Income Tax

Should NRI’s file tax returns in India?

This is a rudimentary question, but most frequently tossed to us by the taxpayers. Here is the answer to all such queries. What is Income Tax Return (ITR)? Income Tax Return (ITR) is a document wherein any person informs the Government about his total income during the previous year (1st …

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A note on Gift Tax in India

The Gifts were taxed under The Gift Tax Act, 1958 and the same was repealed in 1998. As on date – there is no Gift Tax Act in India. However, Taxing Gifts have come in different avatar under the Income Tax Act. Basic terms to know – The person who …

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Tax on Dividend Income

Is there any Income tax on dividend income in India? Do I have to pay tax on dividend income? what is tax rate for dividend income? How much is the surcharge on dividend income? All are answered here. Dividend is the part of profits or accumulated profits of the company …

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Linking of Aadhar to PAN

This is a hot subject which requires your attention, please! Section 139AA of the Income Tax Act makes it mandatory for every individual who has a PAN to link it with the Aadhar number. Every rule has certain exceptions. As per the Notification issued by CBDT in 2017, the provisions …

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Union Budget 2021 : Part IV –Business related

Income Tax amendments related to Business are discussed here. I have covered 8 general points. The points specifically applicable to certain industries are not written here. Point # 1 Payment by an employer of employee contribution to a fund on or before the due date Example – MK Steels Private …

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