How are NRIs taxed on rental income?

1 year, 9 months ago

How are NRIs taxed on rental income?

Live Mint

My son is a non-resident Indian with a small rental income of ₹30,000. Neither he nor his tenant can afford a chartered accountant to submit the tax deducted at source on this income to the income tax department. —Name withheld on request As per income tax rules on TDS, the deductor is obligated to deduct TDS and deposit the same with the government using the prescribed form and timelines. In case, the total income of the deductee is less than taxable limit, the deductee can seek a low TDS deduction or zero TDS deduction certificate from an income tax officer. —Name withheld on request ELSS, or equity linked savings scheme, allows taxpayers to claim tax benefit in accordance with section 80C of the income tax act.

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History of this topic

How can tenants of NRIs apply for TDS reduction?

2 weeks, 1 day ago

How can tenants of NRIs apply for TDS reduction?

Live Mint

Under what circumstances a tenant whose landlord is a non-resident Indian can apply for a reduction in tax deducted at source on rent and what are the documents needed to support the application? However, the landlord's actual tax liability will generally be lower due to deductions available against the rent income or lower tax slabs. However, regardless of the landlord's …

What should be done if you fail to deduct tax on rent paid to an NRI?

1 year, 4 months ago

What should be done if you fail to deduct tax on rent paid to an NRI?

Live Mint

My landlord is a non-resident Indian. —Name withheld on request Under India’s income tax laws, if the payee qualifies as non-resident in India during the relevant financial year, the payer is required to effect TDS at a specified rate on taxable income of the payee. It is the payer’s obligation to effect TDS on the taxable income of the non-resident …

How tax on rental income works for NRIs?

1 year, 6 months ago

How tax on rental income works for NRIs?

Live Mint

How is income from house property taxed in India for NRIs or non-resident Indians? Rental income from the property situated in India is taxable in the hands of the owner of the house property, whether it is for an NRI or a resident Indian. The method of computing taxable rental income is prescribed under the income tax law as follows: …

How are NRIs taxed on investments in India?

1 year, 9 months ago

How are NRIs taxed on investments in India?

Live Mint

I have been living in the US for the last 10 years. - Name withheld on request As you have been living outside India for more than 10 years, you may qualify as ‘non resident’ under the India Income-tax law and exchange control law. The money transferred by you to your father’s bank account from time to time is not …

How NRIs can lower TDS on income generated from India?

1 year, 9 months ago

How NRIs can lower TDS on income generated from India?

Live Mint

For income generated in India, non-resident Indians are required to file income tax returns. However, the provisions of the Income Tax Act provides certain relaxations or relief for the NRI being subjected to deduction of part or whole of the TDS as discussed below: Application for Lower Deduction by the Tax Deductee/ Payee As aforementioned, there could be certain instances …

How can NRIs claim tax deduction in India?

2 years ago

How can NRIs claim tax deduction in India?

Live Mint

How can a Non-Resident Indian claim tax exemption of up to ₹1.5 lakh under 80C and other sections. For deductions under section 80C, the investments allowed to NRIs are: life insurance premium payment and children’s tuition fee paid to any school, college, university or educational institution situated in India for full-time education of any two children. They can also claim …

Onus on tenant to cut TDS for NRI payments

3 years, 4 months ago

Onus on tenant to cut TDS for NRI payments

Live Mint

I am a non-resident Indian, and am earning ₹2.5 lakh every year as rental income from my property in India. Is this arrangement fine, or should I myself cut the 30% TDS every month on behalf of my tenant, and claim it while filing tax returns? —Name withheld on request According to the Income Tax Act, tenants must deduct TDS …

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Form 26B Under Income Tax Rules Not Required For Refund Once Form 5 Under 'Vivad Se Vishwas' Act Is Issued: Allahabad High Court

1 week, 2 days ago

Form 26B Under Income Tax Rules Not Required For Refund Once Form 5 Under 'Vivad Se Vishwas' Act Is Issued: Allahabad High Court

Live Law

The Allahabad High Court has held that an assesse claiming refund of excess TDS is not required to fill Form 26B under the Income Tax Rules once Form 5 of the Vivad Se Vishwas Act, 2020 has been issued to them. Subsequently, petitioner withdrew the Income Tax Appeal and the respondent issued an order for final settlement of Tax under …

