Rental income in India is taxable in India regardless of NRI statusSonu Iyer
As per income tax laws, TCS will be applicable on foreign remittances under the Reserve Bank of India's (RBI) LRSif the total amount remitted exceeds Rs 7 lakh in a financial year. So, if the remittance amount does not exceed Rs 7 lakh in a fiscal, then you will not have to pay ...
In India, options like Section 80C of the Income Tax Act, involve investments in the Provident Fund, Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), National Savings Certificate (NSC), among others, aim to lower taxable income and maximize savings. Retirement Planning: ...
Account. It is used by NRIs to manage income earned in India, such as rent, dividends, or pension. NRO balances are partially repatriable, and the interest earned is taxable in India, making it suitable for domestic income management. The balances are held in Indian Rupees.What is t...
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If you are under 60 years of age and your total taxable income is Rs. 4 lakhs, TDS (Tax Deducted at Source) will not be applied to your FD interest income as long as the interest earned is Rs. 40,000 or less in a financial year. However, if your interest earnings exceed Rs. 40...
Interest earned on RDs is taxable. If you're in a higher tax bracket, explore tax-saving options like Equity-Linked Saving Schemes (ELSS) for better returns. Final note Now that you know what a Recurring Deposit is, along with its features and benefits, you can consider this investment veh...
What is the tax liability for a corporation with $10,200,000 in taxable income? How is treasury stock accounted for? What is the single most important liability that the auditor must be aware of relating to fraud, and why? Why aren t all taxpayers considered corrupt for fueling government ...
New Delhi, Feb 1 (IANS)There is a killer provision pertaining to non-resident Indians in the Union Budget for 2020-21 which states that an NRI who is not taxed in a foreign country will become taxable in India. Revenue Secretary Ajay Bhushan Pandey said in the post Budget briefing: “So...
Is the maturity amount of ELSS taxable? Investment in ELSS funds falls under the EEE(Exempt-Exempt-Exempt) regime. This means that the investment amount, interest and maturity amount are exempted from tax. However, from April 2018, long term capital gains (LTCG) of 10% was introduced for eq...