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20 hours, 6 minutes ago

Do proceeds from a foreign PF account attract tax in India?

I worked with a Singapore company from 2001 to 2020 before returning to India permanently in 2020. Due to a recent change in their rules, my provident fund account was closed in Singapore by them and I received the balance in my account in India in August 2024. - Name withheld on request Since you have been residing in India …

India Singapore Tax Indian Article Account Dtaa

1 day, 2 hours ago

GSTR-9 simplified: Filing, features, deadlines and other details

India Today

GSTR-9 is the annual return to be filed by taxpayers registered under Goods and Services Tax, offering a comprehensive overview of sales, purchases, and the GST charged and paid during the financial year. GSTR-9 is mandatory for GST taxpayers with an aggregate annual turnover exceeding Rs 2 crore for the financial year 2023-2024. However, the following categories are exempt from …

Tax Filing Gst Taxpayers

1 day, 8 hours ago

Relief for Sai Baba Trust as HC upholds tax exemption on anonymous donations

Hindustan Times

MUMBAI: The Bombay high court on Friday upheld tax exemption on anonymous donations received by the Shri Saibaba Sansthan Trust, which manages and administers the Sai Baba temple at Shirdi, visisted by millions of devotees from all around the world. However, during the year 2014-2015, a show cause notice under section 142 of the IT Act was issued to the …

Trust Assessment Income Act Received Donations Anonymous

2 days, 19 hours ago

Can I claim any rebate for interest received for multiple years in current year?

Live Mint

I had invested in bonds of a listed Company with a cumulative option for interest. My question is whether the whole amount of ₹75106 will be included in my income for this year or is any relief available to me for interest received for so many years together? Taxation of Interest Income: Accrual vs. Cash Basis Explained The first method …

Tax Income Interest Interest Income Offer Current Year

4 days, 17 hours ago

Mobile Towers Are Not Immovable Property, They Are Eligible For Input Tax Credit: Delhi High Court Allows Airtel's Plea

Live Law

The Delhi High Court has held that mobile/ telecommunication towers are movable properties, eligible for availing input tax credit under the Central Goods and Services Tax Act, 2017. Agreeing, the High Court cited Vodafone Mobile Services Limited vs. Commissioner of Service Tax, Delhi whereby the Delhi HC had found that it would be incorrect to characterize mobile towers as immovable …

Delhi High Court Telecom Tax Property Court Held

4 days, 17 hours ago

Mobile Towers Are Not Immovable Property, They Are Eligible For Input Tax Credit: Delhi High Court Allows Airtel's Plea

Live Law

The Delhi High Court has held that mobile/ telecommunication towers are movable properties, eligible for availing input tax credit under the Central Goods and Services Tax Act, 2017. Agreeing, the High Court cited Vodafone Mobile Services Limited vs. Commissioner of Service Tax, Delhi whereby the Delhi HC had found that it would be incorrect to characterize mobile towers as immovable …

Delhi High Court Telecom Tax Property Court Held

Coconut Oil Classifiable As 'Edible Oil' For Central Excise Tariff; If Sold As Cosmetic, Taxable As 'Hair Oil' : Supreme Court

Live Law

The Supreme Court has held that pure coconut oil, packaged and sold in small quantities ranging from 5 ml to 2 litres, would be classifiable as 'Edible oil' for the purposes of the Central Excise Tariff Act, 1985. "we are of the opinion that pure coconut oil sold in small quantities as 'edible oil' would be classifiable under Heading 1513 …

Supreme Court Oil Court Hair Coconut Sold Small

Coconut Oil Classifiable As 'Edible Oil' For Central Excise Tariff; If Sold As Cosmetic, Taxable As 'Hair Oil' : Supreme Court

Live Law

The Supreme Court has held that pure coconut oil, packaged and sold in small quantities ranging from 5 ml to 2 litres, would be classifiable as 'Edible oil' for the purposes of the Central Excise Tariff Act, 1985. "we are of the opinion that pure coconut oil sold in small quantities as 'edible oil' would be classifiable under Heading 1513 …

Supreme Court Oil Court Hair Coconut Sold Small

6 days, 6 hours ago

CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS

The Hindu

The income tax department on Tuesday said it is sending SMS and emails to taxpayers and non-filers where it has identified mismatch between transactions reported in Annual Information Statement and income disclosed in ITRs for the financial years 2023-24 and 2021-22. In a statement, the Central Board of Direct Taxes said it has launched an electronic campaign to assist taxpayers …

