How can NRIs e-Verify IT Return from Abroad? Step-wise procedure Given below are the steps for NRIs to e-Verify IT Return from Abroad through Net Banking: To begin with, log into your e-filing account on the website of the IT Department. Once you’re logged in, you’ll be taken to your dashboard. From there, navigate to…
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F&O Income: Non-Speculative Business Income F&O income is classified as non-speculative business income, i.e., normal business income. Declare your F&O profits or losses under the “Profits and Gains from Business” head. For example, if you earned ₹50,000 from F&O trading, it should be reported as business income. Using the Correct ITR Form Use…
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Summary: When you rent a property from an NRI landlord in India, you are required to deduct TDS on the rent you pay. The TDS rate for rental income of an NRI is 31.2%(As per Section 195 of Income Tax Act, 1961). You can deduct TDS by filing Form 16A with the Income Tax Department.…
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Key Points: Summary: Have any Questions or Received a notice, get in touch with us to resolve it. Contact – anshul@karwaandassociates.com
Waiver of Pending Tax Demands up to Rs 1 Lakh per Individual: CBDT
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“Unveiling the Hidden Tax Benefits of the New Tax Regime” The new tax regime was introduced with the aim of making the tax system simpler and less burdensome for taxpayers. While it may seem like it eliminates all tax benefits, it’s not entirely true. Starting from the financial year 2023-24, the new tax regime will…
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