Articles for Foreign Income

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty
5 days, 19 hours ago

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty

India Today  

Failing to disclose foreign income and assets can land taxpayers in double trouble under both the Income Tax Act and the Black Money Act. STEPS FOR FILING AND DEADLINES Taxpayers must declare foreign income and assets in the applicable ITR for the assessment year they were a resident in India. Disclosing foreign income and assets not only ensures compliance with …

Tax Assets Income Foreign Act Itr Disclose
Income tax department advises taxpayers to carefully review their foreign income, assets in ITR
Trending News
4 weeks, 1 day ago

Income tax department advises taxpayers to carefully review their foreign income, assets in ITR

Live Mint  

New Delhi, November 24 : The Central Board of Direct Taxes has advised all taxpayers to carefully review their foreign income and assets and report them accurately in their Income Tax Returns. Income Tax department in its special edition of 'Samvad' raised awareness on proper disclosure of foreign assets and income by taxpayers. The session aimed to raise awareness among …

Tax Indian Assets Report Itr Taxpayer Shukla
Nest egg: How NRIs save to fly back for their sunset years
1 year, 6 months ago

Nest egg: How NRIs save to fly back for their sunset years

Live Mint  

You may have heard anecdotes of friends and family members who packed their bags to pursue opportunities overseas, but planned to eventually settle down in India after retirement. Since medical and education costs are almost free, they park a significant part of their income towards savings and invest almost 90% in India, and 10% in the US. View Full Image …

India Retirement Tax Indian Income Fema Resident
Foreign remittances: With 20% tax collection at source, sending money abroad to pinch more; details here
1 year, 10 months ago

Foreign remittances: With 20% tax collection at source, sending money abroad to pinch more; details here

Live Mint  

Travelling to an overseas destination or remitting currency abroad to your kin will now carry an extra financial burden of 20 percent towards the tax credit from the next financial year, announced the Union Finance Minister Nirmala Sitharaman during the Budget 2023. “The government seemingly wants to dissuade citizens from sending foreign currency abroad, and hence — levied a higher …

Tax Credit Income Abroad 20 Percent Tcs Foreign Remittance
Bombshell report on Trump’s DC hotel finds he exaggerated income, accepted foreign payments and concealed debt
3 years, 2 months ago

Bombshell report on Trump’s DC hotel finds he exaggerated income, accepted foreign payments and concealed debt

Raw Story  

Former president Donald Trump reported that his downtown Washington hotel brought in $150 million in income while he served in the White House, but the hotel actually incurred more than $70 million in losses, according to a new report from the House Committee on Oversight and Reform. "By filing these misleading public disclosures, President Trump grossly exaggerated the financial health …

Trump Received Washington Hotel
I-T Dept Allows Manual Filing of Tax Forms for Foreign Remittance as New E-filing Portal Continues to Face Glitches
3 years, 6 months ago

I-T Dept Allows Manual Filing of Tax Forms for Foreign Remittance as New E-filing Portal Continues to Face Glitches

News 18  

The income tax department on Monday allowed manual filing of certain forms after the new tax filing portal continued to face tech glitches even after a week of its launch. In a statement, the income tax department said, “In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, it has …

Income Tax Foreign Form Filing Face Kumar Manual
'Assistance To Law Students A Move To Create Goodwill, Develop Contacts': Harish Salve Seeks Deduction Of Foreign Scholarship; ITAT Allows
3 years, 9 months ago

'Assistance To Law Students A Move To Create Goodwill, Develop Contacts': Harish Salve Seeks Deduction Of Foreign Scholarship; ITAT Allows

Live Law  

The Income Tax Appellate Tribunal, New Delhi, has accepted the claim of Senior Advocate Harish Salve for deduction of the foreign scholarship given by him to two Indian students as "expenditure solely and exclusively for the purposes of business or profession" under Section 37 of the Income Tax Act, 1961.Under Section 37, expesnes for the purposes of business and profession …

Tax Scholarship Indian Income Law Students Tribunal Foreign
Moving back to India? What are the key tax implications?
4 years, 1 month ago

Moving back to India? What are the key tax implications?

Live Mint  

The current pandemic has triggered a significant move back to India by Non-Resident Indians. Take an example of an individual who left his job overseas and came back to India permanently during the current year; he shall be considered as resident as per the Foreign Exchange Management Act from his date of move to India, even though he was not …

India Tax Indian Income Tax Act Status Fema Resident
NRIs are not required to give foreign income, overseas bank details in India
4 years, 2 months ago

NRIs are not required to give foreign income, overseas bank details in India

Live Mint  

I was a non-resident Indian and had bought a policy from an Indian insurer before the Double Taxation Avoidance Agreement was enforced in 2015. Therefore, it would be advisable to share the relevant details with your insurer to make sure TDS is deducted keeping in mind the double tax avoidance between the two countries. Do NRIs have to disclose their …

India Tax Indian Bank Loan Income Foreign