From Aadhaar-PAN linking to foreign taxation: 5 key income tax services at India International Trade Fair 2024
4 months ago

From Aadhaar-PAN linking to foreign taxation: 5 key income tax services at India International Trade Fair 2024

Live Mint  

Visitors to the ongoing International Trade Fair 2024 at Delhi's Pragati Maidan can use several beneficial Income tax services at the Taxpayers' Lounge, specifically designed to offer professional support for various tax-related concerns. To assist taxpayers in navigating their obligations and addressing their problems, the following services are offered: Aadhaar-PAN linking, PAN-related questions, and PAN/e-PAN applications A Permanent Account Number or e-PAN is necessary for several financial and taxation purposes, and the Taxpayers' Lounge provides instructions on how to apply for one. The Taxpayers' Lounge offers professional guidance on a range of international tax topics, such as tax consequences for overseas income, double taxation avoidance agreements, and other cross-border tax concerns. Various initiatives about taxpayer services and e-nivaran grievances Continuing the past convention, the Income Tax Department has set up the Taxpayers' Lounge at the India International Trade Fair, 2024, Pragati Maidan, New Delhi, from 14th to 27th November, 2024.

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History of this topic

A rich-country tax deal is dead in the water. But India is sailing ahead
1 month, 1 week ago

A rich-country tax deal is dead in the water. But India is sailing ahead

Live Mint  

NEW DELHI : India will soon issue a new set of rules to determine how foreign companies’ profits derived from India will be taxed, in an effort to reduce litigation and bring more subjectivity and clarity to taxation, two persons familiar with the development said. The new rules will set the template for tax officials to objectively compute the extent …

Budget 2025: How should equity traders asses FM’s income tax rebates? Experts weigh in
1 month, 2 weeks ago

Budget 2025: How should equity traders asses FM’s income tax rebates? Experts weigh in

Live Mint  

The Union Budget 2025 introduced a series of direct tax measures aimed at making the new tax regime more attractive for resident taxpayers. Mihir Ashok Tanna, Associate Director at S K Patodia & Associates LLP, noted, “Direct Tax proposal in the budget continued to make the new tax regime more attractive for resident taxpayers except for equity traders who will …

Attention taxpayers! Foreign income and assets must be disclosed before December 31: Report
4 months ago

Attention taxpayers! Foreign income and assets must be disclosed before December 31: Report

Hindustan Times  

Chairman of the Central Board of Direct Taxes Ravi Agarwal has said that taxpayers who haven't disclosed their foreign income or assets in their Income Tax Returns have time till December 31 to do so, according to a Business Standard report. The income tax department is also in the process of sending SMS and emails to those who haven't disclosed …

Taxpayers Alert: CBDT’s new campaign helps you accurately report foreign assets and income for AY 2024-25
4 months ago

Taxpayers Alert: CBDT’s new campaign helps you accurately report foreign assets and income for AY 2024-25

Live Mint  

The Central Board of Direct Taxes has started a Compliance-Cum-Awareness Campaign for Assessment Year 2024-25 to assist taxpayers in correctly completing the Schedule overseas assets and appropriately reporting income from overseas sources in their income tax returns. The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITR for AY …

Aim for tax simplicity: Do away with TCS on foreign remittances
8 months ago

Aim for tax simplicity: Do away with TCS on foreign remittances

Live Mint  

As the deadline for filing income tax returns nears, aspects of the tax law that need reform are in focus. Amendments of the law have made TCS applicable to transfers of money abroad under India’s liberalized remittance scheme, which permits people to move up to $250,000 each year out of the country. The scope of TCS was also extended to …

How can I benefit from DTAA to avoid double taxation in India?
1 year, 11 months ago

How can I benefit from DTAA to avoid double taxation in India?

Live Mint  

I have been a US citizen for 15 years. For this, you must meet certain conditions—you are in India for 182 days or more in the relevant financial year ; or you are in India for 60 days or more in the FY and 365 days or more in the four FYs immediately preceding the relevant FY. Additional conditions: you …

Automatic exchange of tax info will help India unearth blackmoney: Sitharaman
10 years, 5 months ago

Automatic exchange of tax info will help India unearth blackmoney: Sitharaman

Firstpost  

India has been at the forefront in raising the issues concerning tax avoidance and automatic exchange of information with a view to curbing tax evasion. Cairns : Extending full support to the automatic exchange of tax and banking information, India today said it will help in unearthing blackmoney stashed abroad and bringing it back. “This would be the key to …

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