Tax Court Income Tax Income Act Form Refund

How you can claim deductions and save on taxes from rental income

1 week, 5 days ago

How you can claim deductions and save on taxes from rental income

Live Mint

Rent can be an additional source of income for salaried individuals who have invested in property. The balance ₹46,000 loss can either be set off against other income heads in the same financial year or carried forward to be set off against rental income in subsequent years. But you can either set off the balance loss against other income in …

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[Income Tax Act] Placing Funds In One Account Before Transferring It To Another Does Not Attract S. 69A: Allahabad High Court

2 weeks, 2 days ago

[Income Tax Act] Placing Funds In One Account Before Transferring It To Another Does Not Attract S. 69A: Allahabad High Court

Live Law

The Allahabad High Court has upheld the finding of the Income Tax Appellate Tribunal and Commissioner of Income Tax that when an agreement between parties specifies a direct transfer of money, doing so indirectly by keeping the funds in a distinct account before sending them to the final account, does not place the money under the definition of 'unexplained money' …

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Loss Of FD Investments Doesn't Qualify As 'Trading Loss' For Deduction From Income U/S 28 Of Income Tax Act: Telangana HC

2 weeks, 6 days ago

Loss Of FD Investments Doesn't Qualify As 'Trading Loss' For Deduction From Income U/S 28 Of Income Tax Act: Telangana HC

Live Law

The Telangana High Court has held that the loss of fixed deposit investments by an assessee does not qualify as a 'trading loss' for the purposes of claiming deduction from income under Section 28 of the Income Tax Act, 1961. Assessee claimed the aforesaid amount as deduction on the ground that the same is a trading loss under Section 28 …

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Tax Monthly Digest: November 2024

2 weeks, 6 days ago

Tax Monthly Digest: November 2024

Live Law

SUPREME COURT DRI Officers Can Issue Show-Cause Notices Under Customs Act : Supreme Court Allows Review Against 'Canon India' Judgment Case Details : COMMISSIONER OF CUSTOMS vs. M/S CANON INDIA PRIVATE LIMITED Case no. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma ruled, “Assessee's contention that E4e Healthcare is functionally dissimilar to the assessee and therefore, could …

Delhi Supreme Court Writ Petition Writ Jurisdiction Tax Court Uttar Pradesh

What is the tax on an NRI’s professional fees?

3 weeks ago

What is the tax on an NRI’s professional fees?

Live Mint

I am an Indian citizen and a lawyer by profession. -Name withheld on request I assume you are a tax resident of the US and qualify as a non-resident of India under Indian tax law. If your professional fees are subject to taxation in India, you may examine the provisions of the India-US Double Taxation Avoidance Agreement. Whereas under the …

Services Nri Dtaa Professional Fees Indian Tax Your Professional Fees

NRI Taxation Explained: How India taxes non-resident Indians

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

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

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

Tax Weekly Roundup: November 18 - November 24, 2024

4 weeks ago

Tax Weekly Roundup: November 18 - November 24, 2024

Live Law

SUPREME COURT Mobile Towers & Pre-Fabricated Buildings Moveable Properties, Qualify As 'Capital Goods' For CENVAT Credit : Supreme Court Case title: M/S BHARTI AIRTEL LTD. v. THE COMMISSIONER OF CENTRAL EXCISE, PUNE Case no. The Court also found substance in State's argument that part of revenue is lost when vehicle is purchased from outside the State and therefore, it held, …

Justice Delhi Writ Petition Tax Court Customs Income Tax

Tax Weekly Roundup: November 18 - November 24, 2024

4 weeks ago

Tax Weekly Roundup: November 18 - November 24, 2024

Live Law

SUPREME COURT Mobile Towers & Pre-Fabricated Buildings Moveable Properties, Qualify As 'Capital Goods' For CENVAT Credit : Supreme Court Case title: M/S BHARTI AIRTEL LTD. v. THE COMMISSIONER OF CENTRAL EXCISE, PUNE Case no. The Court also found substance in State's argument that part of revenue is lost when vehicle is purchased from outside the State and therefore, it held, …

Justice Delhi Writ Petition Tax Court Customs Income Tax

Tax breaks, reforms, and returns: Why NRIs are banking big on India

1 month ago

Tax breaks, reforms, and returns: Why NRIs are banking big on India

Live Mint

India is cementing its reputation as a prime destination for global investors, with inflows into NRI deposit schemes surging to $7.8 billion between April and August this year—more than double the figure from the same period last year. By refining tax rules, increasing transparency, and aligning with global trends, the reforms position India as an attractive and efficient investment destination …

