Economy & Business

Who has to declare Assets and Liabilities held in India in the Income Tax Return? Those taxpayers including salaried employees (i.e., Residents or Resident Not Ordinary Residents or Non-Residents) whose total income (after all deductions) in India exceeds Rs.50 Lakhs have to mandatorily disclose the details of movable and immovable …

Who has to declare Foreign Assets in Indian Tax Returns?  The details of Foreign Assets and Income from any sources outside India have to be declared in Indian Income Tax Return (ITR) by Resident Indians only. Non-Resident Indians (NRI)s or OCI Cardholders or Foreigners are not required to report their …

Attention ABC PRIVATE LIMITED (PAN XXXXXXX90X), Income Tax Department has received information about certain high value financial transactions relating to FY 2020-21. Please view transactions under e-Campaign tab on Compliance Portal (CP) and remember to pay appropriate advance tax. Access CP by logging into e-filing portal and clicking on ‘Compliance …

Mr.Sanjay purchased shares of a company, which was later barred from trading, almost seven years ago. Can he claim the loss incurred due to the same while filing his return this year? If yes, under which head should he claim it? We have to refer Section 45 and Section 2(47) …

Mr. Vasudev owns 2 flats, one in Basavanagudi and another one at Sanjaynagar. He is staying at Basavangudi and the 2nd flat is empty. The monthly rent of neighboring flat at Sanjaynagar is Rs.25,000 per month.  Mr. Vasudev wants to know how much notional rent he has to consider while …