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The IT giants like Infosys, Wipro, and TCS question moonlighting. Moonlighting has increased amid covid-19. Simple to Understand Moonlighting It is described as taking another job in addition to primary employment. The other job has been chosen without taking any permission from the primary job. Some tax implications might interrupt through moonlighting IT heads cautioned. […]
The Kolkata Bench Income Tax Appellate Tribunal (ITAT) does not have ordered any TDS on payment of fees for technical services (FTS) to non-residents not having a Permanent Establishment (PE) in India. The two-member bench of Rajpal Yadav (Vice President) and Rajesh Kumar (Accountant Member saw that the payment incurred to the non-resident recipients who […]
Most of the contributors to India’s economy are the Micro, Small, and Medium Enterprises (MSME) sector along with Indian Startups being the prime contributors. All of these would sum up greater potential for the manufacturing, services, and export industries and provide employment in the country. As this becomes essential for these businesses to know the […]
Non-resident Indians (NRIs) who used to purchase property in India might reveal the same toughness to follow all the complaints because of their unawareness of the Indian laws. The taxation would be an additional problem for them. The Foreign Exchange Management Act (FEMA) permits Indian citizen who lives outside the country to invest in Indian […]
From May 26 onwards, anyone who deposits or withdraws Rs 20 lakh or exceeds from one or more bank accounts in a fiscal year shall need to quote the Permanent Account Number (PAN) during the withdrawal time. Towards the purpose of restricting the evasion of taxes via the use of cash, the Central Board of […]
People who work abroad and returned to India, become tax residents in India, and the taxation of their foreign retirement accounts (FRAs) has been a hurting point for a longer time. While the foreign country where they have their FRAs generally taxes this income only on withdrawal, there was no such provision in Indian tax […]
The Central Board of Direct Taxes (CBDT) announced the Rules on Retrospective Taxation which shall not relevant to apply on ‘Indirect Transfer’ prior to 28th May 2012. The Board has informed the Income Tax (31st Amendment) Rules, 2021 that urged to change the income tax rules 1962 through latest ITR 11UE and 11UF towards the […]
The Finance Ministry of India has recently announced the latest set of rules notified under the income tax act for the provident fund (PF) savings. The 2021-22 budget speech of Finance Minister Nirmala Sitharaman mentioned that the income on contribution towards PF would be taxed for above INR 2.5 lakh but further it was extended […]
The Central Board of Direct Taxes (CBDT) revised the Income Tax laws on return of income compatible to revise beneath section 148 Get o know the legal mechanism of how to respond to the assessment and the reassessment notice as per section 148 of the Income Tax Act 1961 of the Income Tax Act. CBDT […]