Information Campaign Income Reported Itr This Campaign Cbdt

1 week ago

How D Gukesh will end up paying more taxes than MS Dhoni's IPL salary after World Championship triumph

Firstpost

D Gukesh earned a whopping US$1.3 million, or Rs 11.45 crore, after being crowned the youngest chess world champion in Singapore last week. Having won US$ 200,000 for each of his three victories in the ‘Best of 14 Games’ series to decide the champion, and the rest of the prize money getting equally split between the two players, Gukesh ended …

Singapore World Tax Pay Gukesh Champion World Championship

1 week, 3 days ago

Social Security COLA increase for 2025: What to expect

India Today

The year 2025 will bring good news for Social Security beneficiaries. Over 72.5 million Americans will experience a 2.5% increase in their Social Security benefits and Supplementary Security Income payments. “Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people keep up with expenses even as inflation has started to cool,” Martin O'Malley, Commissioner …

Social Social Security Income Increase Social Security Benefits Security Benefits Cola

1 week, 4 days ago

1099-K tax rule change for business transactions on payment apps and online marketplaces takes effect (partially)

CNN

CNN — Heads up to anyone who is a freelancer, independent contractor, business owner, property renter or just a hobbyist who occasionally sells their creations: If you accept business-related income through a payment app or online marketplace like Venmo, CashApp, Airbnb and Etsy, come January you may start receiving 1099-K tax forms from the platforms where you do business. A …

Business Change Tax Rule Irs Threshold Transactions

2 weeks ago

Income tax implications for Indian consultants with overseas earnings— Explained

Live Mint

I worked for more than 182 days in Oman, so the income earned in Oman will not be taxable in India. Will the income earned in India in Indian rupees be taxable, although I have worked more than 183 days in Oman last year? Since you have not been in India for 182 days or more, you are non-resident for …

India Tax Indian Income Tax Income Itr Oman

2 weeks ago

Labour Errs Badly by Discouraging Pension Savings

Live Mint

-- Labour’s recent budget profoundly altered the UK’s pension landscape, but the full significance of its impact has yet to be recognized. It was an estate planner’s dream to have the taxpayer subsidize a vehicle that not only dodged capital gains tax, but also provided immunity from the ultimate fiscal arbiter. Although buying an investment property doesn’t attract initial tax …

Tax Property Investment Pension Inheritance Tax Pensions Iht

3 weeks, 1 day ago

Mhada considers scrapping 11% reservation for EWS, LIG homes for MP, MLAs

Hindustan Times

Mumbai: The Maharashtra Housing and Area Development Authority is considering cancelling the 11% reservation for elected representatives, state and central government employees, and Mhada employees under the Economically Weaker Section and Low-Income Group categories. Mhada considers scrapping 11% reservation for EWS, LIG homes for MP, MLAs The provision for this reservation, introduced under Mhada rules framed in 1981, has come …

Reservation Income Government Employees Lakh Ews Lig Mhada

3 weeks, 4 days ago

NRI Taxation Explained: How India taxes non-resident Indians

Live Mint

An Indian-origin individual living outside India is termed a Non-Resident Indian. Regulations defining NRI status Two primary legislations outline the rules applicable to NRIs in India: Income Tax Act, 1961: Specifies the tax obligations of NRIs. You will be classified as resident but not ordinarily resident for a particular year if you satisfy one of the following conditions: If he/she …

Taxation Income Resident Foreign Nri Foreign Sources Rnor

3 weeks, 5 days ago

Japan’s latest stimulus package takes new focus: Boosting tax-free income

Live Mint

TOKYO-Japan’s new, minority government has just launched a now nearly annual attempt at stimulating its economy—this time toying with the controversial idea of keeping more of consumers’ income tax-free. Japan’s annual income-tax threshold, the level above which the government can start taking tax, is 1.03 million yen, equivalent to $6,727. An increase in the threshold to 1.78 million yen would …

Japan Income Increase Ishiba Tokyo Yen Threshold

3 weeks, 6 days ago

Understanding Section 80C: Income tax benefits for NRIs and their dependents

Live Mint

My daughter is 21 years old, dependent and has no income of her own. I would like to transfer some of my incometo her savings bank account and invest in her name and through that account to save on my taxable income and tax outgo. Your understanding is not entirely correct about the eligibility of non-residents to claim deductions under …

Income Invest Nri Account Tax Savings Section 80 C Savings Bank

1 month ago

Plan to retain your Employees’ Provident Fund balance after retiring? You need to read this.