India Financial Tax Investment Reforms Indian Capital

Tax Weekly Round-Up: November 11 To November 17, 2024

1 month ago

Tax Weekly Round-Up: November 11 To November 17, 2024

Live Law

HIGH COURTS Allahabad HC 1. : ITA 1092/2018 The Delhi High Court has held that in order to invoke Section 263 of the Income Tax Act, 1961, the Principal Commissioner must satisfy “twin conditions”, i.e. Assessing Authority Can't Reassess Prior Years Without Inquiry While Determining Relevant Year's Assessment: Kerala High Court Case Title: Kings Infra Ventures Ltd. v. The Assistant …

Delhi Court Customs Income Tax Title Income Tax Act Kerala High Court

Avoid common mistakes that people make with NRI transactions

1 month ago

Avoid common mistakes that people make with NRI transactions

Live Mint

Non-resident Indians receive or send money to India quite often, and usually open a non-resident ordinary or non-resident external bank account, or both. View Full Image Graphic: Pranay Bhardwaj "A resident individual can transfer INR funds into an NRO account online – subject to the maximum INR transfer limit set in your netbanking – or offline. To transfer funds from …

Money Indian Transfer Shah Resident Funds Nri

I received my wife's rental income in my NRO account. Will I be taxed on it?

1 month, 1 week ago

I received my wife's rental income in my NRO account. Will I be taxed on it?

Live Mint

My wife and I are both NRIs. She requested the tenant to credit one month’s rent into my NRO account instead of hers since I’m due to visit India shortly and can use those funds for local expenses. The resident tenant deducted TDS under my wife's PAN and transferred the rent to my NRO account. {{^adFree}} {{/adFree}} Since the rental …

India Tax Income Adfree Account My Wife Rent

I received my wife’s rental income in my NRO account. Will I be taxed on it?

1 month, 1 week ago

I received my wife’s rental income in my NRO account. Will I be taxed on it?

Live Mint

My wife and I are both NRIs. She requested the tenant to credit one month’s rent into my NRO account instead of hers since I’m due to visit India shortly and can use those funds for local expenses. The resident tenant deducted TDS under my wife's PAN and transferred the rent to my NRO account. Since the rental income is …

India Tax Income Account My Wife Rent Your Spouse

How is TDS calculated while buying property from an NRI?

1 month, 2 weeks ago

How is TDS calculated while buying property from an NRI?

India TV News

Prices of the immovable properties are always soaring in India which makes it an investment. TDS on immovable NRI properties After July 23, 2024, if a person purchases any immovable property from an NRI, he must pay the following tax: Property held for 2 or more years: If a property is held by an NRI for more than 2 years, …

India Tax Property Capital Nri Gains Tds

What’s the TDS when buying property from an NRI?

1 month, 2 weeks ago

What’s the TDS when buying property from an NRI?

Live Mint

What is the TDS rate for purchasing property from an NRI after 23 July 2024? -Name withheld on request If you purchase immovable property from a non-resident Indian after 23 July 2024, the applicable TDS rate depends on the duration the seller held the property: For property held more than 2 years: TDS is deducted at 12.5%. Read this | …

Tax Property Capital Capital Gains Nri Gains Tds

NRI investing in Indian stocks? Know about TDS on capital gains

1 month, 2 weeks ago

NRI investing in Indian stocks? Know about TDS on capital gains

Live Mint

I have been a non-resident Indian for many years and have invested in Indian stocks using income earned abroad, deposited in my NRE account. While interest earned on NRE savings accounts is tax-exempt, this exemption applies only to interest income, not to capital gains from the sale of investments made using an NRE account. Even though the funds used to …

Indian Income Capital Gains Nri Account Accounts Gains

This NRI couple in Melbourne is looking to move back for family and higher affordability

3 months, 2 weeks ago

This NRI couple in Melbourne is looking to move back for family and higher affordability

Live Mint

While the quality of life in Melbourne is superior, it comes at a heavy price — both literally and metaphorically. “Also, the cost of living as a percentage of net income is higher compared to India’s. Graphic: Mint Cost of living The couple spends more on everything in Melbourne than they did in India – from groceries to insurance and …

India Expenses Couple Tax Income Higher Living

Income Declaration Scheme 2016, Assessee Deposited Amount, Dept. Claim Erroneous; Bombay High Court

