend & commission
Any individual tax assessee with an estimated tax liability exceeding Rs 10,000 for a financial year is required to make four advance tax payments spread across the fiscal
Expect FY24 revenue collections to meet budget targets, says Economic Affairs Secy
Responding to a question on whether the government expects key index provider JP Morgan to include Indian government bonds in global indices, Seth said, "it is for them to decide."
How to respond to an erroneous notice from the I-T Dept
Many cases are likely to be related to deductions claimed after submitting investment declarations to employers later than the specified date. Salaried tax-payers who have claimed legitimate deductions at the time of filing returns need not panic, say chartered accountants.
Section 80P Notice: Tax Department Clarifies on Erroneous Section 80P Tax Notices
Section 80P Notice: Many taxpayers complained they got notices for claiming deductions that are available only to cooperative societies. Typically, they need to respond within 15 days lest refunds are adjusted or additional taxes become payable. But taxpayers will soon get a clarification email, informing them of the error.
Will your social media earnings run afoul of your employers’ policies? | Simply Save
Ensure that you go through your employment contract, human resource (HR) policies and social media usage guidelines if you intend to accept payouts from social media platforms or engage in any other side hustle
Faceless Income – Tax Assessment: How Does It Work?
The National Faceless Assessment Centre (NFAC), along with other centres and units, have been established by the Central Board of Direct Taxes (CBDT). The NFAC is in charge of conducting an assessment of your income-tax returns if they are picked up in scrutiny.
Govt seeks to carve out $12 billion to cool inflation, may lower taxes on fuel sales
Prime Minister Narendra Modi will take a decision in the coming weeks, which could include lowering taxes on local petrol sales and easing import tariffs on cooking oil and wheat, according to sources.
Bullish on India: Average income of middle-class Indians triples from Rs 4.4 lakh in FY13 to Rs 13 lakh in FY22
An SBI Research Report based on income tax returns filed for FY11 to FY22 shows positive trends, such as rise in average income of the middle class and significant decline in the number of returns with zero tax liability.
14,277 GST appeals pending against disputed tax demands by Central authorities: Finance Ministry
During 2023-24 (up to June 2023), 14,227 appeals were pending. The number was gone up from 11,899 pending appeals as of March 2023.
Devil in the details: How Zomato didn’t turn in a profit before tax, but a profit after tax
A critical tax provision helped Zomato PAT its own back. Of course, Zomato has upped its game in terms of operational efficiencies. For example, its delivery costs aren't rising as fast as its revenue is scaling.
Filed tax returns? Game isn’t over yet as AIS updates continue. Send feedback or revise returns
The dynamic annual information statement can cause a mismatch in data, even after returns are filed. To avoid delay in processing or refund, check your AIS, submit a feedback based on whether the expenses or taxes mentioned are valid or not.
Dubai welcomes hedge fund digital nomads with low taxes
Roughly 50 hedge funds jointly managing more than $1 trillion worth of assets are said to be looking to obtain a license in Dubai, which eagerly promotes its “zero personal income tax regime”
Missed July 31 deadline? You can still file I-T returns till December 31 but with late fee and penal interest
For FY 2022-23 (AY 2023-24), a belated return can be filed till December 31, 2023, with a late fee and penal interest on due taxes. ITR can be picked up for scrutiny even after that, till 10 years.
Don't miss this ITR deadline: Verify your tax returns within 30 days
Income tax filing: E-verification is required to complete the return-filing process, without which the I-T department will not process the returns
How to safeguard your business from fake vendors and GST frauds
As of July, more than 10,000 GSTINs have been suspended, and legal actions have been initiated against over 1,000 taxpayers
Tick-tock on the ITR clock: The eight essential documents
Filing income tax returns at the very last minute? Here are the key documents you need to have at hand
Tax Return Filing: Not filed your I-T return yet? Use the e-filing portal's free co-browsing feature
Filing tax returns: Many e-filing intermediaries are offering up to 50 percent off on tax filing packages. Some are offering a costly live filing feature via video calls. You can also use the income tax department’s free assistance feature, offered through its e-filing portal
Online Gaming: GST on full value against the logic of the tax regime
Isn’t the fundamental principle underlying the GST regime to levy tax on the value-added at each stage of the supply/production chain?
Kerala govt invites taxation firms from US to set up offices in state
Inviting America's taxation and accounting firms to set up their offices in the southern state, Rajeeve highlighted the quality of Kerala's human resources in the domain, backed by vibrant education and skilling ecosystem.
Set to earn income through Twitter (X) posts? Know how it will be taxed
Whether you are a salaried employee, a homemaker or a professional, if you have income from your social media activities, you will need to pay taxes.
