What is Advance Tax, Who Should Pay and How?
A taxpayer normally pays off his tax liabilities to the Income Tax Department after the end of the relevant financial year. But in case of advance tax payment, the tax is paid between the financial year. What is the Concept of Advance Tax ? When a taxpayer pays his tax liability of a particular financial […]
Highlights Of Finance Bill 2023
1. Proposed Changes in Tax Rates 2. Proposed amendments w.r.t. Deductions and Exemptions 3. Proposed Tax Benefits to Agniveers 4. Proposed amendments w.r.t. Income from Business or Profession 5. Proposed amendments w.r.t. Capital Gains 6. Proposed amendments w.r.t. Charitable & Religious Trusts 7. Proposed amendments w.r.t. Assessment & Appeals 8. Proposed amendments w.r.t. Set-off and […]
All about Deduction in respect of health insurance premium under Section 80D
There are very few options to claim deduction under Income Tax Law. One important deduction which NRIs can also claim while filing their tax return in India is related to healthpremium paid for health insurance for self, spouse, dependent children and parents.Let’s discuss this in detail. Deductions are introduced in Income Tax Act to promote […]
Have you got a notice under section 148A of Indian Income Tax Act, 1961 ?
I have seen many NRIs are getting notice under section 148A by Indian Income Tax authorities. In case they don’t reply to this notice within a specified time, they end up getting a notice under section 148 in which the assessing officer has reasons to believe that such an individual’s income chargeable to tax might […]
What needs to done to update your NRI status with Indian Income Tax department?
I get many enquiries from our NRI clients that their mutual fund brokers are asking them to update their NRI status with Indian income tax department. Also, income tax department is also sending them emails on regular basis to link Aadhaar with the PAN. But no one is telling that what actions NRIs should take […]
Changes in taxability of Dividend
Disclaimer: This article is just to make you understand about very basics of the concepts. Please take Professional advice in case you have any doubts. Or You can write to me at ushma@nricaservices.com or call/whatsapp me at +91 9910075924.