4 months ago

Income Declaration Scheme 2016, Assessee Deposited Amount, Dept. Claim Erroneous; Bombay High Court

Live Law

The Bombay High Court has directed the department to issue certificates as the assessee deposited all amounts under the Income Declaration Scheme, 2016.The bench of Justice G. S. Kulkarni and Justice Somasekhar Sundaresan has observed that the petitioner or assessee in fact complied with all the requirements under the IDS, and the appropriate amount of tax deposited is sufficient to. …

Tax Bombay High Court Department Deposited Petitioner Assessee Ids

Income Tax Deduction Allowable To Interest Income 'Attributable' To Cottage Industry Business: ITAT

4 months ago

Income Tax Deduction Allowable To Interest Income 'Attributable' To Cottage Industry Business: ITAT

Live Law

The Chennai bench of Income Tax Appellate Tribunal has held that the income tax deduction allowable to interest income 'attributable' to cottage industry business.The bench of S.S. Viswanethra Ravi and S. R. Raghunatha has observed that the assessee is a 'cottage industry' and the interest income earned by the assessee is in its regular course of. The Chennai bench of …

Society Tamil Nadu Industry Tax Bank Interest Interest Income

UIDAI income exempted from I-T for five years

4 months, 1 week ago

UIDAI income exempted from I-T for five years

Deccan Chronicle

New Delhi: The finance ministry has exempted the income of Unique Identification Authority of India from payment of income tax for five years till fiscal 2027-28. The UIDAI is a statutory authority established under the provisions of the Aadhaar Act, 2016, to ensure compliance with Aadhaar Act, and make regulations & rules consistent with the Act. Accordingly, grants/subsidies received from …

Uidai Income Shall

Interest Income Earned From Deposits With Co-Operative Banks Shall Be Allowed As Deduction U/s 80P(2)(D): Ahmedabad ITAT

4 months, 2 weeks ago

Interest Income Earned From Deposits With Co-Operative Banks Shall Be Allowed As Deduction U/s 80P(2)(D): Ahmedabad ITAT

Live Law

The Ahmedabad ITAT allowed deduction u/s 80P on interest income earned from deposits with Co-operative Banks. Facts of the case: The assessee, a co-operative society filed its return declaring Nil Income, after claiming deduction u/s 80P to the tune of Rs. The Bench also noted that the Coordinate Benches have held that interest income received by Credit Co-operative Society from …

Bank Income Interest Interest Income Bench Deduction Deposits

Centre says 'not all residents' need tax clearance certificates for travelling abroad

4 months, 3 weeks ago

Centre says 'not all residents' need tax clearance certificates for travelling abroad

Hindustan Times

Amid social media outrage triggered by the Budget proposal that made it mandatory to obtain tax clearance certificates for foreign travel, the government on Sunday clarified that the proposed amendment is not for all the residents of India. "The proposed amendment does not require all the residents to obtain the tax clearance certificate," the ministry said in a statement. Through …

India Tax Income Tax Income Obtain Person Tax Clearance Certificate

Middle class discontented, real estate sector applauds tax reforms

5 months ago

Middle class discontented, real estate sector applauds tax reforms

The Hindu

Middle-class families in the city have voiced their dissatisfaction with the updated income tax slabs in Union Budget 2024-25, presented by Union Finance Minister Nirmala Sitharaman on July 23. Mohd Abdullah, an assistant manager at a private bank, remarked, “People earning ₹3 lakh to ₹7 lakh per year are usually recent college graduates, while those earning ₹7 lakh to ₹10 …

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Revised income tax slab rates, Budget 2024: Salaried individuals stand to save up to ₹17,500, standard deductions hiked

5 months ago

Revised income tax slab rates, Budget 2024: Salaried individuals stand to save up to ₹17,500, standard deductions hiked

The Hindu

Altering the structure for taxation of income under the new regime, Finance Minister Nirmala Sitharaman on Tuesday revised the tax slabs whilst retaining the erstwhile corresponding tax rates other than increasing the standard deductions. The two measures combined, she stated, would provide relief to “about four crore salaried individuals and pensioners.” More under new regime According to Deepashree Shetty, Partner …

