The Indian Government has been, for a long time, seeking to curb the menace of black money especially that is hoarded overseas. Mandating the reporting of foreign assets by a resident and ordinarily resident tax payer in the India Tax Return (ITR) from tax year 2011-12 onwards was an effort in this direction which strengthened … More Have undisclosed foreign assets and income? You could be prosecuted
Changes are made to the Income tax return (ITR) forms almost every year with the intent of collecting more information and also simplifying the compliance for taxpayers. The Finance Minister has time and again mentioned the need for expanding the taxpayer base and fighting tax evasion. With technology playing the role of an enabler, the … More New ITR forms: Get ready to share more details in your tax return
Global mobility is a dynamic arena that often throws up new challenges for even the most seasoned professionals. However, one question that has been around for a long time is: Can employers consider tax treaty relief while determining withholding taxes for their employees? While there are strong technical arguments in favor of considering the tax … More The winds of change have begun to blow. Are you set to claim tax relief at tax withholding stage?
Globalization has brought about a boom in the movement of employees to different countries to acquire specialized technical skill and expertise. Over the years, we have seen organizations coming out with various assignment models to send their employees abroad. This trend offers many benefits to employees apart from bolstering their career and creating an international … More Global mobility and evolving changes
Personal taxes, a part of the direct taxes in India, have gone through many major changes throughout the period, since the implementation of the Income tax Act (ACT) in 1922. The Act was given an overhaul in 1961, which stands amended till date. Personal taxes are charged on a slab-rate basis. These slab rates and … More The trend of change in personal tax in recent years
It is a well-known fact that black money exists in both domestic and international markets. The Government of India (GOI) has been keen on reducing its circulation and to bring the same to the tax net. Over the past year, numerous steps have been initiated by the GOI toward this extent. Few of them are … More Government’s renewed efforts to curb circulation of black money
Which form should I use for filing my Income Tax Return (ITR) for the tax year 2014–15 and what all information am I required to declare in it? This is the question I have been asked the most by my friends during filing of returns. The ITR forms issued earlier for the tax year 2014–15 … More Choosing the right tax return form: a prerequisite to keep troubles at bay