People in India require filing their income tax returns every year by the last date of March. Assessment years begin from the 1st of April each year and ends on 31st March the following year. Assessment is done for the previous year during the time frame known as the accounting year. All your income earned [...]
Yes filing tax returns on Indian taxes have always been confusing, but thanks to the new changes and tax rules that Indian income tax department has brought. They have brought some new tax exemptions for NRIs, some great tax rates on India’s service tax, wealth tax, property tax, gift tax, income tax, capital gains tax, [...]
Capital Asset: To define simply, capital asset is property (including shares, debentures, government securities, bonds, units of UTI and Mutual Fund, immovable property etc) of any kind held by an individual. The following however is not included in ‘capital asset’: Personal items like electronic items, apparel, furniture etc Agricultural land Specified bonds like 6.5% Gold [...]
India is a growing economy, but India is still termed ‘developing’. Investments by non-residents boost our economy, India thus progressing towards the concept of development. A non-resident is a person who is living abroad (temporarily or permanently) and is either a citizen of India (NRI) or a Person of Indian Origin (PIO) or an Overseas [...]