Finance Tax Income Lakh Regime Individuals Stand

Tax FAQs for NRIs: Schedule AL, India-Germany DTAA decoded

5 months, 3 weeks ago

Tax FAQs for NRIs: Schedule AL, India-Germany DTAA decoded

Live Mint

As a non-resident Indian with capital gains of around ₹ 1 crore, do I need to file Schedule AL? —Sanjeev Sharma Since you bought listed shares in 2018, under the Indian tax law, they will qualify to become long-term capital assets, and the gains or loss that you will make on their sale would become long-term capital gain/loss. Under the …

India Taxation 2018 Germany Indian Assets Capital

Andhra Pensioners get a surprise visit from CM Naidu

5 months, 3 weeks ago

Andhra Pensioners get a surprise visit from CM Naidu

Deccan Chronicle

In a first of its kind, Chief Minister N. Chandrababu Naidu delivered the social security pension at the doorstep of the beneficiaries in person at 6.00 am in an ST Colony at Penumaka village of Tadepalli mandal in Guntur district on Monday.The CM arrived at the houses of the beneficiaries and delivered the pension amount into their hands after the …

Pension Naidu

Income tax returns: False HRA while filing ITR could cost you this much

6 months ago

Income tax returns: False HRA while filing ITR could cost you this much

Hindustan Times

House Rent Allowance is deducted by employers from salaries and can be seen in part B of Form 16 while you are filing an Income Tax Return. ITR filing: Here’s how to claim HRA correctly during tax filing in order to maximize your tax savings Claiming HRA correctly is a legal requirement as well as a valuable tax-saving tool for …

Tax Itr Rent False Hra Hra Claim

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024

6 months, 2 weeks ago

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024

Live Law

Delhi High Court Once Issue Of Arm's Length Remuneration Settled By TPO, Question Of Ascertaining Existence Of PE Is Academic; Delhi High Court Quashes Reassessment Proceedings Case Title: Progress Rail Locomotive Inc. Exemption Allowable On Donations Made By One Charitable Trust To Other Charitable Institutions For Temporary Period: Delhi High Court Case Title: Commissioner Of Income Tax Versus M/S Jamnalal …

Tax Customs Income Tax Title Delhi High Court Income Tribunal

Cash Deposits Made From Assessee's Parents Accumulated Savings And Income From Agricultural Activities; ITAT Deletes Addition

6 months, 2 weeks ago

Cash Deposits Made From Assessee's Parents Accumulated Savings And Income From Agricultural Activities; ITAT Deletes Addition

Live Law

The Ahmedabad Bench of Income Tax Appellate Tribunal has deleted the addition made by the department as the cash deposits made from the assessee's parents accumulated savings and income from agricultural activities.The bench of Suchitra Kamble and Makarand V. Mahadeokar has observed that when the assessee provides a plausible explanation supported. The Ahmedabad Bench of Income Tax Appellate Tribunal has …

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'Transit Rent' Can't Be Considered As 'Revenue Receipt', Not Liable To Be Taxed: Bombay High Court

6 months, 3 weeks ago

'Transit Rent' Can't Be Considered As 'Revenue Receipt', Not Liable To Be Taxed: Bombay High Court

Live Law

The Bombay High Court has held that 'Transit Rent' is not to be considered a revenue receipt and is not liable to be taxed. As a result, there will be no question of the deduction of TDS from the amount payable by the developer to the tenant.The bench of Justice Rajesh S. Patil has observed that the ordinary meaning of …

Bombay High Court Transit Rent Tds No Question Transit Rent

Do I need to report inward remittances?

6 months, 3 weeks ago

Do I need to report inward remittances?

Live Mint

I am an engineer working in Saudi Arabia and have been repatriating my income to India via remittances to my Non-Resident External account. —Jaydip Patel The Indian income tax law does not tax incomes that have been earned by a non-resident outside India, unless they are received directly in India. Interest earned on Foreign Currency Non-Resident and Non-Resident External deposits …

India Tax Income Nri Earned Deposits Remittance

Income Tax Dept. Failed To Incorporate Revised CPWD Rates As Quantum Of Rent For Building: Calcutta High Court

7 months ago

Income Tax Dept. Failed To Incorporate Revised CPWD Rates As Quantum Of Rent For Building: Calcutta High Court

Live Law

The Calcutta High Court has held that the income tax department was delaying the matter for a prolonged period and failed to incorporate the revised Central Public Works Department rates as the quantum of rent for the building.The bench of Chief Justice T.S. The Calcutta High Court has held that the income tax department was delaying the matter for a …

High Court Tax Income Tax Writ Order Income Department

Interest Not Leviable From Assessee For Short Payment Of Tax Due To Payer's Default In Deducting TDS Before FY 2012-2013: ITAT

