Tax planning isn’t just about crunching numbers and filling out forms. It’s a strategic dance with the law, a way to maximize your savings while staying within legal bounds. In today’s ever-changing tax landscape, navigating your obligations can feel like tiptoeing through a minefield. But fear not, for in the world of finance, there exists …
What is a HUF? HUF means Hindu Undivided Family. You can save taxes by forming a family group and pooling assets into a HUF. HUFs are taxed separately from their members. A Hindu family can jointly form a HUF. Buddhists, Jains and Sikhs can form HUFs. HUF has its own PAN and free tax returns …
If the aforementioned requirements are met, capital gains will be subject to tax. Meaning of Capital AssetCapital Asset is defined to include: However, the term ‘Capital asset’ shall exclude the following: – Stocks of consumables, raw materials, and other assets kept for trade, commerce, or vocation; Mobile property kept for the taxpayer’s own use or …
Tax deducted in foreign country? Here are few important points you should notice in advance. Table of Contents… Why is tax deducted in foreign country and what is foreign tax credit? Why Claim Foreign Tax Credit in India? How to Claim Foreign Tax Credit in India? Relief under Section 90 and 91 Challenges while filling …
Meaning of Foreign Subsidiary CompanyA foreign subsidiary company is any company, where 50% or more of its equity shares are owned by a company that is incorporated in another foreign nation. For example, a company incorporated in USA (Parent company) is executing the same business operation through an Indian subsidiary company. However, this company should abide by …
Income Tax Refund Status Check 2022: Not received refund yet? Read below to know how to check Income tax refund status now Most tax payee’s have already filed their income tax returns. As per the current data on the Income Tax website, over 6.16 ITRs for Assessment Year 2022-23 were filed till 11th September 2022. …
With a little due diligence, it is probable for NRI’s to successfully invest in property in India for themselves and their family members. What all you required to do is invest a little time to understand the ins and outs of the governing nuances. NRI’s could transmit any immovable property to a person resident in …
US tax returns are reports that contain data necessary to compute income taxes or other taxes and are sent to the Internal Revenue Service (IRS) or state or local tax collection authorities (such as the California Franchise Tax Board). Forms provided by the Internal Revenue Service or other applicable tax authorities are typically used to …
The study or determination of tax on a person or entity subject to the tax rules of different nations is known as international taxation. Internal Revenue Services is the governing authority in the United States (IRS). Income tax returns are filed with the Internal Revenue Service (IRS) or with state or municipal governments. Forms mandated …
Amendments, related to GST refund, made into CGST Rule 2017 by Central Government on the recommendation via Notification No. 15/2021 Dated 18th May, 2021 with the help of FAQ’s. These amendments shall come into the force w.e.f 18th May 2021. 1. As per Section 54(1) of CGST Act, 2017 read with Rule 90(3) of CGST Rules 2017 Refund of any tax and interest …