Income Tax

This Saturday, I got a call from a gentleman residing in Germany, telling me that he had received a notice from the German tax authorities, mentioning the rental income earned in India and asking why he had not paid the taxes in Germany. He wanted to know the way forward. …

By now, most of you would have filed your income tax return (ITR) in India. Typically, the bulk of the work involves compiling documents, processing them, and filing the return. However, the final, yet most crucial step is the e-verification of the returns. Remember, without completing e-verification within 30 days …

How is the budget? The corporate world says it’s great! Ask the middle class and they say both the rich and the poor are benefitted while they are left high and dry. Day traders and traders in Stocks are unhappy due to the increased tax rates.  Several amendments have been …

During every Income Tax Return filing season, I receive numerous calls from salaried employees asking if I can secure them a tax refund by showing false expenses. Some professionals, who work directly for foreign companies and are paid via payment apps, also engage in the deceitful practice of not declaring …

The phrase money trail is scary! It is often associated with investigations into financial crimes. However, I am using the same phrase but not related to investigation or crime. It has to do with our financial transaction management. So, what exactly is a money trail in our context? It involves …

Those reading this note may consider it as the final opportunity to rectify the errors or disclose the missing income or information in the Income Tax Return (ITR) for the Financial Year 2022-23 (i.e., financial year ending 31st March 2023). Try to put your house in order if messed up …

Effective from 1st October, 2023 the Guidance Value of properties in Karnataka is increased by 10% to 30%.   But what is Guidance Value (GV) and how does it affect property transactions? It is the minimum price at which a property is to be registered at the sub-registrar’s office in …

Mr Ramakrishna is someone I have known since my birth. Last seen in 1987, he is now a healthy 92-year-old chain smoker, consuming a pack of cigarettes daily. (I often wonder had he invested in ITC shares instead of cigarettes, he would have been owning a luxurious car and a …

We all enjoy the comfort of home and the flexibility of working from it. However, there is one thing that we universally dislike – Homework! We were annoyed with those teachers from our school days, who were giving Homework, particularly assigned over the weekend. Here is an opportunity for all …

Mr Akasha purchased a Life Insurance policy for Rs.5 Crores with an annual premium of Rs.50 Lakhs. After ten years, in 2033, he will get a maturity value of Rs.11 Crores. What is the taxation on the gain of Rs.6 Crore in the hands of Akasha? If the Insurance policy …