7 months, 2 weeks ago

Interest Not Leviable From Assessee For Short Payment Of Tax Due To Payer's Default In Deducting TDS Before FY 2012-2013: ITAT

Live Law

The Delhi Bench of Income Tax Appellate Tribunal has held that since the assessee was a non-resident, the entire tax was to be deducted at source on payment made by the payer to it, and there was no question of advance tax payment by the assessee; accordingly, no interest under Section 234B could be levied upon the assessee.The bench of …

India Income Tax Payment Act Source Itat Assessee

Assessee Is Eligible For Credit Of TCS Paid U/S 194Q If There Is No Shortfall In Payment Of TDS: Vishakhapatnam ITAT

7 months, 3 weeks ago

Assessee Is Eligible For Credit Of TCS Paid U/S 194Q If There Is No Shortfall In Payment Of TDS: Vishakhapatnam ITAT

Live Law

On finding that there is no short fall of TDS and the assessee is eligible to get credit of the entire amount, the Visakhapatnam ITAT directed the AO to grant credit of the entire amount deducted as tax at source u/s. The Bench noted that Kaccha Arahtias turnover includes only the gross commission and not the sales effected on behalf …

Bench Tds Assessee

Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment

7 months, 3 weeks ago

Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment

News 18

In India, advance tax denotes the tax individuals, companies, and businesses pay ahead of time instead of deferring payment until the end of the financial year. As per section 208, every person whose estimated tax liability for the year is Rs 10,000 or more, shall pay his tax in advance, in the form of ‘Advance Tax’. The presumptive taxation scheme …

India Tax Pay Income Advance Paid Tds

No Action for Short Deduction of TDS, If PAN Linked With Aadhaar by May 31

7 months, 4 weeks ago

No Action for Short Deduction of TDS, If PAN Linked With Aadhaar by May 31

News 18

The income tax department has said that no action will be taken for short deduction of TDS in case the assessee links his/her PAN with Aadhaar by May 31. To redress the grievances faced by such deductors/collectors, the CBDT specified that for “the transactions entered into up to March 31, 2024 and in cases where the PAN becomes operative on …

Tax Aadhaar Pan Tds Short Deduction

Higher TDS not required if PAN linked with Aadhaar by May 31

8 months ago

Higher TDS not required if PAN linked with Aadhaar by May 31

New Indian Express

The income tax department has said that no action will be taken for short deduction of TDS in case the assessee links his/her PAN with Aadhaar by May 31. As per income tax rules, if a Permanent Account Number is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate. AKM Global, Partner- Tax, …

Tax Aadhaar Pan Tds Short Deduction

Taxpayer Must Substantiate Form 26AS Or Form 16 So As To Claim Credit Over TDS: Mumbai ITAT

8 months, 3 weeks ago

Taxpayer Must Substantiate Form 26AS Or Form 16 So As To Claim Credit Over TDS: Mumbai ITAT

Live Law

While remanding the case back for re-adjudication, the Mumbai ITAT held that the prima facie onus would be upon the Assessee to substantiate its claim of non-granting of TDS credit, by providing relevant documents, such as an appointment letter, salary slips or Form No.16 or bank statements, or any other corroborative evidence/ documents. The Bench of the ITAT comprising of …

Salary Form Bench Employer Tds Itat Assessee

Income Tax: 10 ways to save taxes other than Section 80C

8 months, 3 weeks ago

Income Tax: 10 ways to save taxes other than Section 80C

Live Mint

There is ample opportunity to lower your taxable income. Tax benefits on the interest component of a home loan under Section 24 Section 24 of the Income Tax Act permits homeowners to avail of a deduction for the interest paid on their home loan. Section 24 of the Income Tax Act permits homeowners to avail of a deduction for the …

India Tax Income Tax Health Insurance Loan Medical Expenses Income

LTCG Tax Exemption Can't Be Denied Due To An Error Made By The Builder In Assigning Apartment: ITAT

9 months ago

LTCG Tax Exemption Can't Be Denied Due To An Error Made By The Builder In Assigning Apartment: ITAT

Live Law

The Mumbai Bench of Income Tax Appellate Tribunal has held that tax benefits cannot be denied to taxpayers due to an error made by the builder in assigning the apartment.The bench of Rahul Chaudhary and Om Prakash Kant has observed that the appellant or taxpayer cannot be penalized for the mistake committed by the developer or seller by allotting. The …