Live Mint

Some people like to keep the money in their Employees’ Provident Fund untouched even after retiring to let it continue to accrue interest. Tax on interest The interest earned after the last active contribution is taxable as ‘income from other sources’ at the EPFO account holder’s slab rate. For an account holder with the highest income tax rate of 30%, …

Tax Income Interest Fund Funds Account Epfo

1 month ago

Do I need to bring the money I earned abroad when returning to India?

Live Mint

I will be moving back to India in FY25. Under India’s Foreign Exchange Management Act, you are allowed to keep your funds outside India even after you return. If you choose to keep your funds outside India, the tax implications depend on your residency status. So long as you qualify as Resident But not Ordinarily Resident, income earned and accrued …

India Tax

1 month ago

Tax regime shift: Is filing ITR under old regime still valid after default new regime?

Live Mint

I’m working with the Indian Army. Until last year, we received Form 16 under the old tax regime, which included all allowances such as house rent allowance, travel, uniform, etc. However, from AY 2024-25, we are receiving Form 16 under the default new tax regime, which does not mention non-taxable allowances. I have filed my ITR under the old tax …

Tax Ntr Regime Itr Return Deductions Default

1 month ago

Failure to disclose foreign assets, income to invite ₹10 lakh penalty: I-T dept

The Hindu

The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of ₹10 lakh under the anti-black money law. The advisory specified that foreign asset, for a tax resident of India in the previous year, includes bank accounts, cash value insurance contracts or annuity …

Tax Assets Income Foreign Itr Asset Foreign Asset

1 month, 1 week ago

Do I have to file an Income Tax Return (ITR) in India after returning from UK for work?

Live Mint

I have lived in the UK for the past 15 years. Do I have to file my Income Tax Return in India next year? Since your stay in India for the financial year 24-25 will be for less than 182 days, prima facie, you would be a non-resident for income tax, assuming you were not in India before 15th October …

India Tax Income Tax Income File Itr Your Itr

1 month, 1 week ago

CGST Act | Commissioner Empowered To Withhold Refunds Both From Electronic Cash Ledger And Electronic Credit Ledger: Delhi HC

Live Law

The Delhi High Court has held that refunds, be it from the balance left in Electronic Cash or the Electronic Credit Ledger, are treated at par and the Commissioner under the Central Goods and Services Tax Act may withhold both in exercise of its powers under Section 108. In the case at hand, Petitioner had Impugned Commissioner's order under Section …

High Court Credit Order Commissioner Cash Refund Ledger

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Search results for taxable

Do proceeds from a foreign PF account attract tax in India?

GSTR-9 simplified: Filing, features, deadlines and other details

Relief for Sai Baba Trust as HC upholds tax exemption on anonymous donations

Can I claim any rebate for interest received for multiple years in current year?

Mobile Towers Are Not Immovable Property, They Are Eligible For Input Tax Credit: Delhi High Court Allows Airtel's Plea

Mobile Towers Are Not Immovable Property, They Are Eligible For Input Tax Credit: Delhi High Court Allows Airtel's Plea

Coconut Oil Classifiable As 'Edible Oil' For Central Excise Tariff; If Sold As Cosmetic, Taxable As 'Hair Oil' : Supreme Court

Coconut Oil Classifiable As 'Edible Oil' For Central Excise Tariff; If Sold As Cosmetic, Taxable As 'Hair Oil' : Supreme Court

CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS

How D Gukesh will end up paying more taxes than MS Dhoni's IPL salary after World Championship triumph

Social Security COLA increase for 2025: What to expect

1099-K tax rule change for business transactions on payment apps and online marketplaces takes effect (partially)

Income tax implications for Indian consultants with overseas earnings— Explained

Labour Errs Badly by Discouraging Pension Savings

Mhada considers scrapping 11% reservation for EWS, LIG homes for MP, MLAs

NRI Taxation Explained: How India taxes non-resident Indians

Japan’s latest stimulus package takes new focus: Boosting tax-free income

Understanding Section 80C: Income tax benefits for NRIs and their dependents

Plan to retain your Employees’ Provident Fund balance after retiring? You need to read this.

Do I need to bring the money I earned abroad when returning to India?

Tax regime shift: Is filing ITR under old regime still valid after default new regime?

Failure to disclose foreign assets, income to invite ₹10 lakh penalty: I-T dept

Do I have to file an Income Tax Return (ITR) in India after returning from UK for work?

CGST Act | Commissioner Empowered To Withhold Refunds Both From Electronic Cash Ledger And Electronic Credit Ledger: Delhi HC