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Direct tax kitty crosses 97% of 2023-24 target

9 months ago

Direct tax kitty crosses 97% of 2023-24 target

The Hindu

Growth in India’s net direct tax collections slowed a bit over the past month but with a kitty of more than ₹18.9 lakh crore, more than 97% of the revised target for 2023-24 had been met by March 17, as per provisional figures released by the Finance Ministry on Tuesday. Personal Income Taxes, including the Securities Transaction Tax, continued to …

Tax Crore Ministry Pit

Storage Tanks Does Not Qualify Either As Land Or As Building, TDS Deductible On Storage Charges: Bombay High Court

9 months, 3 weeks ago

Storage Tanks Does Not Qualify Either As Land Or As Building, TDS Deductible On Storage Charges: Bombay High Court

Live Law

The Bombay High Court has held that the respondent ought to have deducted tax under Section 194I of the Income Tax Act, 1961, from the storage charges paid by the assessee.The bench of Justice K. R. Shriram and Justice Sharmila U. Deshmukh has observed that the storage tanks in question do not qualify either as land or as buildings within …

Tax Bombay High Court Income Storage Charges Held Tds

Mere Deduction Of TDS By Donor On Grants Would Not Disentitle The NGO From Sections 11 Exemption: Delhi High Court

10 months ago

Mere Deduction Of TDS By Donor On Grants Would Not Disentitle The NGO From Sections 11 Exemption: Delhi High Court

Live Law

The Delhi High Court has held that a mere deduction of TDS by a donor on grants would not disentitle the assessee-NGO from exemption under Section 11 of the Income Tax Act.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav, while allowing the petition, set aside the assessment order and held that the receipt of Rs. The Delhi …

Tax Delhi High Court Order Income Tds Sections Assessee

Small tax demands up to ₹1 lakh waived, bringing relief for income tax payers

10 months ago

Small tax demands up to ₹1 lakh waived, bringing relief for income tax payers

Live Mint

The government has recently announced a scheme to waive off small outstanding income tax demands, setting a ceiling of ₹1 lakh per taxpayer. The scheme aims to provide relief to taxpayers burdened with old outstanding tax demands. Criteria for waiver Finance Minister Nirmala Sitharaman had announced during the interim budget that small outstanding direct tax demands of ₹25,000 or less …

Tax Income Tax Income Demands Waiver Outstanding Financial Year

Direct Tax Cases Weekly Round-Up: 04 To 10 February 2024

10 months, 1 week ago

Direct Tax Cases Weekly Round-Up: 04 To 10 February 2024

Live Law

Bombay High Court HSBC Bank Carrying On Bona Fide Banking Business In Mauritius Exempt From Tax In India: Bombay High Court Case Title: Commissioner of Income Tax Versus M/s. Case Title: Vodafone India Services Pvt Ltd verses DCIT Emphasizing that although Section 32 of Income tax Act, 1961 was amended by the Finance Act, 2021 wherein it was stated that …

India Delhi Mumbai High Court Tax Income Tax Title

No Question Of Invoking Sec 201(1)/201(1A) if Taxpayer Has Deducted TDS At Appropriate Rates: Rajkot ITAT

10 months, 2 weeks ago

No Question Of Invoking Sec 201(1)/201(1A) if Taxpayer Has Deducted TDS At Appropriate Rates: Rajkot ITAT

Live Law

Noting that assessee has also furnished tabular chart along with supporting documents to demonstrate that TDS at appropriate rates has been deducted on such trade discount / commission given to it's agents, the Rajkot ITAT held that assessee cannot be held as in default for not deducting TDS. The Division Bench of Waseem Ahmed & Siddhartha Nautiyal observed that “the …

Held Rates Bench Tds Itat Assessee Ita

No discrimination in tax sharing with States: FM Nirmala Sitharaman

10 months, 2 weeks ago

No discrimination in tax sharing with States: FM Nirmala Sitharaman

The Hindu

Union Finance Minister Nirmala Sitharaman on Wednesday sought to dismiss allegations that the Centre was not giving money to the States and termed the Karnataka government’s charges about inadequate tax devolutions and discrimination in sharing Central taxes “patently wrong and mischievous”. Noting that even Tamil Nadu had voiced concerns, the Minister assured the House that the government had followed the …

Karnataka Tax States Central Sitharaman